Tencent-backed PayMaya rolls out crypto feature

PayMaya, a digital financial services platform based in the Philippines, has launched a cryptocurrency feature on its app, enabling users to buy and earn digital assets.

Image credit: PayMaya

The startup aims to provide a full-suite experience for crypto buying with the new feature. Customers can learn to use crypto, cash in with their wallets, buy and sell coins, and spend their crypto earnings, all through their PayMaya accounts.

Upgraded users can trade in a variety of coins directly from their PayMaya wallets to Philippine pesos. Aside from Bitcoin and Ethereum, other tokens available for trading in the platform include Cardano, Chainlink, Uniswap, Solana, Quant, Polkadot, Polygon, and Tether, with more to be added soon.

PayMaya users can also buy and sell crypto anytime with no extra cash in and cash out fees.

“Being at the forefront of digital payments and financial services, expanding into crypto is part of our roadmap as we build the Philippines’ most accessible end-to-end money platform,” said Shailesh Baidwan, president of PayMaya.

See also: Singapore’s ‘Crypto King’ has no clothes

PayMaya is both an electronic money issuer and virtual asset services provider licensed by the central bank of the Philippines. It counts the likes of Tencent, KKR, and IFC as its investors.

As of end-December 2021, PayMaya had more than 44 million users on its platform.