How Filipinos Fastly Adopt Cryptocurrency: A Deep Explanation by Coins.ph CEO

Despite the extreme volatility of cryptocurrencies over the years, Filipinos' interest in these digital assets is growing steadily. Coins. ph, the largest licensed cryptocurrency exchange in the country, recently shed light on this phenomenon.

The Filipino Crypto Journey

Since their inception, cryptocurrencies have experienced a roller coaster ride in terms of value, earning them a reputation for being investments not for the faint-hearted. Wei Zhou, CEO of Coins.ph remarked that the last few years have been particularly tumultuous for the crypto industry. The rapid rise in popularity has brought both notable successes and various controversies.

Zhou, who joined the cryptocurrency sector in the summer of 2018, compared his five-year experience to that of a battle veteran. According to him, cryptocurrency's development and problems are typical of any developing technology. Technology has transformed several industries during the last two decades, from information to logistics.

He thinks that cryptocurrency will have a comparable impact on the banking sector.

Filipino Participation in the Crypto World

According to recent statistics, as many as 15-20% of Filipinos have used cryptocurrencies in some way. The amount is closer to 5 to 10 million users, according to Coins.ph statistics. The rising worldwide adoption of Bitcoin and other cryptocurrencies suggests that this figure will rise.

Interestingly, Filipinos, apart from typical investment, have shown a keen interest in the 'play to earn' model prevalent in some Web 3.0 games. These games allow users to earn tokens, adding another layer of attraction to the digital world.

Educating Filipinos on Cryptocurrence

One of the pressing concerns is the level of education and understanding Filipinos possess about cryptocurrencies. While traditional currencies have evident underlying fundamentals, cryptocurrencies, particularly new ones, often lack this clarity.

Zhou emphasized that while it's early days, several significant cryptocurrencies are beginning to display fundamental financial features.

For example, Bitcoin, with its limited 21 million coins, has gained acceptance and trust over its decade-long existence. The limited supply coupled with growing demand from traditional financial institutions signifies a potentially bright future for Bitcoin's value.

Coins.ph: Pioneering a Healthy Crypto Ecosystem

As the first licensed cryptocurrency exchange in the Philippines, Coins.ph plays a pivotal role in shaping the country's digital financial landscape. Since its inception in 2016, Coins.ph has been the platform where many Filipinos made their first Bitcoin purchase.

Coins.ph's vision extends beyond mere trading. They aim to build a robust ecosystem, encouraging both investors and developers. A notable development is their partnership with US-based financial institution Circle, the issuer of the USDC stablecoin, which promises a stable digital currency backed by audited reserves.

The ultimate ambition of Coins.ph is profound. They envision a platform that facilitates the smooth movement of money, effectively becoming the “NASDAQ for the Philippines.” This vision includes helping local entrepreneurs build on the Web 3.0 platform, access global capital, and offer their innovative services to Filipinos.

With its forward-looking approach, Coins.ph seems poised to lead the Philippines into the future of digital finance. As Wei Zhou optimistically concluded in his interview, the journey has only just begun.