Coins.ph, a digital asset exchange and wallet provider headquartered in the Philippines, has revealed plans to expand into Europe and Latin America, according to a recent CoinGeek report. The move will grow the company’s presence to five continents and aims to double its user base in 2024.
Founded in 2014 by Ron Hose and Runar Petursson, Coins.ph is a digital wallet and mobile payments app providing accessible financial services for over 18 million registered users. As a leading cryptocurrency exchange, Coins.ph also facilitates a range of cryptocurrencies including Bitcoin, Ethereum, and stablecoins, all paired with the Philippine peso. The platform offers various ways for users to deposit money easily, including bank transfers, online banking (E-wallets), in-person options, and remittance centers, making it simple to add funds to major banks in the Philippines.
2024 represents a year of rapid international expansion for Coins.ph. Previously, the company also unveiled its plans to expand into the Australian market after acquiring an Australian Transaction Reports and Analysis Centre (AUSTRAC) digital currency exchange registration. In December 2023, Coins.ph initiated the Digital Asset Exchange Alliance (DAEA) alongside fellow digital asset exchanges in Southeast Asia, including Coinhako in Singapore, Indodax in Indonesia, and Bitkub in Thailand.
Coins.ph’s steady expansion means its app will eventually be accessible and downloadable outside the Philippines. Apart from targeting local communities abroad, Coins.ph is also positioning itself as a handy tool for remittances.
Stablecoins, for example, are a quicker and cheaper way of sending money across borders. Stablecoins are also typically pegged 1:1 to the US dollar, rendering them less volatile than cryptocurrencies. With low transaction fees, Coins.ph offers Filipinos overseas an efficient alternative to banks or remittance centers with higher fees and longer wait times.
Beyond geographical expansions, Coins.ph also plans to incorporate Solana blockchain’s native token SOL and its complete ecosystem into its platform. Solana ranks as the third-largest blockchain network worldwide. By integrating with Coins.ph, Solana’s compatibility will allow for the introduction of new cryptocurrencies, as well as games and NFTs created on the Solana network.