PayMaya has launched its new cryptocurrency feature that will allow users to easily buy and sell digital assets such as Bitcoin and Ethereum directly from the app.
PayMaya’s new crypto feature provides an all-in-one experience, removing the need for users to register and connect multiple accounts. Users will be able to buy and sell coins as well as spend their earnings without having to leave the PayMaya app.
The company plans to progressively roll out the feature. Currently, Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Chainlink (LINK), Uniswap (UNI), Solana (SOL), Quant (QNT), Polkadot (DOT), Polygon (MATIC), and Tether (USDT) are available on the platform, with more planned to be added in the future.
“We’re excited to offer this new feature to our users – especially as more Filipinos become increasingly interested in cryptocurrency. Being at the forefront of digital payments and financial services, offering crypto is a natural expansion for us as we build the Philippines’ most accessible end-to-end money platform,” said Shailesh Baidwan, President of PayMaya Philippines.
PayMaya, which is both an Electronic Money Issuer (EMI) and Virtual Asset Services Provider (VASP), licensed by the Bangko Sentral ng Pilipinas (BSP), developed the new feature under its Invest platform in connection with Coinbase Institutional.
Coinbase is the largest publicly traded crypto company in the world and the trusted bridge to the crypto-economy. Coinbase Institutional offers a comprehensive suite of products and services including custody, prime brokerage, trading tools, and analytics, and an enterprise infrastructure built on top of a robust security platform. Coinbase Institutional provides the scale and stability needed to successfully participate in the crypto economy.
To access the new feature, users will only need an upgraded PayMaya account.
Here’s how to start buying crypto through the PayMaya app:
- Tap Crypto on the PayMaya homepage.
- Tap Buy on the bottom of the screen, then select the desired cryptocurrency.
- Input the desired Philippine Peso (PHP) amount you want to spend. You will see the equivalent cryptocurrency value based on an estimated market price. Then, tap Next on the upper right hand of the screen.
- A Confirm Purchase tab will pop up. On this tab, you will see the amount in PHP you will be spending and the amount of cryptocurrency you will be receiving through this transaction. Once you are ok with the details, you may confirm your purchase and slide to buy.
Once you purchase your desired cryptocurrency, the amount will reflect on your app’s Crypto page.
As for selling crypto:
- Tap Crypto on the PayMaya homepage.
- Tap Sell on the bottom of the screen, then select the desired cryptocurrency.
- Select a percentage value to sell a part of your currently owned asset. You will see the equivalent PHP value based on an estimated market price. Then tap Next on the upper right hand of the screen.
- A Confirm Sale tab will pop up. On this tab, you will see the amount of cryptocurrency you will be selling and the amount of PHP you will be receiving through this transaction. Once you are ok with the details, you may confirm your purchase and slide to sell.