Coins.ph adopts tool for crypto market

Coins.ph, a cryptocurrency (crypto) and digital assets platform licensed by the Bangko Sentral ng Pilipinas, partnered with Singapore’s Union Fintech to broaden public access to regulated financial technologies.

This partnership allows Coins.ph to access newly launched Union Chain, an online data storage or blockchain platform developed by ZKsync that enables safe, fast, and cost-efficient transfers of digital assets.

These include stablecoins which are digitalized remittances recipients can convert to cash in the local currency.

Cryptocurrencies have also been accepted as a mode of payment for various goods and services in several countries. Similar to stocks as an investment tool, cryptocurrency values increase along with the growing demand for them.

Aside from Coins.ph, Union Chain is supported by regulated cryptocurrency exchanges in Southeast Asia such as Coinhako, Indodax, Coins.co.th, InvestaX and IXSwap.

Regulated infra

“Union Chain’s regulated infrastructure is another large step in bridging the gap between crypto and traditional finance while also shaping the future of global finance,” ZKsync co-founder Alex Gluchowski said.

Chainalysis, a cryptocurrency market researcher and consultancy, reports the Philippines is the second cryptocurrency adopter after Vietnam.

Finance Secretary Ralph Recto said he expects more Filipinos to participate in cryptocurrency activities as the government establishes comprehensive regulations on the digital assets, integrating insights from the US.

“Many Filipinos have invested in cryptocurrencies worth around P6 trillion,” he said. Recto said accessible digital platforms, such as e-wallets, in the Philippines and its young population have strengthened interest in cryptocurrencies.