GCash, a large digital wallet from the Philippines, is considering the introduction of cryptocurrency trading services.
The CEO and President of GCash, Martha Sazon, announced that the company plans to offer users the ability to buy, sell, and store cryptocurrencies such as Bitcoin (BTC) on its store.
In a Monday interview with The Philippine Star, Sazon said GCash is studying cryptocurrency trading to keep up with financial innovation.Â â ???? Even if we are considered disruptors today, in the digital age it is important that we are aware of all possible disruptions. and cryptocurrencies are part of it, ”he said.
Sazon said the company is looking at possible integration options and related partnerships through which it could launch cryptocurrency trading. “As with any introduction, you need a platform, a functioning business model, a partner, so as soon as these requirements are met, maybe.”said Sazon.
GCash is one of the most popular e-wallet platforms in the Philippines, according to Sazon. at least 40% of Filipinos have a GCash accountThe platform is operated by the financial services company Mynt, a subsidiary of Globe Telecom, which operates the largest cellular network in the Philippines.
The company’s possible entry into the cryptocurrency sector will follow the significant growth of the platform, GCash’s user base grew by more than 20% from 33 million to 40 million customers in February. “We will continue to innovate and provide relevant and accessible financial services to all,” said Sazon.
If GCash rolled out crypto services on its platform, the company would follow similar steps taken by some of the world’s largest digital wallet and payment service providers such as PayPal, Square, Venmo and Revolut.PayPal launched its first cryptocurrency services last year when it enabled residents of the United States to buy, sell, and hold cryptocurrencies.