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GCash to offer crypto trading ‘soon,’ as firm looks for partner

GCash, operated by Globe Fintech Innovations Inc. (Mynt), is set to offer cryptocurrency trading services in its platform “soon,” as it said it is now in the process of identifying a partner for the initiative.

“We’re looking at it seriously and there’s really a plan to host an entity within our platform to aid in the trading of cryptocurrency so watch out for it soon,” Mynt president and chief executive officer Martha Sazon said in a virtual briefing.

GCash achieved positive earnings before interest, taxes, depreciation, and amortization and net income after taxes as of June 2021.

The firm had 46 million registered users as of July 2021, with 2.5 million merchants and social sellers, up to 15 million daily log-ins, and up to 10 million daily transactions.

Sazon said the company will continue to work to sustain profitability to achieve good fiscal standing moving forward.

“We cannot ensure that it will continue to be profitable month-on-month from here on, depending on the investments that we will make however large that could be,” she said.

“What it also tells us, that we now know the levers to pull whether in revenues or in cost to achieve a really good financial position for GCash,” she said.

GCash is operated by Mynt as part of the portfolio of 917Ventures, the corporate incubator of Globe Telecom Inc.

Its services include buying and borrowing load, paying bills, booking movies, paying via QR, shopping online, and remittances, among others.

Globe Telecom also on Monday maintained plans to list GCash, but said a timeline for this has yet to be set.

“There is no timeline set. We are not going into IPO for IPO sake. With regard to fundraising, we can fundraise today with no issues, so we don’t need to go public to raise money right now,” Globe president and CEO Ernest Cu said in the same briefing.

“There is quite a bit of clamor out there to go out and list and enable the public to invest in the shares of GCash. That will come in time,” he added.

Shares in Globe Telecom closed Monday at P1,980.00 apiece, down by P5.00 or 0.25% from last Friday’s finish of P1,985.00.—AOL, GMA News