The Philippines' top payment provider adds crypto to its mobile app

cointelegraph.com:

Philippines-based major fintech company PayMaya has reportedly launched a new cryptocurrency feature on its app, following in the footsteps of PayPal, Venmo and others.

According to TechInAsia, PayMaya users will be able to trade, purchase, and spend digital assets using their accounts. This is also part of PayMaya's aim to offer a comprehensive crypto package for anybody interested in entering the market.

With the new feature, PayMaya intends to make it simpler for Filipinos to learn about and use cryptocurrencies, as per the report. Furthermore, it will eliminate the necessity for users to register with cryptocurrency exchanges, create a crypto wallet, and go through other KYC hoops.

PayMaya is the Philippines' largest provider of digital payments. It's also a virtual money issuer (EMI) and virtual asset services provider (VASP), licensed by the Bangko Sentral ng Pilipinas, the Philippines' central bank. The PayMaya app has over 40 million registered users.

Shailesh Baidwan, the president of PayMaya, commented on the growing popularity of cryptocurrency among Filipinos saying:

PayMaya users with upgraded accounts can directly trade their Bitcoin (BTC) and Ether (ETH) for Philippine pesos. Other cryptocurrencies available for trading on the site include Cardano (ADA), Chainlink (LINK), UNISWAP (UNI), Solana (SOL), Quant (QNT), Polkadot (DOT), Polygon (MATIC) with more coins to be added soon.

Related: The Philippines to launch pilot CBDC implementation

ASEAN countries have experienced a growing interest in cryptocurrencies and blockchain technology in recent years. The Philippines, in particular, has been at the forefront of embracing digital assets and has even taken steps to regulate the industry. The Philippine Department of