Coins.ph in the Philippines recorded trading volume of $142.5 million in January.

Coins.ph, a Philippines-based digital asset exchange and wallet provider, reported that trading volume on its over-the-counter (OTC) service TradeDesk reached PHP8 billion ($142.5 million) in January.

In a press release, Coins said that TradeDesk provides foreign exchange (FX) and digital currency services to corporations, financial institutions, and high-net-worth individuals.

Coins.ph holds both virtual currency and e-money issuer licenses.
The Central Bank of the Philippines (CBP) is the central bank of the Philippines.

According to Coins.ph, among TradeDesk’s customers are Seagulls. Seagulls is a company that helps mobile users send credit cards and pay bills across 100 countries around the world.

“Using Coins.ph’s TradeDesk has been a factor in our success,” said Jayro Franco, CEO of Seagulls.

“The real-time payments and efficiencies we have achieved through this have allowed us to expand our reach and deliver better value to our customers,” he added.

Wei Zhou, CEO of Coins.ph, noted that more and more businesses are adopting digital assets such as stablecoins.

“The way Coins TradeDesk helps Seagulls achieve the efficiency and speed with which their business operates is exactly what we want to offer to other businesses in the Philippines. Digital assets such as stablecoins enable faster and cheaper payments across borders, and we see them being increasingly adopted by businesses in the future,” Zhou said.

At a media roundtable last month, Zhou said the company was aiming to double its user base by the end of 2024. The digital asset exchange currently has 18 million users in the Philippines. But 80% of that figure is dormant.

Coins.ph is on track for global expansion.

The Digital Asset Exchange also announced plans to further expand its global business to Europe and Latin America after obtaining registration as a digital currency exchange from the Australian Transaction Reporting and Analysis Center (AUSTRAC) in January and securing a license in Australia.

In 2023, the Digital Asset Exchange Alliance (DAEA) was established with other digital asset exchanges in Southeast Asia, including Singapore’s Coinhako, Indonesia’s Indodax, and Thailand’s Bitkub.

Coins.ph has also received in-principle approval for a Virtual Asset Service Provider (VASP) license from the Mauritius Financial Services Commission (FSC). It also holds an existing license in Thailand and operates Coins.co.th.

Watch: Coins.ph – Becoming a source of liquidity for Filipinos looking to trade

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