PAYMAYA Philippines, Inc. has rolled out a cryptocurrency function in its cell app, it mentioned in an announcement final week.
The brand new function, which can enable its customers to purchase and commerce digital currencies similar to Bitcoin and Ethereum, will assist make cryptocurrencies extra accessible to the general public, PayMaya mentioned.
Different cryptocurrencies out there for buying and selling within the PayMaya app are Cardano, Chainlink, Uniswap, Solana, Quant, Polkadot, Polygon, and Tether, with extra currencies coming sooner or later.
“We’re very excited to launch this function, an enormous step up in making crypto accessible to each Filipino by way of their PayMaya app,” PayMaya President Shailesh Baidwan mentioned.
“Being on the forefront of digital funds and monetary 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 function will likely be built-in into customers’ foremost PayMaya account so there is no such thing as a want for an improve or one other utility, the corporate mentioned.
Customers can commerce cryptocurrency with no additional charges and immediately from their PayMaya pockets, it added.
PayMaya’s crypto function was developed in cooperation with Coinbase Institutional.
The corporate obtained its digital asset service supplier (VASP) license from the central financial institution in January.
As of December 2021, PayMaya, by way of their numerous platforms, had greater than 44 million customers.
Primarily based on Statista World Shopper Survey information from 2019 to 2021, the nation ranked third out of 56 when it comes to cryptocurrency utilization, with three out of 10 Filipinos saying they both owned or used digital forex.
The Bangko Sentral ng Pilipinas (BSP) in December mentioned digital forex transactions, which embody cryptocurrencies, totaled P106 billion within 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, primarily based on Round No. 1108 of the BSP, “refers to any entity that gives companies or engages in actions that present facility for the switch or trade of digital property” similar to cryptocurrencies. —
