GCash Crypto Update: We Are Working On Our Crypto Product

GCash gave an update about its upcoming cryptocurrency product.

Photo for the Article - GCash Crypto Update: We Are Working On Our Crypto Product
  • GCash’ Neil Trinidad gave an update on their crypto offering.
  • (Timeline) The company first said it will offer crypto in May 2021.
  • Maya, formerly known as PayMaya, began offering crypto in April of this year, earlier than GCash.

In an interview, Neil Trinidad, the Head of New Business at GCash, gave an update about its upcoming cryptocurrency product, which was first announced May of last year.

Trinidad said GCash is still working on its crypto products set to be “available soon.” While he noted that the current crypto market is down, there is still a lot of interest. “around four percent of Filipinos have crypto today, but more than 50 percent want to consider buying crypto,” he said in a media briefing, whose focus is about the e-wallet’s insurance offerings:

The current cryptocurrency market is experiencing what analysts and traders call a bear market, where the current prices across all cryptocurrencies are below 70% or more from their previous all-time highs. Bitcoin, the largest cryptocurrency by market cap is currently priced at ₱1,115,539, which means it is down 67% from its previous all-time high of ₱3,454,759 according to the data from CoinGecko.

Photo for the Article - GCash Crypto Update: We Are Working On Our Crypto Product
Bitcoin Price as of June 29, 2022

GCcash Forays into Crypto: A Timeline

On May 31, 2021, GCash President Martha Sazon said it is looking into following PayPal’s move to finally allow the buying and selling of cryptocurrency inside the popular e-wallet, a move that, at that time, was being considered to have a wider impact in the local cryptocurrency industry once it becomes available.

“It’s important to know what the trends are, whether locally and globally and crypto is part of that,” Sazon said.

On August 21, 2021, Sazon said they are in talks with potential partners. “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,” she mentioned.

Another report appeared on December 8, 2021 although there was no substantial new information given to the media.

In the same month, PayMaya, GCash’s most important competitor, secured a virtual asset service provider license (VASP) from the Bangko Sentral ng Pilipinas, a license necessary for any firms intending to operate a crypto exchange locally.

PayMaya head Nick Wilwayco first confirmed to BitPinas that they are entering the crypto market on December 14, 2021, even stating that the firm is not interested in acquiring another locally licensed exchange.

“The challenge is how to develop the right solutions relevant to our customers. We are not putting services on the market just for the sake of claiming that we are offering them,” Wilwayco said.

PayMaya, which then rebranded to Maya. also secures a digital banking license.

In an interview last month, GCash said it is not bothered by PayMaya’s new licenses, calling it “not a silver bullet for growth.” GCash had a press release stating that users can actually use the app as an on-ramp to buy crypto on Binance, PDAX, and Paxful.

“It’s not like a signboard that you just turn on then expect everyone to come in. There’s real work to acquire users and educate them on more complex financial services,” said Sazon.

To which Maya responded: “Everything, including digital banking, is now just in one app. We like where we are headed.”

This article is published on BitPinas: GCash Crypto Update: We Are Working On Our Crypto Product

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.

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