Coins.ph

Coins.ph
Headquarters Pasig, Metro Manila, Philippines
Area served Philippines
Founder(s)
  • Ron Hose
  • Runar Petursson
Industry Financial Services
Website Official website
Launched 2014

Coins.ph is a financial services platform founded in 2014 by Silicon Valley entrepreneurs Ron Hose and Runar Petursson in Metro Manila, Philippines [1] [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][4]

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.[5]

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

Services

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.

References

  1. ↑ "Could the Philippines be Asia's next tech tiger?". bbc.com. bbc. 30 May 2014. Retrieved 6 June 2014.
  2. ↑ "Southeast Asia's Prominent Bitcoin Remittance App Raises $5 Mln". Cointelegraph. 25 May 2017.
  3. ↑ "Southeast Asian Blockchain Payment Platfoprm Coins.ph raises $5 Million led by Naspers". 24 May 2017. Retrieved 17 November 2017.
  4. ↑ Russell, Jon. "Naspers pours $5M into Coins, a fintech startup for Southeast Asia's unbanked population". TechCrunch. Retrieved 17 November 2017.
  5. ↑ https://www.bworldonline.com/coins-ph-gets-central-bank-license/
  6. ↑ "3 Major Bitcoin Platforms in Philippines, Efficiency Comparison Test". Cointelegraph. 25 August 2016.
  7. ↑ https://cointelegraph.com/news/bitcoin-powers-20-percent-of-remittances-from-korea-to-philippines


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