Philippines’ fastest growing digital bank rolls out crypto services
Analysis
Price Impact
MedPhilippines' fastest-growing digital bank, gotyme, with 6.5 million customers, has integrated crypto services for btc, eth, sol, dot, and other altcoins. this significantly expands access to crypto for a large user base in a country with high crypto adoption.
Trustworthiness
HighThe information comes from cointelegraph, a reputable crypto news source, detailing a partnership between gotyme and us fintech firm alpaca, with specifics on the number of users and supported assets.
Price Direction
BullishIncreased accessibility for millions of users in a high-adoption region will likely drive new demand and onboard new investors, creating a long-term bullish sentiment for the listed assets and the broader crypto market.
Time Effect
LongWhile immediate price spikes are unlikely, the gradual onboarding of millions of new users and the ease of access provided by the bank will foster sustained demand and adoption over time, building a stronger market foundation.
Original Article:
Article Content:
Brian Quarmby 4 minutes ago Philippines’ fastest growing digital bank rolls out crypto services The digital bank now offers BTC, ETH, SOL, and more via a secure app integration with US fintech firm Alpaca. Listen 0:00 News COINTELEGRAPH IN YOUR SOCIAL FEED Philippines digital bank GoTyme, which has 6.5 million customers, has rolled out crypto services in the Philippines following a partnership with US fintech firm Alpaca. A total of 11 crypto assets can now be bought and stored in GoTyme’s banking app via an auto conversion from the Philippine peso to USD, including Bitcoin ( BTC ), Ether ( ETH ), Solana ( SOL ), Polkadot ( DOT ) and a host of other altcoins. It is unclear if the firm will offer more sophisticated trading services in the future; however, the focus appears to be on simplicity and ease of access. “Our product focuses on simplicity and reliability, designed for people who want to buy crypto confidently without complicated technical analysis or managing multiple apps,” said GoTyme CEO Nate Clarke. Process of buying crypto in the app. Source: GoTyme GoTyme was launched in October 2022, with Nikkei Asia reporting in September that the bank has built up a client base of over 6.5 million people in the Philippines to date. The digital bank was formed via a partnership between Singapore-based unicorn Tyme Group and Filipino conglomerate Gokongwei Group. According to GoTyme’s website, the app is designed to enable users to set up a bank account and debit card within 5 minutes, suggesting users could have easy access to crypto. GoTyme eyes growth in South East Asia With plans to expand into Vietnam and Indonesia, the firm is looking to capture market share in the rapidly growing digital banking sector in Southeast Asia. Related: French banking giant BPCE to launch in-app crypto trading: Report In a recent article from the Digital Banker, Clarke stated that the bank is focused on scaling rapidly and won’t be eyeing profitability until 2027. “We are very much still in a growth phase. We are not optimising for profitability at the moment. What matters to us is building a growing and engaged customer base,” Clarke said. The Philippines is no lightweight in terms of crypto adoption, ranking ninth on Chainalysis’ 2025 Global Crypto Adoption Index Top 20, with the government weighing up a bill to create a strategic reserve with 10,000 BTC this year. Magazine: Justin Sun’s SUI-farming sins, PEPE’s wild run, 3AC’s oyster philosophy: Asia Express # Philippines # Business # Banking # Banks # Adoption Add reaction