March 4, 2020 – Over-the-counter (OTC) service Moneybees has recently acquired a virtual currency exchange (VCE) license from the Bangko Sentral ng Pilipinas (BSP), the company told this writer yesterday. The VCE license allows Moneybees to facilitate cryptocurrency to fiat transactions and vice versa legally.
Founded in 2017, Moneybees (https://www.moneybees.ph) enables moneychangers to incorporate cryptocurrencies in their branches. It provides the technology so that moneychanger companies can accept and facilitate cryptocurrency transactions. In an interview, Moneybees Executive Paulo del Puerto said yesterday:
“Customers can just walk in a branch, and buy crypto with cash or get outright cash when selling their crypto. The best part is, they can use any crypto wallet they prefer.” – Paulo del Puerto, Moneybees Executive
In comparison with other licensed exchanges, Moneybees will allow the customers to nominate what crypto wallet they wish to receive the cryptocurrencies they buy. Currently, it supports BTC, ETH, BCH, XRP, and LTC. The company representative informed this writer that they are open to supporting more tokens in the future as long as they pass their requirements and due diligence procedures.
Moneybees is different from other licensed exchange like Coins.ph because they are focused on over-the-counter cryptocurrency services. This can capture the traditional remittance market whose target audience is, while increasingly doing digital transactions, still favors remitting money to and from physical locations. Moreover, large volume buyers might prefer the OTC option because their orders might be too large for the order book exchanges, in addition to security a physical location provides.
In remittance, the last mile is that outlet where a customer can finally withdraw the cash sent to them by someone, probably from abroad or the metro. Moneychangers and pawnshops are considered last mile, because they are in front of the customer. They normally require just a single identification card and transactions can be for as low as a dollar, in comparison with banks. Moneybees indicated they will partner with these services for the Bitcoin/Crypto over-the-counter services. Mr. del Puerto explains why partner with last mile outlets:
“We are very much focused in providing the best over-the-counter experience for buying and selling crypto. And since we are OTC, we believe that we are rightly positioned to be a key player in the remittance space as Filipinos are very familiar with the experience of just walking into a branch to send or receive cash using crypto. Moreover, we have the proprietary tech and great partners in place to help us achieve this.” – Paulo del Puerto, Moneybees Executive
With Moneybees, this brings the total number of licensed local cryptocurrency exchanges in the Philippines to 14, including Coins.ph, Rebit.ph, PDAX, Coexstar, Coinvile, Bloom, etc.
This article is published on BitPinas: Moneybees Receives BSP Virtual Currency Exchange License, Plans to Roll Out Nationwide