“GCash will enter crypto soon. With GCrypto, our aim is to grow the crypto and Web3 ecosystem through products, partnerships, and market education.”NEIL TRINIDAD, VP OF CRYPTOCURRENCY, GCASH
Homegrown mobile e-wallets in the Philippines – GCash – has finally added a crypto icon or crypto tab in their application. However, the firm teases that the feature is still “coming soon.”
The crypto tab can be found in the “Grow” section of GCash:
When clicking the icon, the following message appears:
As per GCash:
“Crypto is Coming Soon!”
“Explore the Crypto market anytime, anywhere! Buy, sell, and learn Crypto with GCash, soon!”
Just a month ago, Neil Trinidad, the Head of New Business at GCash, stated that the firm is still working on its crypto products which “will be released soon.” He noted that they are incorporating crypto because of the data that “around four percent of Filipinos have crypto today, but more than 50 percent want to consider buying crypto.” (Read more: GCash Crypto Update: We Are Working On Our Crypto Product)
Further, Globe Telecom Inc. has recently partnered with crypto wallet service provider Coins.ph to launch its “Redeem Crypto” Service, wherein prepaid and postpaid subscribers of Globe can exchange their reward points on GlobeOne app for any crypto that is available on Coins.ph.
In May 2021, GCash President Martha Sazon expressed that they are looking into following the steps of PayPal which allowed the buying and selling of cryptocurrency in its platform.
Three months later, in August 2021, the president said that they were “looking at it seriously” and was in talks with potential partners “to aid in the trading of cryptocurrency.” (Read more: GCash Will Really Crypto, Currently in Talks with Potential Partners)
Paymaya, its competitor which then rebranded to Maya, first confirmed to BitPinas that they are entering the crypto market on December 14, 2021, even stating that the firm is not interested in acquiring another locally licensed exchange. At the same time, Paymaya secured a virtual asset service provider license (VASP) from the Bangko Sentral ng Pilipinas (BSP), a license necessary for any firms intending to operate a crypto exchange locally. PayMaya also secured a digital banking license. (Read more: PayMaya Receive Virtual Currency Exchange License from the BSP)
However, in an interview last month, GCash said it is not bothered by PayMaya’s new licenses, calling it “not a silver bullet for growth.” “It’s not like a signboard that you just turn on then expect everyone to come in. There’s real work to acquire users and educate them on more complex financial services,” Sazon stated.
On the other hand, GCash had a press release stating that users can actually use the app as an on-ramp to buy crypto on Binance, PDAX, and Paxful.