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One of the most popular e-wallets in the Philippines, is reportedly considering offering crypto trading services.
GCash president and Chief Executive Officer, Martha Sazon, announced that the company is looking at offering users the ability to trade and store cryptocurrencies like Bitcoin and Ethereum
Sazon was interviewed by large national newspaper, The Philippine Star, where she said that GCash is exploring cryptocurrency trading in an effort to keep up with technology:
“While we may be considered a disruptor now, it is important in this digital age that we should be mindful of all types of disruptions out there. It’s important to know what the trends are, whether locally and globally and crypto is part of that.”
GCash is exploring multiple partnerships and integrations that will make crypto trading a possibility for the platform.
“Just like in any introductions, you need a platform, a working business model, a partner, so as soon as those are satisfied, perhaps,” the CEO said to the Philippine Star
Over 40% of Filipinos have an active GCash account, making the e-wallet one of the most popular ones in the country. Globe Telecom, the largest mobile provider in the Philippines is an important shareholder thru one of its subsidiaries, Mynt, that runs the platform.
The global Covid pandemic was positive for GCash’s user base as it grew with over 20% from 33 million to 40 million customers in February of this year. Looking ahead to the future and taking the Filipino people in consideration, Sazon concluded:
“We will continue to innovate and provide relevant and accessible financial services for all.”
With the its potential move into the crypto space, GCash follows in the footsteps of other payment service providers like PayPal, Square, and Revolut, who now all over their users the possibility to buy, sell and store cryptocurrency.