PAYMAYA Philippines, Inc. has rolled out a cryptocurrency feature in its cellular app, it stated in a press release final week.
The brand new feature, which is able to enable its customers to purchase and commerce digital currencies corresponding to Bitcoin and Ethereum, will assist make cryptocurrencies extra accessible to the general public, PayMaya stated.
Different cryptocurrencies out there for buying and selling in the PayMaya app are Cardano, Chainlink, Uniswap, Solana, Quant, Polkadot, Polygon, and Tether, with extra currencies coming in the long run.
“We’re very excited to launch this feature, a giant step up in making crypto accessible to each Filipino via their PayMaya app,” PayMaya President Shailesh Baidwan stated.
“Being on the forefront of digital funds and financial companies, increasing into crypto is a part of our roadmap as we construct the Philippines’ most accessible end-to-end cash platform… We see the rise in recognition of crypto, particularly amongst our digital-first youthful customers,” he added.
The feature will probably be built-in into customers’ essential PayMaya account so there isn’t any want for an improve or one other software, the corporate stated.
Customers can commerce cryptocurrency with no additional charges and immediately from their PayMaya pockets, it added.
PayMaya’s crypto feature was developed in cooperation with Coinbase Institutional.
The corporate acquired its digital asset service supplier (VASP) license from the central financial institution in January.
As of December 2021, PayMaya, via their varied platforms, had greater than 44 million customers.
Based mostly on Statista World Shopper Survey information from 2019 to 2021, the nation ranked third out of 56 in phrases of cryptocurrency utilization, with three out of 10 Filipinos saying they both owned or used digital forex.
The Bangko Sentral ng Pilipinas (BSP) in December stated digital forex transactions, which embrace cryptocurrencies, totaled P106 billion in the first half of 2021, with practically 20 million transactions.
The BSP strengthened safety measures for cryptocurrency in 2021 together with these for VASPs, that are topic to the central financial institution’s licensing necessities and anti-money laundering obligations.
A VASP, based mostly on Round No. 1108 of the BSP, “refers to any entity that offers companies or engages in actions that present facility for the switch or trade of digital property” corresponding to cryptocurrencies. — Tobias Jared Tomas