GCash might soon be making cryptocurrencies more accessible to its wide user base, which comprises 40 percent of the Philippine population. In an article by PhilStar, the president and CEO of GCash Martha Sazon stated that the mobile wallet is exploring cyptocurrencies for its platform.
“While we may be considered a disruptor now, it is important in this digital age that we should be mindful of all types of disruptions out there. It’s important to know what the trends are, whether locally and globally and crypto is part of that,” Sazon said.
GCash is operated by Mynt (Globe Fintech Innovations Inc.), a subsidiary of Globe Telecom.
So far, we only know that GCash is eyeing crypto trading, but nothing is set in stone. The most popular crypto exchanges in the Philippines are currently Binance, Coins.ph, and eToro, yet these platforms market towards a more crypto-savvy customer base.
GCash could change the field by giving almost half the population a chance to invest in crypto. According to Sazon, of the 40 million Filipino GCash users, one-third regularly use the app’s various financial services, which include investments, life insurance, and medical insurance.
Cryptocurrencies remain a controversial topic among investors, but there’s no denying that the high risk virtual currency comes with very high rewards. Bitcoin is currently valued at $36,440, as of posting, while Ethereum is valued at $2,615 apiece.
Do you think Filipinos are ready for crypto?
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