Following a pending transaction, leading mobile wallet GCash intends to launch cryptocurrency trading on its platform.
When asked when GCash would add cryptocurrency to its growing list of financial services, GCash chief executive officer Martha Sazon said, “As soon as we identify and complete our dealings with the entity that we will partner with.” Sazon did not specify which firm they intend to partner with.
“We’re taking it seriously, and there’s a real plan to host an entity within our platform to help with cryptocurrency trading,” she told reporters on Monday, August 9.
“Keep an eye out for it soon,” Sazon added.
As of July, GCash, which is operated by Globe’s fintech arm Mynt (formerly Globe Fintech Innovations), had approximately 46 million users and a daily transaction volume of up to P10 million. By the end of 2021, GCash hopes to have a gross transaction value of more than P2 billion.
GCash ended the second quarter with a positive bottom line.
There is no timetable for a public offering, according to Globe Telecom President and CEO Ernest Cu.
“We’re not going to IPO (initial public offering) just for the sake of IPO; we can fundraise today with no problems, so we don’t need to go public to raise money right now,” Cu said.
“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 combining financial services into a single app. So far, it has introduced new products on its platforms, such as GInvest, which allows users to invest in local and global funds, and GInsure, a medical emergency insurance product.