- Moneybees has experienced consistent growth through its partnership with Monteal Money Changer Services, meeting the Filipino preference for secure, in-person cryptocurrency transactions.
- Despite the disruptions caused by the pandemic, the partnership persevered and quickly resumed operations once restrictions were lifted.
- Moneybees’ success during the pandemic and its collaboration with Monteal Money Changer reflect their commitment to innovation and financial inclusivity in the cryptocurrency space.
In a media release, Moneybees, a licensed over-the-counter cryptocurrency exchange in the Philippines, announced that it has experienced consistent growth through its partnership with Monteal Money Changer Services. According to the firm, despite economic uncertainties, the collaboration has been successful, meeting the Filipino preference for secure, in-person cryptocurrency transactions in the Philippines.
Moneybees and Monteal Money Changer
The two entities began their partnership in 2017, with the money changer providing more channels for customers to conduct face-to-face cryptocurrency transactions.
According to Moneybees, the exchange’s operations were delayed due to the disruptions caused by the severe lockdown measures during the pandemic.
However, the partnership persevered and quickly resumed operations once restrictions were lifted, overcoming the pandemic-related challenges.
Overcoming Pandemic-Related Challenges
“Moneybees’ crypto buy and sell services have proven to be a pandemic-proof business for our money service business (MSB) partners, particularly Monteal, helping them to cover their monthly business operating expenses in order to survive during these challenging times,” Jay Ricky Villarante, Moneybees Founder, Chairman and CEO, stated.
Villarante also highlighted the preference of Filipinos for personal transactions, hence the need for an (over-the-counter) OTC cryptocurrency exchange, emphasizing that Moneybees fulfills this by enabling customers to trust a crypto exchange with real individuals who assist in facilitating their transactions and managing their funds.
“The partnership with Moneybees had a great impact on our business, especially during the pandemic years when the business was a work-from-home scheme. The online exchange of digital currencies was one of the most feasible types of business during the crisis as it withstood the negative business impact on our company and survived,” said Monteal Money Changer Services Business Owner and CEO Allan Montebon.
Cryptocurrency Offerings at the Monteal Money Changer Services Outlet
At the Monteal Money Changer Services outlet situated at The Venice Grand Canal Mall in McKinley Hill, Taguig City, customers have access to a range of cryptocurrencies for trading and investment. These include Bitcoin (BTC), Ethereum (ETH), USD Tether (USDT), USD Coin, and Ripple (XRP).
Villarante emphasized that Moneybees’ success during the pandemic and its partnership with Montreal Money Changer demonstrate their dedication to innovation and resilience.
“By combining our expertise, we have made significant strides in democratizing access to cryptocurrency services and ensuring financial inclusivity for all Filipinos,” he added.
Expanding Partnerships of Moneybees
In August 2022, it partnered with ACM Business Solution Inc. to launch cryptocurrency buying and selling services through its GoVIP centers.
In the same month, it also entered into a collaboration with Tambunting, a well-known pawnshop brand with over 1,200 branches nationwide, to become one of its partner over-the-counter (OTC) outlets offering crypto buy and sell services.Initially, Moneybees launched its crypto exchange services in ten selected Tambunting branches across Metro Manila.
Crypto Services Philippines – Moneybees
Founded in 2017, Moneybees received its Virtual Asset Service Provider (VASP) license from the Bangko Sentral ng Pilipinas (BSP) in 2020. It is also duly registered with the Anti Money Laundering Council (AMLC).
Moneybees announced in March 2021 the opening of three new branches and its goal to process PHP 2 billion worth of cryptocurrency transactions this year.
In November 2021, the company expanded its existing seven over-the-counter services outlets by adding 100 more in major regions like Cebu, Davao, Baguio, Iloilo, Naga, and Bicol.
Currently, Moneybees have 26 OTC locations in the country where users can do crypto transactions.
This article is published on BitPinas: Moneybees, Monteal Money Changer: Boost Local Crypto Market
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.