Crypto wallet app Abra on Thursday announced that it has started selling cryptocurrencies for cash across 6,000 retails stores including all 7-Eleven stores in the Philippines.
Per the official announcement, the company entered into a partnership with ECPay, an electronic payments provider in the Philippines, to facilitate the crypto purchasing service in thousands of retail stores.
Commenting on the development, Bill Barhydt, founder and CEO of Abra, said: “We are really excited about this partnership with ECPay and for taking the next step towards our vision of an open and easy-to-use financial system for everyone.”
“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.”
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Making crypto purchases as easy to buy groceries
The company also detailed that Abra wallet users can purchase crypto using 7-Eleven’s CLIQQ app or kiosks. It set the minimum deposit value at PHP 500 and also capped the daily transaction amount to PHP 100,000. The platform will also charge a 2 percent fee for processing the transactions.
“We are very happy with the partnership with ABRA; the 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.
“With this, ECPay also opens a wider range of top-up options for Abra wallet users, making it more convenient and accessible for its consumers. We look forward to the launch of this partnership!”
Founded in 2014, Abra is one of the well-funded crypto wallet platforms available to retail users. According to Crunchbase, the company raised $35.5 million to date in a series of funding rounds.
In July, Finance Magnates reported that the wallet platform restricted services of its wallet to US-based clients, amid concerns over uncertainty in regulations.