Abra, an investment app provider, is preparing to sell cryptocurrency for cash at 6,000 outlets across the Philippines.
The expansion takes place after the firm signed a deal with local payments company ECPAY to access its network which includes all 7-Eleven stores in the country.
The service lets any user of an Abra wallet purchase crypto through 7-Eleven’s CLIQQ app or kiosks. The 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 be able to purchase all of Abra’s offered cryptocurrencies through their wallet.
Bill Barhydt, Founder, and CEO of Abra stated:
“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.”Bill Barhydt
However, the app firm said back in February that it was launching a new service that permitted customers to invest in fractions of stocks of NASDAQ-listed firms. It also supports 30 cryptocurrencies and over 50 fiat currencies.
Trisha D. Pascua, the General Manager at ECPay, said:
“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.”Trisha D. Pascua