Korea's GLOSFER and COINVIL to Set Up a Crypto Exchange in the Philippines

Korea’s first generation blockchain company, GLOSFER, collaborates with COINVIL to set up a cryptocurrency exchange in the Philippines.

GLOSFER and COINVIL

On May 9, 2018, GLOSFER and COINVIL signed an agreement to set up a cryptocurrency exchange in the Philippines. The two Korean companies sealed the deal during the Philippine Cryptocurrency Exchange Establishment Ceremony on the same day.

The agreement states that COINVIL will be the one operating the exchange and build a local base in the country. GLOSFER, on the other hand, will be in charge of the security policies and security system to build a transparent trading market.

The CEO of COINVIL, Mr. Park Rae-hyun, shared that the Philippines will have the biggest cryptocurrency market that connects Europe and Asia.

“Various projects will be carried out in the Philippines in addition to exchange building, such as creating an investment fund for the promotion of the blockchain industry,” – Mr. Park Rae-hyun, CEO, COINVIL

Mr. Taewon Kim, CEO of GLOSFER, also expressed his excitement about the partnership and the incoming business opportunities. He stated that GLOSFER’s expertise in exchange-related solutions will have a positive change in the Philippine cryptocurrency market.

It is previously reported that SEC is set to meet with multiple cryptocurrency and blockchain specialists in the country to help them draft rules regarding cryptocurrencies and blockchain in the country. The regulator, together with the Bangko Sentral ng Pilipinas (BSP), will launch a nationwide bitcoin educational campaign to educate the public on what cryptocurrencies are.

Read more: BSP, SEC to Launch Nationwide Bitcoin Educational Campaign

nChain CEO, Mr. Jimmy Nguyen, also shared during his interview with Bloomberg TV Philippines that the country is ripe for the virtual currency market.