Abra to Add Cash-to-Crypto Outlets at All Philippines 7-Elevens

Investment app provider Abra is to sell cryptocurrency for cash at 6,000 outlets across the Philippines, including all 7-Eleven stores.

AccessTimeIconSep 19, 2019 at 8:27 a.m. UTC
Updated Sep 13, 2021 at 11:28 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Investment app provider Abra is to sell cryptocurrency for cash at 6,000 outlets across the Philippines.

The expansion comes after the firm inked a deal with local payments company ECPAY to access its network that includes all 7-Eleven stores in the country.

The service lets any user of an Abra wallet purchase crypto via 7-Eleven's CLIQQ app or kiosks. Terms include a minimum deposit requirement of 500 Philippines pesos (roughly $10) and a maximum purchase amount of 100,000 pesos (over $1,900) per day. Users will be charged a two percent transaction fee and can purchase all of Abra's offered cryptocurrencies through their wallet.

Abra founder and CEO Bill Barhydt said:

“Now Abra users in the Philippines can quickly and easily add pesos into Abra and use that to invest in cryptocurrencies or popular stocks like Google, Amazon, Facebook, etc., which opens up a world of new possibilities to build wealth.”

The app firm said back in February that it was launching a new service that allowed customers to invest in fractions of stocks of NASDAQ-listed firms. It also supports 30 cryptocurrencies and over 50 fiat currencies.

The new partnership "widens the product and service offerings of ECPay to its Collection Partners like 7-Eleven, NCCC Department Stores and Supermarkets, LCC Malls and other Remittance, Pawnshop partners,” said Trisha D. Pascual, general manager at ECPay.

7-Eleven image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.