GCash is definitely going to make cryptocurrency and crypto trading available to its users, Martha Sazon, President and CEO of Mynt, the operator of the GCash platform, said in a press briefing.
“We’re looking at it seriously and there’s really a plan to host an entity within our platform to aid in the trading of cryptocurrency so watch out for it soon,” Sazon told reporters. When asked how Gcash will be incorporating crypto, Sazon said they have pending deal with a partner entity for this product, but declined to disclose the name of this partner firm.
Sazon first mentioned GCash considering buying and selling crypto to its users last May. While GCash, now with 46 million users, is considered a disruptor, Sazon said it’s important for the firm to stay mindful of all the disruptions happening in the digital age. “It’s important to know what the trends are, whether locally and globally and crypto is part of that,” she emphasized.
At the moment, locally licensed virtual asset service providers allow their users to cash in and cash out of crypto using GCash. This process is normally two steps – the user deposits first into Gcash before they send it to the local exchange. Filipino traders in international exchanges’ P2P platforms are also using GCash. Note that in P2P the transaction is actually between the GCash users and the fiat money never gets deposited to the P2P platform. (Read More: Using GCash to Cash and Cash Out from Crypto Exchanges and Wallets)
GCash reported its earnings, which is positive before other deductions as of last June. GCash also announced that it now has 46 million users and 2.5 million merchants. There are 10 million transactions on the app daily and 15 million logs in to the app every day. Sazon said they cannot ensure profitability every month that’s why it’s important to know “the levers to pull whether in revenues or in cost” so GCash stays in a health financial position.
Mynt, the operator of GCash, is a portfolio company 917Ventures.
Regarding news of an initial public offering, Ernest Cu, CEO of Globe, said they don’t have a timeline for now. “We can fundraise today with no issues, so we don’t need to go public to raise money right now,” Cu added.
This article is published on BitPinas: GCash Will Really Crypto, Currently in Talks with Potential Partners