- The company allows Abra wallet users to purchase crypto using 7-Eleven’s CLIQQ app.
- The platform will also charge a 2% fee for processing the transactions.
On Thursday, the crypto wallet app Abra announced that it has started selling cryptocurrencies for cash. The cryptocurrencies will be sold across 6,000 retails stores including all 7-Eleven stores in the Philippines. According to the announcement, the company has collaborated with ECPay, an electronic payments provider in the Philippines to facilitate the crypto purchasing service in thousands of retail stores. Bill Barhydt, the founder and CEO of Abra, said:
“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. 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 company allows Abra wallet users to purchase crypto using 7-Eleven’s CLIQQ app or kiosks. The minimum deposit value is PHP 500, while the daily transaction amount is PHP 100,000. The platform will also charge a 2% fee for processing the transactions. Trisha D. Pascual, general manager at ECPay, said :
“We are very happy with the partnership with ABRA; the 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. With this, ECPay also opens a wider range of top-up options for Abra wallet users, making it more convenient and accessible for its consumers. We look forward to the launch of this partnership!”
Abra is founded in 2014 and is available to retail users. As per a report, the company raised $35.5 million to date in a series of funding rounds. Due to concerns over uncertainty in regulations, Abra had stopped services of its wallet to US-based clients in July.