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GCash to launch cryptocurrency trading soon

GCash to launch cryptocurrency trading soon

In what appears to be yet another game-changing feat for the local financial technology, GCash will soon allow its 46-million-strong users to use cryptocurrency trading in its platform.

Speaking during a virtual briefing, GCash President and Chief Executive Officer Martha Sazon bared plans of the fintech firm to enter the crypto trading business. 

While it has yet to finalize its deal, Sazon assured that it’s currently in talks for a partner. 

“As soon as we identify and finish our dealings with the entity that we will partner with,” Sazon remarked. 

“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,” Sazon said. 

Cryptocurrency is a form of digital or virtual currency used for the purchase of goods and services. Among the goods and services offered by GCash are buying and borrowing load, paying bills, booking movies, paying via QR, shopping online, and remittances, and Unit Investment Trust Funds (UITF), among others.

As of July 2021, GCash has over 46 million registered users. It also has 2.5 million merchants and social sellers. Meanwhile, it reaches up to 15 million daily log-ins, and 10 million daily transactions. 

GCash is operated by Globe Fintech Innovations Inc. (Mynt), a part of the portfolio of 917Ventures which happens to be the corporate incubator of Globe Telecom Inc.

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