PayMaya Dives into Cryptocurrency as users can now Trade in Digital Assets

PayMaya is expanding into crypto as users can now buy and earn from digital assets such as Bitcoin and Ethereum. Last Wednesday, the fintech company announced that Filipinos may use the app to buy crypto-assets for as much as P1 without having to register for a new account. The statement also said that the app would instruct users on how to cash in, buy, and sell coins using their existing accounts.

PayMaya has stated that trading crypto can be done at any time “with no extra cash-in and cash-out fees.” Additionally, upgraded users can now trade directly from their PayMaya wallet.

“We see the rise in popularity of crypto, especially among our digital-first younger users. With the PayMaya e-wallet already a part of their everyday life for daily purchases and transactions, our customers now want to be able to buy and earn crypto smartly and seamlessly. That is why we are making it an integrated feature in our e-wallet app,” PayMaya president Shailesh Baidwan said.

“We’re excited to offer this new feature to our users — especially as more Filipinos become increasingly interested in cryptocurrency,” said Baidwan.

“Being at the forefront of digital payments and financial services, offering crypto is a natural expansion for us as we build the Philippines’ most accessible end-to-end money platform.”

Aside from Bitcoin and Ethereum, the app will also offer options for Cardano (ADA), Chainlink (LINK), Uniswap (UNI), Solana (SOL), Quant (QNT), Polkadot (DOT), Polygon (MATIC), and Tether (USDT).

According to the BSP, the number of virtual currency transactions in the Philippines increased by 71% in the first half of 2021.

Source: ABS-CBN, BackEndNews