Crypto trading to be available soon on GCash!

After a pending deal is finalized, GCash is eyeing to roll out cryptocurrency trading on its platform in the future. 

GCash plans to venture into cryptocurrency trading

GCash is working to sustain profitability it's experiencing

During a virtual briefing, GCash CEO Martha Sazon said that they are now in the process of searching for a partner for the said initiative. She added,

We’re looking at it seriously and there’s really a plan to host an entity within our platform to aid in the trading of cryptocurrency so watch out for it soon.

As of June this year, the platform was able to attain positive earnings before interest, taxes, depreciation, and amortization, and net income after taxes. Aside from that, the company had reported around 46M registered users up to the said period. According to the report, there are 2.5M merchants and social sellers and up to 15M daily log-ins, and up to 10M daily transactions. 

Sazon also mentioned that the company will continue to work to sustain profitability to reach good fiscal standing moving forward. She explained that there's no assurance of profitability in the coming months. Because of that, she said that it will highly depend on the investments GCash is going to make.

Recently, Globe Telecom continues its plans to list GCash. However, they haven't set the timeline yet because they're not venturing into IPO for the sake of doing it. Globe President and CEO Ernest Cu said that there's no issue in doing fundraising today so they're not obliged to go to the public to raise funds.

Cu made this clarification because of a rumor that the company will list and enable the public to invest in the shares of GCash. He added that the time will come for that.

Source: GMA