The major investment app provider named Abra is in the latest cryptocurrency news for its plans to sell cryptocurrency for cash in more than 6,000 outlets of the popular 7-Eleven store in Philippines.
As the news show, this is an expansion which comes after the firm signed a deal with the local payments company ECPAY to access its network which includes all 7-Eleven stores in the country. This service lets any user of an Abra wallet to purchase crypto via 7-Eleven’s CLIQQ app or kiosks. The terms will include a minimum deposit requirement of 500 Philippines pesos (around $10) and a maximum purchase of 100,000 pesos (over $1,900) per day. The users will be charged a 2% transaction fee from the investment app Abra – all in order to purchase cryptocurrencies through their wallet.
The founder and CEO of Abra named Bill Barhydt was featured on many best cryptocurrency news sites for the following statement that he made recently:
“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.”
The investment app Abra was in the news back in February as well. Then, it said that it was launching a new service which allowed customers to invest in fractions of stocks of NASDAQ-listed firms. The app also supports 30+ cryptocurrencies and 50+ fiat currencies.
According to the general manager at ECPay, this 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.”
For those of you who don’t know or are not following our altcoin news, the Philippines adheres to the Cagayan Economic Zone Authority (CEZA) which unveils a comprehensive set of new rules that govern cryptocurrencies. All of this was made in a bid to effectively regulate and protect investors.
Under the rules, all Digital Asset Token Offering (DATO) regulations must have proper offering documents with pertinent details on the issuer, project and accompanying advice and certification of experts and DA Agents.
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