Cryptocurrency

Crypto trading available ‘soon’ on GCash

Aika Rey
'We're looking at it seriously,' says GCash CEO Martha Sazon

Leading mobile wallet GCash is eyeing to roll out cryptocurrency trading on its platform after a pending deal is finalized.

Asked when GCash would be adding cryptocurrency to its growing list of financial services, GCash chief executive officer Martha Sazon said, “As soon as we identify and finish our dealings with the entity that we will partner with.”

Sazon did not disclose which firm they plan to partner with.

“We’re looking at it seriously. There’s really a plan to host an entity within our platform to aid in the trading of cryptocurrency,” she told reporters on Monday, August 9.

“Watch out for it soon,” Sazon added.

As of July, GCash, operated by Globe’s fintech arm Mynt (formerly Globe Fintech Innovations), has about 46 million users with up to P10 million worth of daily transactions. GCash aims to have over P2 billion in gross transaction value by the end of 2021.

GCash ended with a positive bottom line for the second quarter.

On talks of a public offering, Globe Telecom president and CEO Ernest Cu said there is no timeline yet.

“We’re not going to IPO (initial public offering) for IPO’s sake. With regards to fundraising, we can fundraise today with no issues. So we don’t need to go public to raise money right now,” Cu said.

He added that there was “a lot of clamor” to have GCash be publicly listed, but “it will come in time.”

“We don’t know whether it’s in the Philippines or not.… Enlisting in the US or dual listing with the Philippines or US, we don’t know, or any other Asian stock market for that matter,” Cu said.

GCash has been consolidating financial services into one app. It has so far introduced new products on its platform, such as GInvest, which allows users to invest in local and global funds, and GInsure, its insurance product for medical emergencies. – Rappler.com

Aika Rey

Aika Rey is a business reporter for Rappler. She covered the Senate of the Philippines before fully diving into numbers and companies. Got tips? Find her on Twitter at @reyaika or shoot her an email at aika.rey@rappler.com.