Digital transactions have become an essential part of our daily lives with the rapid shift towards a cashless economy. The remittance market is at the heart of the seismic shift in the global financial landscape, with the Bangko Sentral ng Pilipinas disclosing cash remittance in 2023 jumped 2.9 percent to $33.5 billion.

Jen Bilango, the country manager of cryptocurrency exchange Coins.ph, said cryptocurrency remittance adoption is growing, with overseas Filipino workers seeing the benefits of sending money through digital currency instead of the usual channels.

“Cryptocurrency remittances offer several advantages,” Bilango said in an interview with the Daily Tribune’s Business Sense. She added that traditional methods involve several intermediaries, including money transfer operators and banks with higher fees. “Crypto remittances offer up to 40 percent lower transfer cost and this could add to the recipients’ purchasing power,” she added.

Coins.ph is expanding to at least five continents this year to boost its digital currency remittance initiative further.

Coins.ph has operating licenses in Europe, Latin America, Australia and Africa. The company will be operating in three out of five continents by the end of the first half of 2024 and in all five before the end of the year.

Recently, Coins.ph’s Australian arm acquired an AUSTRAC (Australian Transa ph’sn Reports and Analysis Centre) Digital Currency Exchange registration, which is required to provide cryptocurrency exchange services in Australia.

This strategic move underscores the homegrown company’s commitment to broadening its reach internationally and bolstering its availability of regulated and compliant digital asset services.

“Coins.ph is primed for global expansion. Our journey began nearly a decade ago in the Philippines. Since then, we’ve onboarded 18 million customers and expanded our services in both digital asset exchange business and e-wallet services,” said Coins.ph CEO Wei Zhou.

“Our team has top-tier talents with good experience in this industry. “We’re thrilled to bring these capabilities to new markets,” he added.

“We at Coins.ph continues to innovate and push the boundaries “of digital financial services; this expansion marks a significant milestone in the company’s global journey. Australia is a crucial growth market for Coins.ph.”

P8-billion trading volume

Meanwhile, the company said it hit a record P8 billion in trading volume for its over-the-counter service TradeDesk in the first month of 2024 alone.

Coins TradeDesk provides top-notch foreign exchange and cryptocurrency services for businesses, financial institutions, and high-net-worth individuals. Whether it be FX, digital asset requirements, or a combination of both, the Bangko Sentral ng Pilipinas licensed fintech enables its clients to achieve unparalleled speed and efficiency in their commercial dealings.