Abra to Add Cash-to-Crypto Outlets at All Philippines 7-Elevens

Investment app provider Abra is to sell cryptocurrency for cash at 6,000 outlets across the Philippines.

The expansion comes after the firm inked a deal with local payments company ECPAY to access its network that includes all 7-Eleven stores in the country.

The service lets any user of an Abra wallet purchase crypto via 7-Eleven's CLIQQ app or kiosks. Terms include a minimum deposit requirement of 500 Philippines pesos (roughly $10) and a maximum purchase amount of 100,000 pesos (over $1,900) per day. Users will be charged a two percent transaction fee and can purchase all of Abra's offered cryptocurrencies through their wallet.

Abra founder and CEO Bill Barhydt said:

“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 app firm said back in February that it was launching a new service that allowed customers to invest in fractions of stocks of NASDAQ-listed firms. It also supports 30 cryptocurrencies and over 50 fiat currencies.

The new 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,” said Trisha D. Pascual, general manager at ECPay.

7-Eleven image via Shutterstock