Coins.ph, a Philippine crypto wallet and payment platform, is taking the financial industry in the Philippines by storm. According to its website, Coins.ph has more than 5 million customers.
Founded four years ago, Coins.ph operates different kinds of financial services, and also a cryptocurrency exchange. The founder and CEO, Ron Hose, credited the company’s rapid growth to its focus on creating financial inclusion to Filipinos.
Coins.ph app is being used by customers to access financial services like purchasing digital currencies, cross-border remittances, paying bills and buying, topping up their beep stored value card, and prepaid reloading for mobile networks – everything without requiring a bank account.
It was also announced by the wallet that it is now supporting Ethereum in addition to Bitcoin in the interest of offering smart contract based financial services. It will also be supporting Bitcoin Cash in order to support lower costing blockchain based payments next month.
Diverse Financial Services
The company stated that its blockchain based ecosystems allow customers to access a wide range of financial services.
A “Scan & Pay” QR code allows users to gain a 5% rebate up to Php25 (Philippine Peso) at participating merchants that display the QR code. The website lists a number of participating merchants. For merchants, there is no fee for participating.
Using their mobile wallets, customers can cash out at 450 participating ATMs nationwide.
Coins.ph’s cryptocurrency exchange, called CX, offers trades for Ethereum, Litecoin, Bitcoin, Bitcoin Cash, and Ripple. Customers may buy cryptocurrency with Philippine peso, for as low as five basis points (0.05%) in fees per trade depending on volume. Nothing is restricted on trading volumes.
‘To reduce the cost of buying and selling digital currency in the Philippines’ is the goal of the exchange.
According to the Coins.ph website, Coins.ph secured a certificate of registration from the Bangko Sentral ng Pilipinas, the Philippine central bank, in 2017 to operate as a cryptocurrency exchange.
Being a third-world developing country, the financial industry in the Philippines is showing much potential for cryptocurrency applications and blockchain innovations.