Philippines’ leading virtual currency wallet and financial services firm Coins.ph announced that its Blockchain-based platform now has more than 5 million users.
Since its inception four years ago, Coin.ph’s massive growth has been largely attributed to its integration of Blockchain technology to its payment settlement system, paving the way for a faster and less expensive cross-border payments transactions.
As Coin.ph CEO and founder Ron Hose stated in the announcement:
“We are excited and proud to provide 5 million customers with access to financial services. Our focus on creating financial inclusion to all Filipinos has propelled our growth to date. Millions of our customers have already used Coins.ph’s web and mobile apps to access a wide array of financial services including buying load, paying bills, topping up their beep card, and purchasing digital currencies, all without needing a bank account.”
In response to the increasing demand to support more cryptocurrencies, Coins.ph has included Ethereum (ETH) to its list of existing virtual currencies, with plans of introducing financial services based on smart contract in the future. Furthermore, the company also disclosed plans of adding Bitcoin Cash (BCH) to its platform in the coming month, to support economical cost payments via Blockchain.
As it stands, banking services have so far been proven mostly inefficient, while opportunities for economic growth remain scarce across South East Asia, particularly in the Philippines. As such, nearly half of the country’s population live off on a measly $2 daily budget. According to the country’s central bank, Bangko Sentral ng Pilipinas, approximately 86% of the Filipino population have no access to banking services. With Coins.ph, the unbanked now have convenient access to peer-to-peer financial services via the platform’s mobile app.
Founded in 2014 by Silicon Valley entrepreneurs Runar Petursson and Ron Hose, Coins.ph has been serving over 300 million clients across South East Asia, as it provides mobile financial services to those who opt to forgo traditional banking services. The Blockchain-powered platform was developed on top of its existing retail infrastructure spread across more than 30,000 locations, providing a cheaper deposit/withdrawal option.