Coins.ph

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Coins.ph
Coins.ph logo.png
HeadquartersPasig, Metro Manila, Philippines
Area servedPhilippines
Founder(s)
  • Ron Hose
  • Runar Petursson
IndustryFinancial Services
WebsiteOfficial website
Launched2014

Coins.ph is a financial services platform founded in 2014 by Silicon Valley entrepreneurs Ron Hose and Runar Petursson in Metro Manila, Philippines.[1]

As a service running on blockchain technology, Coins.ph uses digital currency as a low cost gateway to banking, extending the reach of financial institutions beyond their existing branch infrastructure to the 300+ million who are unbanked in the Philippines and the rest of Southeast Asia. In October 2016, Coins.ph secured a $5 mln dollar Series A investment from early-stage investors including Quona Capital, Kickstart Ventures, Ideaspace Foundation and Digital Currency Group.[2] In May 2017, Coins.ph raised $5 million in series A extension led by Naspers Ventures.[3]

The cryptocurrency company is among the few in the world to be duly authorized by a state monetary body in its location, in this case, the Bangko Sentral ng Pilipinas.[4]

Coins.ph has a Thai counterpart as well, coins.in.th, operating in the same manner, but for the Thai market.[5]

Services[edit]

Coins.ph provides person-to-person wallet transfers, bill payments, mobile top-ups, online shopping, and remittance services. Its cash delivery network covers tens of thousands of banks, pawnshops, payment outlets, and door-to-door delivery across the region.[6]

Due to its behavior of collaborating with fiat institutions and complementing their operations instead of being touted as a replacement, it has gained acceptance in and out of the country easily.[7]

Wallets for Bitcoin, Bitcoin Cash, Ethereum and the Philippine Peso are available, with the altcoins being a recent addition.[8]

Beep cards can be reloaded by the coins.ph app for NFC-enabled smartphones.

References[edit]

  1. ^ "Could the Philippines be Asia's next tech tiger?". bbc.com. 30 May 2014. Retrieved 22 Oct 2018.
  2. ^ Joseph Young (25 May 2017). "Southeast Asia's Prominent Bitcoin Remittance App Raises $5 Mln". Cointelegraph. Retrieved 22 Oct 2018.
  3. ^ Russell, Jon (24 May 2017). "Naspers pours $5M into Coins, a fintech startup for Southeast Asia's unbanked population". TechCrunch. Retrieved 22 Oct 2018.
  4. ^ Melissa Luz T. Lopez (16 Nov 2017). "Coins.ph gets central bank license". Business World. Retrieved 23 Oct 2018.
  5. ^ Leon Pick (26 Aug 2014). "Coins.ph launches Thailand's 2nd Bitcoin exchange, Coins.co.th". Finance Magnates. Retrieved 23 October 2018.
  6. ^ Joseph Young (25 August 2016). "3 Major Bitcoin Platforms in Philippines, Efficiency Comparison Test". Cointelegraph. Retrieved 22 Oct 2018.
  7. ^ Joseph Young (28 Oct 2016). "Bitcoin Powers 20 Percent of Remittances From Korea to Philippines". Coin Telegraph. Retrieved 23 Oct 2018.
  8. ^ Paul Bischoff (13 Oct 2014). "Coins.ph launches Bitcoin wallet tailored for emerging markets". Tech in Asia. Retrieved 23 October 2018.

External links[edit]