Ryde's wallet, RydePay, will allow its users to convert Bitcoin into Ryde coins to top up their balance and pay for their rides. The conversion happens at market rates, with no fees and Ryde coins are currently pegged to the Singaporean dollar.
Bitcoin deposits into the wallet will be limited to a maximum value of 999 Singapore dollars ($715). Furthermore, the company plans to add support for more cryptocurrencies in the future. Firm's founder and CEO Terence Zou said:
That is so cool, I am eagerly looking for cryptocurrencies to settle in normal lifestyle of people. Indulgence of it in payment mode is great.
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