Roehl Niño Bautista · · 2 min readCoins.ph cashes in $30m in series C raise
Coins.ph, a Philippines-based digital wallet for fiat and cryptocurrency, has raised US$30 million in a series C round led by Ribbit Capital. It plans to use the funds to boost its Web3 ecosystem for its Southeast Asia expansion.
The Coins.ph team / Photo credit: Coins.ph
The fundraise comes after the firm was sold by Gojek for around US$200 million. Coins.ph’s new CEO, ex-Binance executive Wei Zhou, led the purchase.
Founded by Ron Hose in 2014, Coins.ph offers various financial services such as remittances, bills payment, and game credit purchases while also allowing users to buy Bitcoin, Ethereum, and cryptocurrencies used in play-to-earn games.
The company said that it has 16 million users, with the fresh funding geared at increasing its customer base by supporting more tokens and adding crypto-focused features. It added that it is the first blockchain-based company in Asia to hold both virtual currency and electronic money issuer licenses from a central bank.
In addition to its expansion plans, Coins.ph will use the new capital to upgrade and relaunch its Coins.Pro exchange as well as to support GameFi and crypto gaming guild management products.
“As the Philippines continues to witness the mass adoption of cryptocurrencies, there is a real need for a secure, regulated, and user-friendly product in the market,” said Zhou.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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