Coinhako, a Singapore-based bitcoin wallet provider today announced that it will be adding support for ether (ETH). Users can now buy, sell and store ETH in Singapore and Malaysia.
Ether tokens are the native coin and payment fuel of Ethereum, the decentralized blockchain platform to run smart contracts not operated by any institutionalized bank or government. ETH has vaulted to number 2 behind bitcoin in market capitalization and popularity, now with a market value of over USD $8 billion at time of writing.
CoinHako.com is a bitcoin wallet service that aims to provide easy and reliable access to bitcoin and as of today ether for users in Asia. The company was the first bitcoin startup in Asia to be selected by Silicon Valley-based incubator Boost VC.
The company is reported to have processed more than SGD $350 million in transactions since its founding.
The service is locally based as it only allows for users to buy in Singapore and Malaysia with local currency, but has made notices in the past they are looking to expand to other Asian countries.
Chronology of a FAILURE: CoinHako
– wanted to try to use to buy bitcoins
– Sent 1000 SGD in
– Got credit to my account
– Saw the BTC – SGD exchange rate, and compared with BTC/USD * USD/SGD
==Turns out that their rate was 20% HIGHER than the market
– Wanted to send back the amount to my bank: BUT, they posted message that this service would stop after 2 days: proceed to make the transfer anyway
– 2 days later: funds still not out, and transfer not possible anymore
(and never got any reply from them on why their rate is over priced…)
FAIL #1
So, was left with no other choice than well…. buying bitcoin….
– Now, wanted to get the hell away from this terrible website and send bitcoins to BITTREX
– Made the send order, and input the whole value of my BTC
– Auto-deduct 0.0001 BTC fee (fine but after charging me so large already..)
– And then, I end up with still remaining 5 SGD worth of BTC in my account, which I CANNOT SEND to bittrex due to amount too low to cover the fee
– So, CoinHako ends up keepings this amount which I have no way to move out …
FAIL #2
– Oh, and this website will by-default open for you an account to a weird – shady website that claims to transfer funds ( WITHOUT asking your consent AT ALL)
– And now, I keep receiving SMS and ads from this website…. without any way to log in to that website to cancel /delete my account
FAIL #3
So, I would NEVER EVER USE this service again
CoinHako: FAIL FAIL FAIL
Some startups have issues but try to overcome, and they don’t fail/cheat you that obviously
But CoinHako: wish you guys bankrupt soon, that’s natural selection when you provide such a lousy service