Averaging more than a million onboardings per year, Philippines’ Coins.ph announced it reached a whopping five million users this week for its mobile payments application (app) and hot crypto wallet. Not content with merely adding numbers for their own sake, the company also revealed it would add two new popular coins: bitcoin cash (BCH) and ether (ETH).
Philippines’ Coins.ph Hits 5mil User Milestone
Founder Ron Hose enthusiastically explained, “We are excited and proud to provide 5 million customers with access to financial services. Our focus on creating financial inclusion to all Filipinos has propelled our growth to date.”
Many of the southeast Asian archipelago’s inhabitants struggle with inadequate economic opportunities and poor financial services. Nearly half of the Philippines is living on close to $2 a day, and its central bank, Bagko Sentral ng Pilipinas, estimated early last year that 86% of Philippines’ citizens are unbanked – bereft of basic banking services used by folks in the West every day.
Those factors just might be features rather than bugs when it comes to cryptocurrency adoption. Indeed, for relatively smooth economies in the West, money is already digitized for all intents and purposes. Crypto adoption, as a result, in the West has been a bit of struggle: the immediate argument gets lost in money that ‘works,’ and works well.
For Filipinos to become one’s own bank, in effect, relying less on financial legacy permission and trust, a peer-to-peer currency out of view of its notoriously corrupt government seems to be proving very attractive if Coins.ph numbers are any indication.
Coins.ph Adds Bitcoin Cash (BCH)
“Millions of our customers have already used Coins.ph’s web and mobile apps to access a wide array of financial services,” CEO Ron Hose continued, “including buying load, paying bills, topping up their beep™ card, and purchasing digital currencies, all without needing a bank account.”
Five million users has come in only four years for the company. It was founded by Runar Petursson and Mr. Hose, both Silicon Valley veterans. Their services are a way for Filipinos to become banked, a potential market of over 300,000 people. In the past two years, it has raised a total of $10mil in venture capital funding, indicating investors believe the company to be “on” to something.
Users of the company’s platform can take advantage of ever-important remittance services, card top-ups, wallet transfers, paying bills, and even online shopping. Just the mere notion of a friction-filled economy (as is the case within the Philippines), flattening and becoming more streamline would seem to forecast wonderful economic advancements for the nation, at least theoretically.
“Responding to consumer demand for additional blockchain-based services,” the company notes it has already rolled out ether (ETH) acceptance in addition to its existing bitcoin core (BTC) offering, “with an eye for future smart contract based financial services, and will also begin supporting Bitcoin Cash (BCH) next month, in an effort to support lower cost blockchain based payments.”