Coins.ph, the country’s largest cryptocurrency exchange, quietly reveals that it has 16 million users.
In a press release to promote the reactivation of its cash-in through 7-eleven, a popular request of its users, the company also shared, “With this collaboration, over 15 million Coins.ph customers can add funds to their wallet in real time via 7-Eleven in three ways. The first is via the Coins.ph Wallet app, wherein customers can generate a 7-Connect barcode that they will present to the cashier to scan and make a payment.”
The last publicly known user base of the Philippines’ largest crypto exchange is 10 million, which is still the number reflected in its About page here: https://coins.ph/about/ (saved copy here). The company announced it has breached past 5 million users in 2018.
In an email verifying the press release, which was sent to BitPinas by a PR firm, Coins.ph said it actually has 16 million user. To put this in context, it means roughly 16% of all Filipinos have access to cryptocurrencies like Bitcoin through the Coins.ph app.
“2021 has been a year of significant adoption for the Philippine cryptocurrency market. We are excited to share this milestone with our users, and promise to continue improving our e-wallet and virtual currency services to cater to this growing demand,” Nauman Mustafa, CEO of Coins.ph, said in a statement. BitPinas is requesting additional data from Coins.ph at the time this article is written.
This year marks the first time Coins.ph added new cryptocurrencies in its platform — USDC, KNC, and LINK. In an email to BitPinas, Franco Araneta, the company’s crypto marketing analyst, said it is part of Coins.ph’s renewed efforts to provide customers with more offerings within the app itself. Users can freely convert pesos to the following cryptocurrencies and vice versa: Bitcoin, Ethereum, XRP, Bitcoin Cash, KNC, LINK, and USDC. (Read More: LINK, USDC, KNC Now Available at Coins.ph)
Coins.ph’s new user base is a validation of the increasing demand for crypto in the Philippines as well as revitalized competition in the local and international cryptocurrency industry. At today’s price of Php 2.2 million per BTC, the dominant crypto is up 342% compared to last year’s Php 533k at the same day.
The news comes at the heels of an announcement from MetaMask, a decentralized non-custodial announced, which confirmed last week that it has 2 million users in the Philippines. (Read More: MetaMask Has 2 Million Users in the Philippines, as Top DeFi App Surpasses 10M Monthly Users) Jacob Cantele, Head Ops at MetaMask said Filipinos have been MetaMask users long before the play-to-earn boom, referring to the recent increase of users intro cryptocurrencies by trying out play-to-earn games.
This article is published on BitPinas: Coins Just Quietly Revealed It Has 16 Million Users