Maya Now Allows Users to Send And Receive Crypto
Maya introduces a new feature enabling users to send and receive a variety of cryptocurrencies, expanding its crypto services and emphasizing self-custody.
- Maya has rolled out a new feature allowing users to send and receive a range of cryptocurrencies.
- The collaboration with Coinbase Institutional launched in April 2022 has enabled Maya to offer direct crypto buying and selling to its 50 million users, nearly half of the Philippine population.
- With self-custody now emphasized, users can transfer their crypto into and out of the Maya app, thereby controlling their own crypto assets independently of third-party services.
Maya, a Philippine e-wallet platform that joined the local crypto scene in 2022, has a significant update for its users: the ability to easily send and receive cryptocurrencies. This new feature adds a layer of versatility and decentralization to Maya’s continuously growing crypto services. It also appears to be a highly requested feature based on observation of user comments on social media.
Maya’s Entry into Crypto with Coinbase
Maya announced the launch of its crypto product April 2022 by collaborating with the global crypto platform, Coinbase Institutional, as its liquidity partner.
At that time, the partnership marked a milestone in the Philippine crypto landscape, as it allowed direct crypto buying and selling options for Filipino users on an e-wallet that virtually everyone has already installed in their mobile phones. Maya has 50 million users as of June 2022, which is nearly half of the Philippines’ population.
Read more: Paymaya vs Coins.ph Crypto Buying Guide and Rate Comparison
New Feature to Send and Receive Crypto Highlights Self-Custody
The ability to send and receive crypto via the Maya app has been a highly requested feature. Previously, users could only buy and sell on Maya, convert crypto to pesos and vice versa all within the app.
With the new update, users can deposit their crypto into Maya and also withdraw it, a feature similar to that offered by GCash’s Gcrypto, which was available at its launch.
The ability to move crypto in and out allows users to take their crypto anywhere they want, even to their own crypto wallets. This highlights self-custody, an important feature of crypto which means the user controls their money (crypto) free from third-party services.
A Step-by-Step Guide to Sending and Receiving Crypto on Maya
The process of transferring crypto in and out of Maya is very simple. On the dashboard, the user simply needs to navigate to the crypto page and proceed into sending or receiving crypto, whichever it is that they want to do.
- Open the Maya app on your device.
- Navigate to the ‘Crypto’ section on the dashboard.
- Choose either ‘Send’ or ‘Receive’, depending on your transaction.
- If sending crypto, enter the recipient’s address. If receiving, note your unique Maya crypto address.
Available cryptocurrencies on Maya
The following cryptocurrencies can be bought, sold, deposited, and transferred in and out of Maya:
- Bitcoin
- Ethereum
- USD Coin
- Polygon (MATIC)
- Litecoin
- Dogecoin
- Solana
- Cardano
- Filecoin
- ApeCoin
- Polkadot
- Avalanche
- Chainlink
- Quant
- Shiba Inu
- Cosmos
- Uniswap
- The Sandbox
- Stellar
- Axie Infinity
- Algorand
- Decentraland
- Cronos
- Tether
Some FAQs
- Does it support SegWit for Bitcoin?
- It supports legacy and segwit for Bitcoin.
- What chains are supported to send Ethereum tokens?
- At least for MATIC, it only supports sending to an ERC20 address.
- Can I send and receive crypto via QR code?
- Yes.
- How about the fees? How much are the fees when sending crypto?
- “For example, when trying to send 13 MATIC, the fee was 2 MATIC.
- What if I sent to the wrong address?
- There is no reversal of transactions in crypto. If the user sends to the wrong address that they do not have control with, there is no way to retrieve that unless they know who owns that address.
This article will be updated as more information becomes available.
This article is published on BitPinas: Maya Now Allows Users to Send And Receive Crypto
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.
