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.
7-Eleven image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, 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.