A recent partnership between GoTyme Bank and Alpaca brings a significant shift in the financial landscape of the Philippines, enabling widespread access to cryptocurrency trading. This collaboration aims to demystify cryptocurrency trading for the general public, thus paving the way for financial inclusion in a country where around 76% of the population remains unbanked or underbanked.
The Rise of Cryptocurrency in the Philippines
Currently, approximately 10% of Filipinos are already engaged in cryptocurrency, a figure projected to rise to 12.79 million users by 2026. The Philippines is noteworthy for its rank as the ninth in cryptocurrency adoption and the 20th in crypto wealth globally. This momentum is fueled by a tech-savvy populace eager for digital financial services, alongside governmental support for digital assets.
Leadership Vision for Financial Empowerment
Nate Clarke, President and CEO of GoTyme Bank, emphasized the initiative’s goal: “Our objective is to transform the banking landscape in the Philippines, empowering Filipinos to realize their financial potential through secure, innovative solutions.” The collaboration with Alpaca is designed to provide local users with tools and opportunities to engage confidently in the digital economy.
Simplifying Cryptocurrency for Everyday Users
Recognizing that many existing crypto platforms cater primarily to seasoned traders, GoTyme Bank seeks to change this narrative. According to An Phan, Portfolio Product Manager at TymeX, “Our aim is to create an accessible product that simplifies the process of cryptocurrency investment — enabling users to purchase crypto without the complexities associated with traditional platforms.”
Features of GoTyme Crypto
With the support of Alpaca’s Broker API, GoTyme Bank customers can easily manage their investments through the following features:
- Easily add funds to their GoTyme Crypto USD account from the GoTyme Bank Everyday current account
- Access 11 select cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL)
- Utilize real-time market insights and news to facilitate informed investment decisions
Conclusion: A New Era for Financial Inclusion
As the partnership between GoTyme Bank and Alpaca unfolds, it heralds a new era of financial accessibility for Filipinos. Yoshi Yokokawa, CEO of Alpaca, remarked, “We are excited to support GoTyme Bank in simplifying crypto trading for everyday users. With the Philippines being an early adopter of digital assets, we look forward to enabling millions of Filipinos to grow their wealth and engage in the global digital economy.” The initiative stands as a crucial step towards improving financial literacy and inclusivity in a rapidly evolving economic landscape.
