First Request Escrow, a leading Hong Kong-based online escrow service announces today that, starting December 1st 2015, it will begin accepting Bitcoin, the digital cryptocurrency, as a means with which to fund certain transactions on its online platform.
“We believe that the flexibility, efficiency and security of our own service forms an unmistakably natural synergy with the Bitcoin protocol which features similar attributes,” explained Andrew Keogh, First Request Escrow’s Chief Operating Officer.
Bitcoin has steadily regained popularity in Asian markets after the controversy surrounding the collapse of the biggest exchange, Tokyo-based Mt. Gox in February 2014. Along with the return of trust and confidence in the market for the currency, has come increased demand from anonymity-conscious consumers for secure ways to fund transactions with the added protection and peace-of-mind afforded by an escrow service.
“First Request Escrow pride ourselves on designing innovative ways to fund online transactions without having to be locked into the hegemony of credit card providers, greedy banks offering poor currency conversion rates that effectively gouge their own customers and other online payment systems which began with good intentions but who now emulate the banks with onerous conditions for merchants,” Keogh explained.
The company recently announced that more than US$ 500 million worth of transactions had been conducted over its online platform facilities.
First Request Escrow says that Bitcoin-funded transactions will initially be limited to remittance for domain name and general merchandise but plans to expand limits to encompass broker and vehicle transactions are in their final stages and will be rolled out by the end of the first quarter of 2016.
About First Request Escrow
First Request Escrow was founded in 2004 by a highly skilled group of lawyers, financial advisors and analysts. Between us we have accumulated years of experience in the escrow, legal and financial industry and acknowledged a rising demand for an independent Hong Kong based escrow service.
After more than a decade in the industry, we have gained an extensive network of intermediaries and professionals in addition to an international presence providing escrow services in a multitude of currencies including sterling, dollar and euro escrow accounts. All funds are held in an internationally recognised and independently rated banks thus ensuring financial safekeeping for all of the First Request Escrow accounts.
8/F 37-39 Wing Hong Street
Cheung Sha Wan, Kowloon,
Hong Kong, China