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GCash to support Bitcoin, other cryptocurrencies soon?

In Business by Ramon LopezLeave a Comment

Estimated reading time: 2 minutes

The recent weeks may have underscored the volatility of the cryptocurrency world, but the sharp dips could be what the market needs to get more people investing into Bitcoin and other digital assets. If you’re a GCash user, today’s news should prove exciting for crypto holders and users.

A recent story by local news publication the Philippine Star revealed that Globe Fintech Innovations’ GCash is looking into potentially operating as a crypto exchange and offering services that will allow users to buy, sell, and store virtual currencies within the mobile wallet.

No less than GCash president and chief executive officer Martha Sazon confirmed the company’s possible involvement in cryptocurrency, adding that they’re currently looking for business models and partners to get the proverbial ball rolling.

GCash president and CEO Martha Sazon confirmed their possible involvement in cryptocurrency, adding they’re currently looking for business models and partners to get the proverbial ball rolling. That last bit is key, because it could introduce millions of Filipinos to cryptocurrencies like Bitcoin and Ethereum

That last bit is key since it could introduce millions of Filipinos to cryptocurrencies like Bitcoin and Ethereum. There are about 40 million registered GCash users in the Philippines and more than a million retail and social merchants using the wallet as of end-April.

So far, GCash also boasts 1.4 million accounts in GInvest, the wallet’s digital investment platform that lets users invest as little as P50, or roughly $1, in professionally managed local and international funds.

Recall that PayPal made a bold move to dive into crypto late in 2020, when it added support for trading Bitcoin, Ethereum, and Litecoin. However, rather than treating them as currency you can easily send to other people, PayPal treated cryptocurrencies as investment assets.

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Ramon Lopez

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Reviews editor: Ramon "Monch" Lopez has 12 years of professional experience creating and editing content for print and digital publications such as Yahoo. He headed the gadgets-merchandising division of one of the Philippines’ largest retail operators somewhere in between. His latest addiction is the comments section of viral Facebook posts.