20 September, 2019
The wallet provider Abra has partnered with the Philippine payment system ECPAY to launch cryptocurrency sales at 6,000 outlets in the Philippines, including the local 7-Eleven store network.
“Today we announced a new partnership with ECPay allowing more ways for Abra users in the Philippines to conveniently add money to their Abra wallet through any of ECPAY’s 6,000 retail outlets across the Philippines, including all 7-Eleven stores,” said Abra founder and CEO Bill Barhydt in the press release.
It is reported that the minimum deposit amount will be PHP 500 (about $10), and for a maximum of one day the customer can purchase digital money in the amount of 100,000 pesos ($1900). The commission for users will be 2%. All cryptocurrencies supported by the Abra wallet will be available for purchase.
Abra also previously added the ability to buy cryptocurrencies using bank accounts. Abra's clients received thanks to the startup’s collaboration with the fintech service Plaid. The ability to withdraw cryptocurrencies that are supported by the application is also open for users. Prior to this, the corresponding functionality extended only to Bitcoin, Bitcoin Cash, Litecoin and Ethereum. In turn, the Philippine central bank issued a circular that obliges banking institutions to more strictly keep track of work with cryptocurrency companies. In particular, banks were allowed to work with exchanges that received a license from the state.