As 2023 reaches its midpoint, we pause to reflect on the eventful developments within #CryptoPH. The industry, rebounding stronger from 2022 and witnessing a fading bear market, has had a dynamic first half.
Today, we bring you an exclusive mid-year review from Lightning wallet firm — Pouch.ph. Through Ethan Rose, CEO of Pouch.ph, the company shared insightful details about their significant wins, challenges, and future plans.
Pouch.ph Mid-Year Review: Key Wins in 2023
What key partnerships, product launches, or strategic decisions would you consider as your organization’s significant wins in the first half of 2023?
Pouch launched our “Lightning Remittance” API, which now powers Strike’s “Send Globally” feature – the most affordable way to send money from the US to a PH bank account instantly.
(Read more: Pouch.ph New Feature Simplifies Money Transfer to US)
Addressing Challenges: Pouch.ph Adaptive Strategies
What were the primary challenges your organization faced during the first half of 2023, and how did you address them?
Attracting more bitcoin spenders to “Bitcoin Island” has been an ongoing challenge.
Bitcoiners trickle in from around the world and are impressed that they can truly live off of bitcoin (without needing to go to a money changer or ATM to get physical cash).
But we have so many merchants and not nearly enough spenders.
We hosted a conference in Boracay which brought an influx of bitcoiners from around the world – that brought bitcoin spending volume into Boracay for a couple of weeks but then it was back to the same level.
Improvements and Metrics: Comparing 2023 with Previous Years
Is there a specific metric that has significantly improved in the first half of 2023 compared to the previous year?
All of our metrics have grown, and we don’t attribute it to any growth hacks, we’re simply focused on building a world-class product that serves to solve a widespread problem.
Future Trends and Technologies: Pouch.ph Future Outlook
Which emerging trends or technologies in the crypto space are you most excited about or planning to incorporate into your future strategies and why?
We don’t look for trends. We are building a product on the best available network (bitcoin) with the best available scaling solution (lightning) which has already reached a minimum threshold of global adoption.
We are focused on providing utility, not pushing get-rich-quick schemes. Only bitcoin will be the leading monetary network for the coming centuries and even millenia, so that is the network we will use.
Goals and Plans for the Second Half of 2023
What are your company’s primary goals and plans for the second half of 2023?
We’re leaning into growing the successful API service that we’ve built which allows money to be moved internationally instantly for very low costs utilizing the Lightning Network.
We will be focusing on expanding partnerships with international remittance companies as well as local Philippine fintech companies.
For Further Reading
This article is published on BitPinas: Pouch.ph Mid-Year 2023: Highlights and Outlook
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.