Coins.ph eyes expansion in Europe and Latin America

Philippines-based digital asset exchange and wallet provider Coins.ph  announced plans to expand further its global operations into Europe and Latin America, making its operation present in five continents. With this, the exchange hopes to double its user base in 2024.

Coins’ global expansion is fueled by its rapid acquisition of licenses in various regions worldwide. The company previously announced it secured a license in Australia after it acquired an Australian Transaction Reports and Analysis Centre (AUSTRAC) digital Currency exchange registration.

“At Coins.ph, we’re not merely crossing borders; we’re redefining them. By securing licenses across various continents, we uphold our pioneering spirit in delivering regulated and compliant digital asset services, a legacy we’ve proudly established in the Philippines,” Coins.ph CEO Wei Zhou said.

“Our vision as we expand globally is to bridge the gap between the fiat world and the emerging digital asset economy,” Zhou added. “We do this by creating easy on and off-ramps and simplifying access to innovation so that every individual and business anywhere in the world can participate and thrive through safe and secure digital asset services by Coins.”

In December 2023, Coins.ph also established the Digital Asset Exchange Alliance (DAEA) with other digital asset exchanges in Southeast Asia, such as Coinhako in Singapore, Indodax in Indonesia, and Bitkub in Thailand.

“We believe that the combined efforts of this Alliance will contribute to building a stronger, more resilient cryptocurrency ecosystem in Southeast Asia,” Zhou said.

In March 2023, Coins.ph announced its affiliate Coins Digital Markets Limited has received in-principle approvals for Virtual Asset Service Provider (VASP) licenses from the Financial Services Commission (FSC) of Mauritius. Coins.ph also has an existing license in Thailand and operates Coins.co.th.

Coins.ph wants ‘to bring a lot more benefits’ to users

The digital asset exchange and wallet provider also plans to integrate Solana blockchain’s native token SOL and its entire ecosystem into its platform by February. Zhou said integrating Solana will unlock access to an array of dynamic projects and assets being built on the chain.

“We should be able to bring a lot more benefits to our users. These include airdrops, these include giveaways, and basically, hopefully, we can bring some really cool games and NFTs (non-fungible tokens) into our system as well,” Zhou told reporters during a briefing in Taguig City.

The Solana integration follows the firm’s move in December when it started offering BRC-20 token services to the local market. BRC-20 is a technical standard for minting and managing fungible tokens, including $ORDI, $VMPX, and $PEPE, on the BTC blockchain.

Coins.ph was established in 2014, and the exchange said it currently has 18 million registered users.

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