Philippine Crypto Giant Adds 4 Million Users During 2018 Bear Market
Filipino exchange Coins.ph gained over 4 million users during the 2018 crypto market downturn and continues to expand South East Asia.
Southeast Asia’s largest cryptocurrency exchange and brokerage platform Coins.ph has grown by leaps and bounds, tripling its user base from about 1.5 million to over 5.5 million users in the space of just one year.
The mercurial growth has seen the Philippine firm add about 4 million new users to its platform, remarkably done during a market correction.
Coins.ph managed to reach the 5 million figure at the end of Q2 this year, an achievement that effectively saw it become the first crypto startup in the entire region to register five million users or more.
The start-up’s growing reputation in the region has forced the business to expand to other countries, establishing itself in Thailand and Malaysia. The exchange is the most important in Southeast Asia.
The aggressive marketing approach has helped it to establish some of the best crypto and brokerage business infrastructure in the Southeast Asia region that has very few exchanges and trading platforms.
Coins.ph working with large remittance partners
Coins.ph gained much of its network and user base from the lucrative Philippine financial sector. The advantages it has had are largely due to the fact that the majority of workers and professionals in the country are unbanked.
This large group also includes a growing number of Overseas Filipino Workers (OFW) who are similarly unbanked. Together, they form a huge group of individuals who send and receive money via local remittance networks as opposed to the traditional banking system.
The local Philippine remittance platforms, in turn, have thousands of shops and branches scattered all over the country. For instance, Lhuillier and Palawan Pawnshops, together have an estimated network of over 10,000 remittance branches spread right across the country.
It is these networks that the crypto exchange has partnered with to help users access services like sending and withdrawing money, paying utility bills, access to micro-insurance, even loan processing.
During the recently concluded Tech in Asia conference, the Philippine-based team of the Coins.ph platform revealed that it had partnered with over 2,500 Palawan brick-and-mortar outlets.
According to the team, the partnerships had helped the brokerage firm to make huge progress in its efforts to gain mainstream adoption within the local payments market.
The company has worked hard to penetrate the market and these partnerships are proving to be crucial in continuing efforts to reach a wider user base.
The start-up’s CEO, Ron Hose, emphasized that the platform has managed to attract more users due to its focus on improving their products, marketing strategies, and the use of technology.
Furthermore, the firm approaches matters of security and regulatory compliance very seriously.
“You have to make sure that customer funds are safe, that you’re following regulations and compliance…”
The growth of crypto in the Philippines
Coins.ph launched its business operations in 2014, and the company has seen tremendous growth since then. Most of the appeal it has comes from its commitment to help the unbanked access financial services, including the use of crypto.
Users of its platform in the Philippines, Malaysia, and Thailand can access several services on its various sites. Users are able to buy and sell crypto assets such as Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH).
They can also use cryptocurrencies to pay for services like utility bills as well as cash out their digital assets and withdraw funds at remittance outlets or local banks.
The Philippines has over the years cultivated an atmosphere that seeks to support the growth of its financial system, including encouraging the crypto industry.
It has also legitimized the blockchain industry and acknowledged that cryptocurrency could help improve the local remittance sector.
The Filipino government, for example, sought to support the growth of the cryptocurrency industry earlier this year by extending a number of attractive perks and tax benefits.