Philippine mobile wallet Gcash has acquired a patent for a new use case: letting users buy, sell and store cryptocurrencies. The company has applied for a patent that would allow users to “deposit, withdraw and trade cryptocurrencies in wallets” on the app, as well as to “buy and sell cryptocurrencies with bank funds and with each other.”
The Philippines is becoming a hotbed for new blockchain-friendly projects and cryptocurrencies. With a booming population and growing economy, the region has seen a rise in the number of bitcoin and cryptocurrency investors. One of the most successful platforms in the country is Gcash, a mobile wallet that allows users to create a virtual wallet, buy, store, and sell cryptocurrencies.
Canada-based cryptocurrency wallet Gcash has recently announced that it plans to allow users to buy, sell, and store cryptocurrency, with support for Ethereum and bitcoin. Gcash has been around for more than two years and currently has around 3 million registered users.Gcash, a popular mobile wallet in the Philippines, plans to offer its users the ability to buy, sell and store cryptocurrencies on its platform, which reportedly has 40 million users. According to the company’s CEO, 40% of Filipinos now have a Gcash account.
Gcash wants to offer trading and storage of cryptocurrencies
Philippine mobile wallet Gcash is considering adding cryptocurrencies to its portfolio of financial products and services, The Philippine Star reported this week, adding that the platform had more than 40 million users at the end of April. Through the Gcash app, users can make purchases, save, invest, buy insurance, etc. Gcash is powered by Mynt, a fintech startup that brings together Globe Telecom, Ayala Corporation and Ant Financial. The company’s main services are payments, money transfers and loans. Martha Sazon, CEO of Mynt, said the Gcash platform had registered four million Gsave accounts and 1.4 million Ginvest accounts by the end of April. The executive said the company is considering buying, selling and storing cryptocurrencies, while noting: Even though we are now considered vandals, in the digital age it is important to be careful with all types of vandalism. It’s important to be aware of trends, both local and global, and cryptocurrencies are one of those trends. Sazon notes: As with any implementation, you need a platform, a working business model [and] a partner, and once all these elements are in place, the service can be launched. A number of payment giants, including Paypal and Square, have embraced cryptocurrencies and allowed their users to buy and sell them on their platforms. Sazon also said that 40 percent of Filipinos now have a Gcash account and that active users use the app more than twice a day. The CEO also said that a third of the app’s monthly active users subscribe to at least one of the company’s financial services or products through the platform, noting: We will continue to innovate and provide relevant and affordable financial services for all. What do you think of Gcash’s support for cryptocurrencies? Let us know your comments in the section below.
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gcash bitcoin, buy gcash bitcoin, gcash, gcash app, gcash bitcoin, gcash btc, gcash crypto, gcash cryptocurrency, ginvest, gsave, filipino app, sell bitcoin, store bitcoin Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.Bitmex is a cryptocurrency trading platform, registered in the United States. It is an exchange where you can buy and sell Bitcoin and other digital currencies for fiat currencies. Bitmex was first launched in 2014, and the platform is quite popular in the cryptocurrency community. Over the past year, the number of users has increased significantly. As of September 2018, the platform had more than 2 million active users.. Read more about what is crypto trading and let us know what you think.
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