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: GoTymeGoTyme 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.
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Source: https://cointelegraph.com/news/gotyme-digital-bank-philippines-rolls-out-crypto-services?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
