Editing by Nathaniel Cajuday
One paragraph in this article contains opinions from the writer.
Mobile wallet GCash will launch its crypto buy and sell service called “GCrypto” in partnership with PDAX, both GCash Vice President of Crypto Neil Trinidad and PDAX CEO Nichel Gaba confirmed to BitPinas.
Screenshots sent to BitPinas revealed that some users were able to access GCash’s GCrypto feature. Although the “buy and sell” part is not yet available, the GCrypto page says “Secure Transactions Powered by PDAX” on the bottom half:
Most importantly, the above screenshot purports to how the GCash crypto service will differ from current offerings in the market. In GCash, users will be able to:
- Buy, sell, and swap crypto coins;
- Send and receive crypto from different wallets;
- Create a diversified investment portfolio
When will GCrypto Launch?
GCash’s Trinidad said:
“GCash is currently undergoing internal user testing and is set to launch its GCrypto service very soon. GCash is proud to partner with PDAX in powering GCrypto.”
What is the partnership between GCash and PDAX exactly?
According to PDAX’s Gaba, the partnership will effectively allow more Filipinos to have access to crypto for the first time.
“GCash is the leading e-wallet in the country with 69 million users. This strategic partnership allows PDAX to bring virtual asset services, not only to ordinary Filipinos who are already into crypto, but also to those who are entering the space for the first time,” Gaba stated.
Does PDAX users automatically become GCash users and vice versa?
Both companies said the user will have their virtual assets account on the GCash app.
“Powered by PDAX” could imply that GCash is not going to secure a Virtual Asset Service Provider License (VASP) and will instead partner with entities that already have them.
When previously asked about not being a digital bank (which is another bank category as per the Bangko Sentral ng Pilipinas), GCash CEO Martha Sazon said it was a conscious decision so that they can partner with everyone:
“We’re not a digital bank. We are an e-wallet. But what’s good about that is we’re able to partner with any bank and any financial institution. This is a conscious thought that we make because we know that financial inclusion is a complex, difficult journey. So, we choose to collaborate rather than compete.”
Note that while the Bangko Sentral ng Pilipinas (BSP) has imposed a van on VASP applications, entities that are already supervised by the central bank can still apply.
Gaba, meanwhile, assures Filipinos that PDAX will stay competitive amid an increasing number of players in the crypto exchange scene, both licensed and unlicensed.
“What makes PDAX unique is that, as a Philippine-based, licensed VASP and EMI, our focus is on providing products, services, and customer support specific to the Philippine market,” Gaba concluded.
This article is published on BitPinas: GCash Partners with PDAX for GCrypto Trading: Everything You Need to Know So Far
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.