Coins.ph was sold to former CFO of Binance and Grindr Wei Zhou, according to a report

It was previously owned by Indonesian firm GoJek

Coins.ph is a startup with business in the financial sector. It is a mobile wallet with the ability to trade, purchase, and sell cryptocurrency, including BTC, SLP, ETH, and more.

It was founded in 2014 by Ron Hose as a digital wallet service. Since then, it has expanded to other services and commodities like bills payment, mobile load, and money transfers.

The startup was then purchased in 2019 by Indonesian firm GoJek with the intention of expanding in the Philippines. When it was purchased, Hose stayed with the company until 2020. In a recent report (requires sign-in) GoJek sold its shares of Coins.ph to former CFO of Binance and Grinder, Wei Zhou. Zhou left his position at Binance just last year.

“We’re confident the Coins.ph team, supported by its new management, will continue to further its mission of increasing financial inclusion and creating a positive impact in the Philippines,” GoJek said in a statement.

The selling of Coins.ph by Gojek may potentially mark its end of expanding in the Philippines, citing that they could not obtain a license for their ride-hailing service, hence they stopped.

The new management may use Coins.ph to focus more on cryptocurrency. As you may have known, the cryptocurrency game called “Axie Infinity” has exploded in popularity over the past few months in the Philippines, which in turn made people be more aware of cryptocurrency trading. It was developed by Vietnamese game studio Sky Mavis. The game was created so that users can gain extra income outside of their jobs.

While this is all happening, Coinbase is still trying to have a foothold in the country but nothing has materialized so far; although a report from BitPinas said that Coinbase is hiring a country manager in the Philippines which will greatly increase their chances of ever expanding in the country.

Source: TheKen (requires sign-in), NoypiGeeks