In October, Coins.ph received a $ 5 million A Series investment from investors in startup companies such as Quona Capital, Kickstart Ventures, Ideaspace Foundation and Digital Currency Group.
Effective business model is not paid.
The involvement of Kickstart Ventures and Ideaspace Foundation marks an important milestone for the company as the two investment companies are run by Globe Telecom and Smart Communications, the two largest telecommunications conglomerates in the Philippines.
Coins.ph co-founder and CEO Ron Hose said at the time that capital would be allocated to the development and expansion of the company's operations throughout the Philippines and Southeast Asia.
Hose explains, "Financial resources came at the right time when we were able to validate some of the basic planning in our business model, as well as build a loyal customer base.
Since then, Coins.ph has experienced a very good growth in user base and operations. It has become the leading Bitcoin service provider in the Philippines and has expanded throughout Thailand, Malaysia and Hong Kong - three countries lack applications that users can use to send and receive money paid by Bitcoin. Buy and sell Bitcoin and use this electronic currency to process invoices.
Use Bitcoin to optimize transaction processing.
The global remittance industry is a fertile market worth up to $ 500 billion, with 230 million depositors receiving money from money transfer service providers such as Western Union and MoneyGram. Startup companies like Coins and Satoshi Citadel Industries in the Philippines are trying to innovate and use Bitcoin to optimize transaction processing.
Coins.ph has cooperated with some of the largest financial institutions in the Philippines and money transfer locations, simplifying Bitcoin trading for local users over the past year.
Currently, users on the Coins.ph application can purchase and sell Bitcoin through available ATMs, money transfer shops, convenience stores, bank transfer and bank payments. It has also introduced a virtual VISA card for Bitcoin users and allows users to bill utility bills such as electricity, rent, tuition and water fees with Bitcoin.
Justin Leow, head of Coins.ph's business unit, said:
"The problems we are dealing with are not unique to the Philippines and Thailand, but we see our platform as a scalable and expandable solution in many developing countries. Developed in the region to address this need. "
In addition, Leow noted that Coins.ph has so far added one million users, which makes non-bank financial services more popular due to lower fees and fewer requirements.