Converting fiat currency to bitcoin and other cryptocurrencies just got a whole lot easier in the Philippines.
Now in all 7-Eleven stores and ECPay’s 6,000 retail outlets across the Philippines anyone with an Abra wallet can convert cash to crypto in a few easy steps.
Abra, a cryptocurrency wallet startup headquartered in Silicon Valley and with an additional office in Manila, Philippines, announced its collaboration with ECPay on September 18.
Bill Barhydt, the Founder-CEO of Abra, explained in the announcement that Abra users can now easily and quickly add money to Abra for making investments into cryptos or other popular stocks, such as Facebook, Amazon, or Google.
Consumers in the Philippines will be able to find Abra listed under the “Bills Payment” option at any CLIQQ ECPay financial services kiosk or in the dedicated mobile app. They can then deposit the money into their Abra wallet. The minimum deposit is PHP 500 ($9.59) and the daily limit is PHP 100,000 ($1,917). The funds should be accredited within 1-2 business days (it may take longer on weekends and holidays).
“And they shouldn’t be complicated. Moving cash to crypto and other digital assets should be simple and fast. That’s why we are really excited to announce our new partnership,” Abra noted in the announcement.
In February 2019, the company made a big step for the cryptocurrency and financial industries in the Philippines when it launched a new feature that allowed traditional investors to purchase stocks with bitcoin.
The Philippines has an active cryptocurrency community which in part is due to a friendly central bank, the Bangko Sentral ng Pilipinas (BSP), that has granted operational permits to over 13 exchanges in the country.
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