Coins.ph & Circle Promotes Financial Inclusion in the Philippines
The country’s leading cryptocurrency exchange and digital wallet provider, Coins.ph announced a strategic partnership with Circle Internet Financial (Circle), a global FinTech firm and issuer of stablecoin USDC, to drive awareness of USDC-denominated remittances as a secure, low-cost, and near-instant solution for international money transfer.
Coins.ph boasts 16 million Filipino users and is considered one of the country’s most popular crypto exchanges, widely used by Filipinos before the arrival of more popular crypto exchanges like Binance and other crypto exchanges.
Meanwhile, USDC is a regulated, fully-backed digital dollar or stablecoin backed by the US dollar and is available 24/7; the Coins.ph & Circle partnerships will bring more USDC users from the Philippines.
Because USDC runs on global blockchains with low entry barriers and minimal transaction costs, it increasingly facilitates cross-border payments and remittances worldwide.
Through the Central Bank of the Philippines, the Philippines reported a staggering US$36.1 Billion in remittance flows in 2022 because OFW remittances are vital for the Philippine economy.
However, conventional remittance channels often involve high fees as the average cost of sending a $200 remittance to the Asian region is around 5.7%, according to the World Bank.
According to the Central Bank of the Philippines, remittances are even more challenging for the unbanked, who comprised 44% of the adult population in 2021.
By driving real-time settlements and minimal transaction costs, Coins.ph and Circle’s partnership aims to improve the existing remittance landscape, starting in the Philippines, the fourth largest recipient of remittances globally. The initiative begins with educational campaigns and community engagement initiatives to help Filipinos abroad learn to use USDC for remittances.
According to Coins.ph CEO Wei Zhou, the company’s partnership with Circle aims to show how USDC can provide a faster, lower-cost, and more accessible remittance option for our 18 million Filipino users and their families and loved ones abroad.
Wei Zhou said, “Coins. ph’s partnership with Circle aims to show how USDC can provide a faster, lower-cost, and more accessible remittance option for our 18 million Filipino users and their families and loved ones abroad,” the CEO said.
The Coins.ph CEO added, “Coupled with our recent innovations in Web3 technology, this initiative demonstrates Coins. ph’s commitment to providing users’ access to innovative services that have a tangible impact on their everyday lives.” Wei Zhou stated.
The stablecoin USDC has gained global recognition, although it made some negative headlines earlier. Still, the coin is one of the trusted stablecoins in circulation, and its applications span from delivering humanitarian aid and relief to facilitating e-commerce and cross-border transactions and serving as an integral component of decentralized finance (DeFi) platforms.
Raagulan Pathy, Vice President for Asia Pacific for Circle, said, “Working with Coins.ph is an extension of how Circle is making the movement of money more accessible, inclusive, and efficient.” Said Pathy.
Coins.ph & Circle’s partnership not only underscores the real-world impact of digital currencies on millions of lives but also heralds a shared vision for the future of both companies.
What is Coins.ph?
Coins.ph is the most established crypto brand in the Philippines, has been operating since 2014, and claimed to have gained more than 16 million users. The easy-to-use mobile app aims to create an open financial system in the Philippines by providing everyone easy access to Web3 and digital assets.
Bangko Sentral ng Pilipinas (BSP) fully regulates the Philippine-based crypto wallet. It is Asia’s first crypto-based company to hold Virtual Currency and Electronic Money Issuer licenses from a central bank.
What is Circle?
Circle is a global financial technology company helping money move at internet speed with a mission to raise global economic prosperity through the frictionless exchange of value.
Note: The Coins.ph & Circle partnerships article first appeared on PhilNews.xyz.
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