Philippine-based fintech startup NextPay said that it is aiming to join the cryptocurrency market. This move is to keep up with the growing interest of Filipinos in digital assets sparked by the rise of online blockchain games, such as the popular game Axie Infinity, and non-fungible tokens (NFT).
To start venturing the crypto space, NextPay is currently in the process of securing its virtual asset services provider (VASP) license from the Bangko Sentral ng Pilipinas (BSP). VASP is a money service business, which facilitates the conversion of fiat money into virtual assets.
Once approved, NextPay also plans on offering cryptocurrency in their platform. The initiative will put NextPay in the same league with leading e-wallet service providers GCash and PayMaya, both of which have recently enabled customers to trade virtual assets. (Read More: PayMaya Partnered with Coinbase to Offer Crypto in the Philippines)
“NextPay is thoroughly studying the crypto needs of our users. We want to be able to pinpoint the exact pain points that cryptocurrency services would address for businesses,” – Artie Lopez, NextPay co-founder and head of growth
Lopez added that the company is still currently exploring the development of a crypto system in their platform. He stated that they aim to offer crypto services that can complement their suite of digital financial tools that will enable their customers to collect, send and manage their finances.
Moreover, Lopez noted that the startup was also open to collaborating with other crypto firms that provide application programming interface and connectivity to accelerate its dive into the crypto space.
“We at NextPay believe that crypto will play a big part in the future of finance and we want to be one of the first movers in the market. By building our infrastructure early, we will be able to swiftly cater to their needs so that they can continue to grow and scale,” Lopez stated.
Accordingly, like the other wallets, NextPay also aims to launch bills payment, lending and corporate card services.
“As the digital business banking needs of our clients continue to evolve and as we continue to scale and reach more MSMEs, we at NextPay are committed to further innovate and develop more financial tools and services to bring the power of big banking into the hands of growing businesses,” Lopez added.
NextPay is a fintech startup launched in 2020 operating as an alternative to bank accounts for small businesses and entrepreneurs in the Philippines. It has processed transaction volumes worth over ₱1 billion in the past year, driven by invoice payments, employee salaries, and vendor payments. Its customer base also grew by around 20 times in the same period.
NextPay serves a variety of customers including micro, small and medium enterprises (MSMEs) from several sectors such as consumer goods, technology, health care, investment management, automotive, e-commerce and agriculture. The company is planning to tap other segments, including freelancers, social sellers and professionals.
NextPay is backed by Y Combinator, Gentree Fund, Golden Gate Ventures, Kickstart, 1982 Ventures and Broadhaven.
This article is published on BitPinas: Fintech Startup NextPay Eyes Joining the Crypto Race
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.