Editing by Nathaniel Cajuday

• GCrypto, the in-app cryptocurrency trading feature of local e-wallet GCash, is now available to all users nationwide as of April 23, 2023.
• It was confirmed by Mark Nunez, the Head of Partnership for Crypto and Web3 of GCash, during the April edition of Bitcoin, Beer, and Bitstories.
• The public release was delayed because GCash considered the market downturn and the collapse of FTX, Nunez revealed

The in-app cryptocurrency feature of the local e-wallet GCash is finally available to all users and was made publicly accessible on April 23, 2023. The initiative was confirmed by Mark Nunez during the crypto community gathering Bitcoin, Beer, and Bitstories held on April 27 at the Draper Startup House Manila.

GCrypto Now Available Nationwide

“(What happened now) is a good thing and after doing the necessary tests; we launched it last February, not yet to all users. And we’re happy to announce last Sunday, GCrypto is now available to everyone nationwide,” revealed Nunez, who is the head of partnerships for crypto and web3 of GCash.

The app’s GCrypto feature will enable GCash users to view, purchase, sell, transfer, receive, and learn about various cryptocurrencies. It is backed by Philippine Digital Asset Exchange (PDAX), a licensed crypto exchange operating in the Philippines.

“GCrypto’s objective is being really the beginner-friendly crypto for the crypto curious,” he added.

Along with its GCrypto launch, GCash also released its own exclusive non-fungible token (NFT) project, “House of Ohlala,” in collaboration with homegrown NFT marketplace Likha, and art gallery Vinyl on Vinyl. The creator behind the collection is the world-renowned artist Reen Barrera. 

Recently, LinkedIn has ranked GCash and Maya, the Philippines’ two leading fintech companies, as the top companies to work for in 2023. Mynt, the parent company of GCash, secured the second spot on the professional network platform’s list, while Maya took third place.

GCrypto Timeline

In 2021, the thought of having crypto in GCash was first hinted by Martha Sazon, the President of GCash, when she expressed the firm’s desire to implement a feature similar to PayPal’s decision to enable the purchase and sale of cryptocurrencies within their wallet.

Then in June 2022, GCash’s Head of New Business Neil Trinidad confirmed that they are developing its cryptocurrency products. 

The actual launch of the feature took more than a year to be released which led to people wondering if it was still happening. 

However, it can be remembered that during the Philippine Web3 Festival GCash participated and had a booth which hosted a game where participants repeatedly say “GCrypto coming soon” for as long as possible. Each level attained in the game corresponds to a specific number of prizes that can be won, with the highest level guaranteeing a crypto prize. 

GCrypto was initially launched last February to a limited number of users who were given the opportunity to purchase Bitcoin at a 5% fee. 

During the event, Nunez shared that the public launch was a thorn removed in their throats as it had to be halted and be on hold after the FTX collapse and the ongoing market downturn. Thus, to prioritize the safety and privacy of users, he disclosed that the fintech firm took a considerable amount of time to integrate crypto into their app.

Available Cryptocurrencies in GCrypto

The following cryptocurrencies are available on GCrypto as of this writing:

• Bitcoin (BTC)
• Ethereum (ETH)
• Tether (USDT)
• USD Coin (USDC)
• Uniswap (UNI)
• Chainlink (LINK)
• Aave (AAVE)
• Basic Attention Token (BAT)
• The Graph Token (GRT)
• Enjin (ENJ)
• Litecoin (LTC)
• Bitcoin Cash (BCH)
• Avalanche (AVAX)
• Polygon (MATIC)
• Polkadot (DOT)        
• Axie Infinity Shards (AXS)
• Smooth Love Potion (SLP)
• Cardano (ADA)
• Solana (SOL)
• Binance Coin (BNB)
• Stellar (XLM)
• SushiSwap (SUSHI)
• Ripple (XRP)

For a step-by-step tutorial on how to use the feature visit: Beginners Guide to GCrypto | How to Buy & Sell Crypto on GCash. 

This article is published on BitPinas: GCrypto Now Available to All GCash Users

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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