(Makati, Philippines) May 24, 2019 – BSP-licensed Zybi Tech unveiled JuanExchange and JuanCash in a soft launching that happened May 22, 2019 in Makati, Philippines. JuanExchange aims to become a leading virtual currency exchange platform and educate Filipinos on the importance of cryptocurrencies.
During the soft launching that happened at Y Cafe, JuanExchange held a short program introducing the new cryptocurrency exchange and JuanCash, a mobile e-wallet app where users can receive remittances, pay utilities and bills, buy mobile load, and transfer funds.
JuanExchange is a cryptocurrency exchange where users can buy tokens like bitcoin and ethereum. Because it is licensed by the Bangko Sentral ng Pilipinas (BSP), users can deposit Philippine fiat (Pesos) to the exchange and use that to buy cryptocurrency.
At the moment, here are the available markets at JuanExchange (Note that the exchange is currently in beta):
- PHP Markets
- USDT Markets
- BTC Markets
- ETH Markets
Several members of JuanExchange also presented to the audience. Senior product manager Christian Sales talked about earning income with cryptocurrencies while a panel discussion talked about the topic “the future of cryptocurrencies”.
Regarding the choice of “JuanExchange” as the name of the platform, Jake Villanueva, the company’s VIP Client Relations and Marketing Manager said that since “Juan” is the personification of the Filipino, they wanted the company to be relatable and localized. JuanExchange’s core team, according to Mr. Villanueva, is composed of Filipinos who have an understanding of the PH market.
Mr. Villanueva also assures the public that it is compliant with existing regulatory bodies, including the BSP, the Anti-Money Laundering Council (AMLC), and the Securities and Exchange Commission (SEC).
At the moment, there are 10 licensed exchanges in the Philippines, including Coins.ph, VHCEX, Bexpress, etc. A question was raised on whether there are enough volume, liquidity, and users in the Philippines to satisfy the 10 exchanges. Mr. Villuaneva said one key element is remittances coming from abroad. Remittances to the Philippines ranked third globally, and there’s huge potential to transfer this demand through cryptocurrency remittances over traditional methods of money transfer.
This article originally appeared on BitPinas: JuanExchange Crypto Trading Platform Soft Launching in Makati