Coins.ph, the country’s only Bangko Sentral ng Pilipinas-licensed cryptocurrency (crypto) exchange, grew its trading volume by more than 10 times in November.
In an email, Coins.ph said it achieved this growth through seamless peso-to-cryptocurrency transactions and fast cash in and out using Instapay and PESONet on customers’ smartphones.
Since Coins.ph was launched in 2014, the firm said it has expanded trading pairs for peso conversion to over 120, including the most popular cryptocurrencies like Bitcoin, Ethereum, AXS and SLP.
With its app’s convenient features and efforts on business transparency, Coins.ph has attracted over 18 million users.
“Coins.ph has become synonymous with trust, innovation, and excellence. As Bitcoin makes headlines worldwide, we are proud to provide Filipinos with the best platform to capitalize on this historic moment,” Coins.ph chief executive officer Wei Zhou said.
Global expansion eyed
Coins.ph reaches out to more Filipinos through its Philippine Peso stablecoin which allows cross-border online fund transfers on a 1:1 amount ratio.
“With a strong capital position to expand globally, and historic growth locally we are well positioned to be a leader not just here in the Philippines, but internationally as well,” Zhou said.
To satisfy global interest in cryptocurrency trading, Coins.ph said it will launch its global platform Coins.xyz in Australia and Brazil this month.
Global market researcher Statista expects cryptocurrency users to increase to over 861 million next year, with a sustained user penetration rate of 11.04 to 11.05 percent.
The penetration rate is determined using the number of customers that bought the product or service compared to the company’s total size for its target market.
