An investment app provider by the name of Abra is set to sell cryptocurrency for cash at around 6000 of its outlets that are located in the Philippines. This move to multiply follows a deal that was made by the firm with the local payment company ECPay, which will allow it to access the payments company’s network that includes about the entirety of all 7-Eleven stores in the Philippines.
The new service by the Investment app provider will allow any Abra wallet user to purchase cryptocurrency via 7-eleven CLIQQ app or kiosks. The terms of the deal include a required minimum deposit of 500 Philippines pesos, which are estimated to be roughly USD 10 and the maximum acquisition amount of 100000 pesos which translates to over USD 1900 per day.
The service also will duty users a minimum of 2% fee for the transaction costs, and the users will also be able to purchase all of Abra’s cryptocurrencies that are offered through their wallet. Abra founder who also serves as the company’s CEO, Bill Barhydt is quoted to have said in part during the announcement of the service, “now our producers in the Philippines can quickly and easily add pesos into Abra, and you start to invest in cryptocurrencies or popular stocks like Google, Amazon, Facebook and even more. This works to open up a world of new possibilities to build wealth with.”
The app company had insisted since February that it was launching a new service that would allow its customers to invest in segments of stocks of NASDAQ-listed firms. The service also facilitates the support of about 30 cryptocurrencies and a neat figure of about 50 Fiat currencies.
The new partnership between the app provider company, Abra and the local payment company in the Philippines ECPay “widens the product and service offerings of ECpay to its collection partners like 7-Eleven, NCCC department stores, and supermarkets, LCC malls and other remittance pawn shop partners.”
The above sentiments were made by Trisha D Pascual, who serves as the current general manager at ECPay in the Philippines. The news comes as a delight for every crypto enthusiast, trader, and even investor as this will provide the necessary support for the growth and continued development of cryptocurrency and the crypto market in the Philippines.
With such partnerships as that of Abra and the local payments company ECPay in the Philippines, more and more citizens will have increased access and control over their finances and have better storage of value. Additionally, such partnerships will work primarily to encourage trade and provide a better alternative for crypto enthusiasts, investors, and traders in the country by creating an avenue through which more wealth can be created.