Crypto Exchange and Brokerage ‘Coins’ Now Has Over 5 Million Users Despite Bear Market
Biggest Crypto Exchange And Brokerage In Southeast Asia More Than Triples Their User Base During Market Correction
In Southeast Asia, Coins has proven its position as the largest cryptocurrency exchange and brokerage over the last 12 months. However, one of the most noteworthy changes that they have experienced has been their increase from 1.5 million users to 5 million users. This addition of almost 4 million users occurred during a market correction.
CCN issued a report in June that documented how Coins established itself as the first crypto startup within the Philippines and even Southeast Asia to reach these kinds of numbers. Since their first achievement, Coins has been seeing to get involved with other markets, like Malaysia and Thailand. As a result, they have been able to establish the infrastructure for crypto brokerage in these areas, which would otherwise not have any exchanges or trading opportunities.
The financial sector of the Philippines is much different than what other countries traditionally take n. Most of the workers in the country are unbanked, so they do not rely on these types of accounts to let them perform monetary transactions. Instead, they have to use local branches that offer remittance, sending money electronically with networks like Lhuillier and Palawan Pawnshops. These outlets are meant to let the locals send and receive money, pay their bills for their home, acquire loans, and establish microinsurance.
The Coins.ph team, which is in charge of the Philippines market for Coins, is partnering with Palawan’s outlets to help their crypto option become more significant in the local industry. The CEO of Coins, Ron Hose, said, “Payments is not an easy business. You have to get everything right – your product, your marketing, your technology. You have to make sure that customer funds are safe, that you’re following regulations and compliance, that someone can help users if they have an issue.”
Since Coins was established four years ago, they have been committed to helping consumers that are otherwise unbanked. With their different platforms, users have the option to purchase major coins, like Bitcoin, Ethereum, and Bitcoin Cash. They will even be able to apply the tokens to the use cases that already exist within Palawan, like paying their utilities bills and cash out the funds they have stored.
To expand on these options, Hose elaborated on the goals of Coins to bring in a larger customer base that will help them with their credibility. Even the Philippines’ government has discussed their intention to promote local crypto startups, which come with an array of tax benefits. The Cagayan Economic Zone issued 25 licenses to crypto exchanges about two months ago, following the annoucement that the country would accept crypto as a form of payment. They also announced that blockchain would be considered as its own industry within the country.
Based on the comments made by Hose, setting up this framework will promote better competition amongst players in the industry, which is almost always considered a positive thing. He said, ““My questions will revolve around decisions that people are making and explanations on what is driving our numbers up or down. If you want your numbers to go up, you have to realize it’s not going to be in a straight line. We’ve established a large customer base, we have credibility and trust. More competition is good for everyone. The only thing I’m afraid of is status quo.”