To make cryptocurrency transactions more accessible for Filipinos, Moneybees has partnered with the household pawnshop brand Tambunting to be one of its partner over-the-counter (OTC) outlets offering crypto buy and sell services.
Moneybees has activated crypto exchange services at 10 selected Tambunting branches across Metro Manila, to begin with. There are over 1,200 Tambunting branches nationwide. With Moneybees, customers can buy or cash out crypto from any wallet, such as Metamask, Binance, PDax, and Trust Wallet, among others. Transaction limits are up to P5 million in one day.
Moneybees Forex Corp. is duly registered with the Bangko Sentral ng Pilipinas (BSP) and with the Anti Money Laundering Council (AMLC) as a Virtual Asset Service Provider (VASP).
“The landscape in the money service business has evolved over time from the traditional to the digital way of doing things,” said Nora Daileg, compliance officer, Tambunting. “Our company sees the need to keep up with the times and learn to adapt to changes otherwise, we will not be able to continue as a going concern. We have to cross-sell and add more products and services.”
According to Moneybees, it is the first cryptocurrency over-the-counter service in the Philippines, founded in 2017, making the exchange between fiat and virtual currencies more accessible to many. Moneybees provides the technology to money service businesses with physical outlets to accept and facilitate cryptocurrency transactions in their shops without the risk of market volatility.
“The crypto ecosystem is at a critical growth juncture, and we are committed to helping accelerate its trajectory by providing a simple and secure way of buying and selling crypto via OTC,” said Paulo Del Puerto, CEO of Moneybees.
Aside from Tambunting, Moneybees partner OTC outlets are BSP-licensed money exchangers, remittance agents, and pawnshops that can be found in strategic locations such as malls, casinos, and business centers. It aims to grow its services nationwide by partnering with more outlets in major cities to expand its footprint in the Philippines.