The Philippines’ fiat and crypto wallet services provider Coins.ph announced a successful $30 million Series C funding round today, May 19. The fresh funding will be used to accelerate its Web3 investment and to further expand the wallet’s presence throughout Southeast Asia.
“The completion of our Series C is a significant milestone for Coins.ph, and will allow us to accelerate and scale faster, bringing us one step closer to achieving our vision of being the go-to platform for all crypto, Web3, and P2E gaming in Southeast Asia and beyond.”–Wei Zhou, CEO of Coins.ph.
The round was led by investment firm Ribbit Capital and joined by other strategic investors.
The company is regulated by the Bangko Sentral ng Pilipinas (BSP) and holds both Virtual Currency and Electronic Money Issuer licenses from the central bank. The company also has 16 million users.
“As the Philippines continues to witness the mass adoption of cryptocurrencies, there is a real need for a secure, regulated, and user-friendly product in the market. We are solving that problem by delivering crypto and payment services that allow our customers to access, invest, trade, and spend their crypto assets seamlessly as a part of their daily lifestyles,” the CEO stated.
Further, Coins.ph plans to include more cryptocurrency tokens, upgrade and relaunch Coins.Pro exchange, offer additional crypto-focused merchant and payment services, support GameFi and guild management products, and enter new geographies.
“We enable our users, even those without bank accounts, to easily access a wide range of financial services directly from their mobile phones. Our mission is to increase financial inclusion across Southeast Asia’s largely unbanked population of 650 million through our highly trusted brand and long track record of operating in full compliance with regulations. We see a massive opportunity to capture new users as engagement with Web3 surges in the Philippines and beyond,” Zhou stated.
Zhou added that Coins.ph will continue to “build upon our leading market share and acquire new customers with a product that connects digital-first users with real-world goods and services.”
Just this month, Coins.ph became the official crypto partner of the Philippine Basketball Association (PBA). (Read more: Coins.ph is Now the Official Crypto Partner of PBA)
Moreover, the crypto wallet also added new coins into its platform. ApeCoin, the governance and utility token of the APE ecosystem, was its latest addition. (Read more: What is ApeCoin? Yuga Labs Crypto Now Available on Coins.ph)
This article is published on BitPinas: Coins.ph Raises $30 Million in Series C Round To Further Expand SEA Presence
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