Bloomberg: Gcash Considers Cryptocurrency Trading and Stocks Platform
As early as May, Sazon already stated that the firm is looking into offering, buying, selling and storing cryptocurrency.
By Shiela Bertillo
Globe Fintech Innovations Inc., mother company of the leading mobile e-wallet Gcash, announced on Monday, December 6, its plans to consider a platform that will allow the users of its mobile wallet to invest in cryptocurrencies and local and global equities. The idea was disclosed by its CEO, Martha Sazon, in an interview with Bloomberg Television.
“The company is set to start a product that would allow subscribers to buy now and pay at a later date, and is considering offering a “more affordable” remittance service for Filipinos abroad,” the CEO added.
Mynt, venture of Globe Telecom Inc. and Ant Financial Services Co. increased its value for more than $2 billion after its latest fund-raising round. According to Sazon, the fund will be used to grow the company’s financial-service offerings and “double down on lending.”
Mynt’s growth serves as a gateway to its electronic wallet, GCash, toward other services like loans and investments for the millions of Filipinos who are financially underserved, she noted.
As early as May, Sazon already stated that the firm is looking into offering, buying, selling and storing cryptocurrency. (Read more: GCash Crypto? Globe Explores Adding Crypto on Mobile App)
In August, Sazon during a press briefing disclosed that Gcash will definitely make cryptocurrency and crypto trading available to its users as they are already talking with their potential cryptocurrency partners . (Read more: GCash Will Really Crypto, Currently in Talks with Potential Partners)
Currently, GCash has 51 million registered users with a peak average daily transactions at 15 million and daily logins reaching 23 million. One-third of the wallet’s active users subscribe to at least one financial service it offers.
Accordingly, the firm is gearing towards hitting 3.5 trillion pesos ($69.5 billion) worth of transactions by the end of this year. Sazon pointed that it reported four straight months of “positive Ebitda” and net income after tax. Mynt’s transactions reached 1 trillion pesos in 2020.
Last September, Gcash took the initiative to reach more Filipinos nationwide especially during the pandemic and partnered with 9 more leading brands namely; ExpressPay, DA5, Panalo Express, SouthStar Drug, Robinsons Supermarket, Shopwise, The Marketplace, Robinsons Easymart, and No Brand, expanding its network to 60,000 active cash-in outlets. (Read more: GCash Increases Cash-in Partners)
This article is published on BitPinas: Bloomberg: Gcash Considers Cryptocurrency Trading and Stocks Platform
