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Cryptocurrency wallet app Abra announced on Thursday that it started selling cryptocurrencies for cash across all 7-Eleven store branches in the Philippines in collaboration with local payments provider ECPay.
As per an announcement, ECPay will offer its cash-in service via ECPay’s network of 6,000 merchants, including 7-Eleven outlets, department stores, and pawnshops.
“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,” Bill Barhydt, Abra Founder and CEO, said.
With the rollout of the new service, consumers in the Philippines can find Abra listed under the “Bills Payment” option at any CLIQQ ECPay kiosk or mobile app. They can deposit their money into their Abra wallet, with a minimum amount of Php 500 ($9.59). Clients can deposit up to Php 100,000 ($1,917) per day, and the platform has a 2% fee for processing transactions. The funds will be credit into their Abra accounts within 1–2 business days.
“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,” Barhydt said.
The latest expansion follows after Abra was forced to restrict its U.S. services because of regulatory issues this July. Among them, U.S. users were no longer eligible to hold QTUM, BTG, EOS, OMG and SNT via the app, and New York clients are only allowed to hold BTC, ETH, LTC, and BCH.
