Aditya Hadi Pratama · · 1 min readGojek sells Coins.ph to ex-Binance CFO for almost $200m
Indonesian decacorn Gojek has sold Philippines-based fintech firm Coins.ph to Wei Zhou, the former chief financial officer of Binance, for nearly US$200 million reported The Ken, citing people familiar with the matter.
According to the sources, the deal value is double what Gojek paid to acquire Coins.ph in 2019, which was around US$95 million.
Founded by Ron Hose in 2014, Coins.ph started as a digital wallet that can be used to buy and sell crypto assets. It eventually expanded to other financial services, such as mobile top-ups, bill payments, and remittances. Hose left the company in 2020 to join VC firm Wavemaker Partners as a venture partner.
Coins.ph’s next CEO, Hassan Ahmed, stepped down after holding the position for just 10 months. He then joined US-based crypto exchange Coinbase as its head of Southeast Asia. Prior to his stint at Coins.ph, Ahmed was the head of strategy at GoPay, Gojek’s financial arm GoPay.
A source said that Coins.ph’s crypto services “pretty much died under Gojek.” However, Coins.ph just announced its integration with Ronin – an Ethereum sidechain from Sky Mavis created for play-to-earn game Axie Infinity – last month.
See also: GoTo’s IPO numbers split opinions, but investors may warm to share price
Editing by Miguel Cordon and Eileen C. Ang
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
