By Nath Cajuday
As the Philippines displays a big potential of cryptocurrency adoption in the e-commerce market, Dragonpay announced that it is launching online cryptocurrency payment in the public through a partnership with TripleA in the country.
Moreover, Dragonpay, the pioneer and leader in alternative payments in the Philippine e-commerce market, promised that it will bridge the gap between e-commerce businesses and customers by providing alternative online payment methods as there is a low penetration of credit cards and banking services in the country.
“Now that crypto is transforming the e-commerce space, we have to be ready for it. Being part of a more extensive regional payment network will allow us to open doors for both Filipino online merchants to access buyers worldwide, and conversely, for the global merchants abroad to cater to Filipino consumers,” Robertson Chiang, Founder and Chief Executive Officer (CEO) of Dragonpay, stressed. (Read More: Credit Card Fees for Crypto Transactions in the Philippines)
Along with the company’s announcement, Dragonpay also stated that they have partnered with TripleA, a Singapore-based company that offers local businesses to accept cryptocurrency payments with zero price volatility risk by converting them to local currencies in real-time.
“Recognized as the leading Payment Service Provider (PSP) in the Philippines, Dragonpay is licensed and regulated by the Bangko Sentral ng Pilipinas (BSP), and we are proud to be the chosen partner as it further strengthens our position in the crypto payments space,” said Eric Barbier, CEO of TripleA.
The Philippines is among the countries that performed fast in adopting cryptocurrency around the globe. It is the third-highest uptake of cryptocurrency worldwide. (Read More: Ripple’s ODL to Aid iRemit Process Australia-Philippines Remittances)
Earlier this month, it was announced that there are 16 million Filipino users of Coins.ph, Philippines’ largest cryptocurrency exchange, that have access to cryptocurrencies like Bitcoin through the Coins.ph app, according to the company. This is 16% of the total population as of today.
“2021 has been a year of significant adoption for the Philippine cryptocurrency market. We are excited to share this milestone with our users, and promise to continue improving our e-wallet and virtual currency services to cater to this growing demand,” said Nauman Mustafa, CEO of Coins.ph.
In addition, there are 2 million Filipino active users that use MetaMask, the leading non-custodial wallet, Ethereum software company Consensys announced last month. (Read More: MetaMask Has 2 Million Users in the Philippines, as Top DeFi App Surpasses 10M Monthly Users)
As of the data, the one-year-six-month-long quarantine of the country due to the pandemic fueled the cryptocurrency trend in the Philippines.
According to the data analysis report of Messari.io, a data analytics firm, earlier this year, the country has high crypto adoption with a mature ecosystem for it has regulators who have a developmental mindset towards crypto as well as citizens with the highest ownership of cryptocurrency.
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