Gcash, a popular mobile wallet in the Philippines, is looking to offer its users the ability to buy, sell and store cryptocurrencies on its platform, which reportedly has 40 million users. The CEO of the company says that 40% of Filipinos now have a Gcash account.
Gcash Considers Offering Crypto Trading and Storage Services
Philippine mobile wallet Gcash is exploring adding the cryptocurrency to its portfolio of financial products and services, The Philippine Star reported this week, adding that the platform has more than 40 million users as of the end of April. Through the Gcash app, users can shop, save, invest and get insurance coverage.
Gcash is operated by Mynt, a fintech startup partnership between Globe Telecom, Ayala Corporation and Ant Financial. The company’s major services include payments, remittances and loans. Mynt CEO Martha Saizon said the Gcash platform had 40 million registered accounts in Gsave and 1.4 million in Ginvest as of the end of April.
The executive said the company is offering the buying, selling and storage of cryptocurrencies, elaborating:
While we may now be considered a disruptor, in this digital age it is important that we be mindful of all kinds of disruptions. It is important to know what the trends are, whether locally and globally and is crypto a part of that.
Sazon said, “Like any introduction, you need a platform, a working business model, [and] a partner,” it said, adding that the service may launch “as soon as it is satisfied”.
Several payment giants, including PayPal and Square, have embraced cryptocurrencies and allowed their users to buy and sell them on their platforms.
Sazon further said that 40% of Filipinos now have a Gcash account and that active users use the app more than twice a day. The CEO additionally shared that a third of the app’s monthly active users subscribe to at least one of the company’s financial services or products through the platform, emphasizing:
We will continue to innovate and provide financial services that are relevant and accessible to all.
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