COINS.PH, a virtual currency provider, is targeting to double its active users this year as it gears up for its expansion to other regions.
Coins.ph Chief Executive Officer (CEO) Wei Zhou said the fintech company now has over 18 million users, 10 years after its launch in 2014. However, only around one million or two million of these users are active on a monthly basis, which the firm is seeking to double by end-2024.
“This year, we’re going to have a major campaign to recall these users back. Our app itself wasn’t perfect, but as we make it better, we hope to recall the lost users,” he said. “In terms of total number of users, hopefully we can double that. I think that’s possible.”
Mr. Zhou added that more Coins.ph users exited the platform in 2023 as it was a “challenging year” for cryptocurrencies, with players choosing not to invest in the market.
Jen Bilango, country manager for the Philippines of Coins.ph, said the firm is optimistic about doubling its user base as it expects to onboard more clients globally and not just in the Philippines.
The global expansion of Coins.ph is fueled by its rapid acquisition of licenses in various regions such as Europe, Latin America, Australia, and Africa, the company said.
“By securing licenses across various continents, we uphold our pioneering spirit in delivering regulated and compliant digital asset services, a legacy we’ve proudly established in the Philippines,” Mr. Zhou said.
They are also looking to expand into the Middle East where there are about two million overseas Filipino workers (OFWs) and some $10 billion in remittance inflows from the area, he added.
Ms. Bilango said the company has helped facilitate cross-border transactions and remittance services for OFWs through the adoption of stablecoins, a type of cryptocurrency backed by a reserve asset.
“We made strategic partnerships that can provide better solutions for sending and receiving money abroad,” she said.
The fintech firm was able to address two pain points of sending money back home, namely the slow speed of reaching receivers in the Philippines and the high fees senders are usually charged, Ms. Bilango said.
“Through stablecoins, we were able to address this. Since we’re using blockchain technology, it’s fast and it’s cheap,” she said.
She added that Coins.ph is looking to form a global partnership with Circle, one of the biggest stablecoin issuers in the United States.
Meanwhile, Mr. Zhou said Coins.ph is also set to integrate the Solana chain by February for access to projects and assets.
Coins.ph also recently rolled out support for the Universal Money Address. This allows users to send and receive Bitcoin using simplified, e-mail-like addresses rather than a complex string of alphanumeric characters that typically comprise wallet addresses.
“Our vision as we expand globally is to bridge the gap between the fiat world and the emerging digital asset economy,” Mr. Zhou said. “We do this by creating easy on and off-ramps and simplifying access to innovation so that every individual and business anywhere in the world can participate and thrive through safe and secure digital asset services by Coins.”
“Even as Coins.ph now looks globally, we continue to be committed more than ever in investing in the Philippine market and our Filipino customers,” Ms. Bilango added.
Coins.ph was the first cryptocurrency exchange platform to be regulated by the Bangko Sentral ng Pilipinas (BSP). It holds both Virtual Currency and Electronic Money Issuer licenses from the BSP. — Keisha B. Ta-asan