The Abra wallet operator will start selling cryptocurrencies in the Philippines for Philippine pesos in 6,000 stores of the 7-Eleven retail chain.
The company has signed an agreement with local payment firm ECPAY to access its network, which includes all 7-Eleven stores in the country. The service allows any user of the Abra wallet to purchase cryptocurrencies through the app or 7-Eleven CLIQQ kiosks.
The purchase conditions include a minimum Deposit of 500 Philippine pesos (approximately $10). However, the maximum purchase amount must not exceed 100,000 pesos ($1,900) per day. Users will be charged a 2% transaction fee and can purchase all Abra-supported cryptocurrencies through their wallet.
Abra founder and CEO bill Barhydt said:
“Now users of Abra in the Philippines can quickly and easily add peso to Abra and use them to invest in cryptocurrencies or stocks of popular companies such as Google, Amazon, Facebook that opens up a whole new world of opportunity for income”.
The new partnership “expands the range of products and services ECPAY partners for such companies as 7-Eleven, supermarkets, NCCC, LCC Malls and other companies,” said General Manager ECPAY Trisha D. Pascual (Pascual Trisha D.).
In February, the service announced Abra
an app for investing in stocks and ETFs using bitcoin.