Philippines-based major fintech company PayMaya has reportedly launched a new cryptocurrency feature on its app, following in the footsteps of PayPal, Venmo and others.
According to TechInAsia, PayMaya users will be able to trade, purchase and spend digital assets using their accounts. This is also part of PayMaya's aim to offer a comprehensive crypto package for anybody interested in entering the market.
With the new feature, PayMaya intends to make it simpler for Filipinos to learn about and use cryptocurrencies, as per the report. Furthermore, it will eliminate the necessity for users to register with cryptocurrency exchanges, create a crypto wallet and go through other KYC hoops.
PayMaya is the Philippines' largest provider of digital payments. It's also a virtual money issuer (EMI) and virtual asset services provider (VASP), licensed by the Bangko Sentral ng Pilipinas, the Philippines' central bank. The PayMaya app has over 40 million registered users.
Shailesh Baidwan, the president of PayMaya, commented on the growing popularity of cryptocurrency among Filipinos saying:
“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 users with upgraded accounts can directly trade their Bitcoin (BTC) and Ether (ETH) for Philippine pesos. Other cryptocurrencies available for trading on the site include Cardano (ADA), Chainlink (LINK), UNISWAP (UNI), Solana (SOL), Quant (QNT), Polkadot (DOT) and Polygon (MATIC), with more coins to be added soon.
ASEAN countries, or members of the Association of Southeast Asian Nations, have experienced a growing interest in cryptocurrencies and blockchain technology in recent years. The Philippines, in particular, has been at the forefront of embracing digital assets and has even taken steps to regulate the industry. The Philippine Department of Finance made it clear that it wants a piece of the profits generated by playing Axie Infinity and other play-to-earn games amid the colossal success of the crypto-powered game Axie Infinity in the country.