SINGAPORE-based bitcoin brokerage Coin Republic has broken the S$1 million-mark in annual turnover, its founder David Moskovitz said on Wednesday.
"It shows that there is demand by the general public in Singapore for an alternative class and means of exchange," he said.
This growth in volume takes place against a backdrop of falling bitcoin prices. The cryptocurrency is now trading at about US$350, a significant slide from US$750 at the end of last year.
Mr Moskovitz said he believes that the price decline in recent months has been a function of bitcoin's growing traction: "Its acceptance by major merchants such as Dell, Paypal and Expedia have created downward pressure on the virtual currency."
At the same time, merchants have been converting their bitcoin holdings into fiat currency instead of circulating them back into the virtual currency ecosystem.
Even so, Mr Moskowitz is bullish on bitcoin's prospects in Singapore and in the region.
"With prices having stabilised from the decline of the past few weeks, the turnover implies that a strong and credible brokerage is able to operate and turn a profit despite a downturn, in a digital commdity market that's notorious for its volatility," he said.