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GCash, one of the most popular e-wallets in the Philippines, is mulling a foray into cryptocurrency, following in the footsteps of PayPal, Venmo, and others.
According to reports, GCash, a leading digital wallet in the Philippines, is considering offering crypto trading services.
GCash CEO and President Martha Sazon revealed that the company is considering allowing customers to purchase, trade, and store cryptocurrencies such as Bitcoin (BTC) on its platform.
In a Monday interview with The Philippine Star, Sazon said that GCash is exploring cryptocurrency trading in order to keep up with financial innovation. “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,” she said.
According to Sazon, the company is looking at potential integration solutions and associated partnerships via which it may launch cryptocurrency trading. “Like any introduction, you need a platform, a working business model, and a partner, so perhaps as soon as those are satisfied,” Sazon added.
According to Sazon, GCash is one of the most popular electronic wallet systems in the Philippines, with at least 40% of Filipinos holding a GCash account. The platform is managed by Mynt, a subsidiary of Globe Telecom, which maintains the largest mobile network in the Philippines.
The company’s probable entry into the cryptocurrency market comes on the heels of tremendous growth on the platform, with GCash’s user base increasing by more than 20% in February, from 33 million to 40 million consumers. “We will continue to innovate in order to provide relevant and accessible financial services to all,” Sazon said.
If GCash adopts crypto services on its platform, it will be following in the footsteps of some of the world’s major digital wallet and payment service providers, including PayPal, Square, Venmo, and Revolut. PayPal launched its initial crypto services last year, allowing US residents to purchase, sell, and retain cryptocurrency.