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:
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.
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