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Fintech apps boost Filipinos' confidence in cryptocurrencies: stakeholder
Fintech apps boost Filipinos' confidence in cryptocurrencies: stakeholder
ABS-CBN News
Published Mar 17, 2021 12:32 PM PHT
A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken March 15, 2021. Dado Ruvic, Reuters/Illustration
MANILA - Confidence in the use of fintech apps also broaden Filipino's engagement in cryptocurrencies such as Bitcoins, a stakeholder said Wednesday.
Filipinos are "catching on" in the trade of cryptocurrencies, said buy and sell over-the-counter platform Moneybees.
"Filipinos are catching on. They become more used to, more confident in using fintech apps... We see a lot of retail investors," Moneybees CEO Paulo Del Puerto told ANC.
Moneybees has 7 brick-and-mortar counters that allow cashing in and cashing out cryptocurrencies even in "large volumes" such as transactions amounting to P5 million, Del Puerto said.
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Del Puerto said there are other cryptocurrency use cases including NFT trade. NFTs allow ownership of digital assets.
Cryptocurrencies have once again gained momentum after tycoon Elon Musk expressed support for virtual currency Bitcoin. Bitcoin reached a record high of $61,781.83 over the weekend.
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