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Manila Bulletin devider Business devider Coins.ph acquisition by Joffre Capital completed

Coins.ph acquisition by Joffre Capital completed

Published Apr 12, 2022 11:53 am

Coins.ph, the Philippines’ leading fiat and crypto wallet services provider, announced Tuesday, April 12, that it has finalized the acquisition by global technology buyout firm Joffre Capital and received regulatory approvals.

The new shareholders and management team under Wei Zhou, former chief financial officer of the global crypto exchange Binance, recently joined the business and will focus on blockchain and digital asset initiatives.

To date, Coins.ph has over 16 million users accessing digital financial services such as e-wallet services, payments, and cryptocurrency trading.

"We have seen digital assets and Web3 applications impact everyday life in the Philippines and are honored to have the opportunity to build fully regulated products and services that will enable financial freedom for our users,” stated Wei Zhou, CEO of Coins.ph.

“We are excited to be working with Joffre Capital to commit Coins.ph to the mission of bringing financial empowerment through blockchain technology and innovation," he added.

Existing products and services will remain in the app but will be modernized for a seamless user experience.

Coins.ph’s new initiatives will be focused on Web3, with new crypto products and services set for launch within the year.

“As a technology-focused buyout investor, Joffre Capital sees tremendous opportunity for value creation in Coins.ph to be innovative and crypto native to serve the digital-first users in the Philippines and other regions in the future," according to Ding’an Fei, Joffre Capital Managing Partner.

In addition to new products and services, Coins.ph plans to be more active in the local community through online and offline events sponsorships, as well as regular user engagement and financial education initiatives.

Spartan Group, a leading Asia-based blockchain and cryptocurrency advisory and asset management firm, advised the Coins.ph deal.

Launched in 2014, Coins.ph is the most established crypto brand in the Philippines.

Through the easy-to-use mobile app, users can buy and sell a variety of cryptocurrencies and access a wide range of financial services.

Coins.ph is fully regulated by the Bangko Sentral ng Pilipinas (BSP) and is the first ever crypto-based company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from a central bank.

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