It has been announced today that COINVIL and GLOSFER will be setting up a local bitcoin exchange in the Philippines, a fast growing cryto hub in East Asia. The agreement stipulates that COINVIL will be responsible for setting up and operating a local company in the Philippines. Meanwhile GLOSFER will ensure the establishment of the backend crypto currency exchange platform. Furthermore GLOSFER will need to provide all solutions for the smooth operation the exchange.
GLOSFER is a South Korean company that operates chiefly in blockchain technology and services. It looks to build on its base as a first generation blockchain company and is looking to expand into various industries to bolster its commercial hold over both domestic and international markets. It aims to do so by leveraging innovative technologies and services. The jewel in their crown is the PHP API blockchain platform PACKUTH and the various online and offline crypto trading platforms.
GLOSFER CEO Taewon Kim has been quoted as “Following this agreement, we at GLOSFER will utilize our exchange-related solutions and expertise to signal a positive change in the Philippines cryptocurrency market. I am excited about the business opportunities ahead of us.”
While COINVIL has an element of secrecy about itself, the company did make a statement about this announcement. According to its CEO Park Rae-hyun “The Philippines will become the largest cryptocurrency trading market that connects Europe and Asia.”
He has been optimistic in his assessment of the venture and further added that “Many countries across the globe already have a favorable view on the Philippines. By combining our infrastructure and sales capabilities with GLOSFER’S solutions and operations expertise, we will gain a competitive edge over others. Various projects will be carried out in the Philippines in addition to exchange building, such as creating an investment fund for promotion of the blockchain industry”