Philippine Bitcoin Wallet App Coins.ph Reaches 5 Million Customers


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Coins.ph, a mobile payment application that offers a cryptocurrency portfolio in the Philippines, now has more than 5 million customers, the company announced on its website.

Founded four years ago, Coins.ph operates a variety of financial services, including a cryptocurrency exchange. Ron Hose, founder and CEO, attributes the company's rapid growth to the focus on creating financial inclusion for Filipinos.

Customers use Coin.ph applications to access financial services such as cross-border remittances, purchase digital currencies, complete their registered value cards, pay bills and buy "load" (mobile promotional networks) ) without resorting to a bank account.

The portfolio also announced that he was now supporting Ethereum in addition to bitcoin in order to offer intelligent financial services based on contracts, and next month it will support Bitcoin Cash to support payments. based on blockchain at lower cost.

Various financial services

The company noted that its blockchain-based ecosystems allow customers to access a wide range of financial services.

A QR code "Scan & Pay" allows users to earn a 5% discount up to PHP 25 at participating merchants who display the QR code. The website lists a number of participating merchants. For traders, there is no fee to participate.

Customers can use their mobile wallet in 450 participating ATMs nationwide. The service is facilitated by a third party, the security bank.

The company also offers exclusive promotions on its website, as well as Steam game credits.

Also read: Filipino banks will pilot the Ethereum-based blockchain for retail payments

Exchange of cryptocurrency

The Coinsph Cryptocurrency Exchange, called CX, offers trades for Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple. Customers can buy cryptocurrency with the Philippine peso, for as little as five basis points (0.05%) of transaction-based fees depending on volume. There are no restrictions on transaction volumes.

The purpose of the exchange is to reduce the cost of buying and selling digital currency in the Philippines.

Coins.ph has obtained a certificate of registration of Bangko Sentral ng Pilipinas, the central bank of the Philippines, in 2017 to function as a cryptocurrency exchange, according to the Coin.ph website.

Image from Shutterstock.

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