Giant electronic payment system provider to offer users of Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and other digital assets in the Philippines the ability to purchase cryptocurrencies at around 6,000 retail stores in different parts of the republic.
One of the retailers that will be offering users this great service, is 7-Eleven Inc., a Japanese-America multinational chain of convenience stores with over 68,200 licensed stores in over 17 countries globally. Other retailers include; NCCC Dept. Stores and Supermarkets, and LCC Malls
Cryptocurrency users will benefit from this project in the sense that, they will be able to buy Bitcoin, ETH, XRP, PAC tokens, and other popular digital assets at any one of their three thousand stores operating in the nation.
A partnership between global mobile investment app Abra and ECPay payment giant to bring cryptocurrency services closer to their customers is actually a good step in the right direction as far as promoting fintech innovations is concerned.
People using this app within the country are now able to add the fiat currency (pesos) into the Abra app and also go ahead to make any amount of cryptocurrency investments, hence creating up a multitude number of fresh chances and opportunities to hold or create wealth.
Generally, the electronic payment system will enable Abra’s users to flawlessly convert fiat currencies including pesos, dollars, pounds, etc. into cryptocurrencies like Bitcoin, Litecoin, Stellar, Bitcoin Cash, Libra and others.
The government itself is trying to create a favorable environment for cryptocurrency and blockchain businesses to thrive. For instance, in June, the Philippines Dept. of Trade & industry signed a MoU with one of the leading blockchain startups in the US, to boost the use of distributed ledger tech (DLT) and further improve its efficiency when carrying out important transactions and other cross-border businesses.