It was acquired last year by former Binance Chief Financial Officer Wee Zhou. Coins.pha mobile wallet and digital currency exchange from Indonesian tech company Gojek. Coins.ph, Also known as Coinbase of Southeast Asia, it was founded in 2014 and is one of the earliest cryptocurrency wallets and exchanges in the Philippines. It has since shifted its focus to broader financial services offerings.
Zhou before left Binance for personal reasons. He worked there for three years.
BCN: How do you feel about governments trying to regulate cryptocurrency platforms? This seems to be a trend over the last few years? Do you believe there is a real threat of unregulated platform abuse and money laundering?
Wei Zhou: “I am all for regulation. The consequences of lack of regulation can be disastrous and last year the crypto industry was a stark reminder of this, with FTX being the best example of why regulation is necessary. Being an offshore company, the company has not been subject to regulatory jurisdiction in most of the countries in which it operates.
At Coins, we have worked with regulators throughout our nine years of existence. We are the first Virtual Asset Service Provider (VASP) licensed by BSP as both a virtual currency and e-money issuer. We continue to work with central banks and other regulators and are constantly audited to protect our users. ”
BCN: You posted a YouTube video about trust (in which you talk about the collapse of FTX and the loss of trust people have in the man behind the company Sam Bankman Freed). increase).
Do you think trust is the most important factor in this industry, or do you think other key factors such as high inflation, rising interest rates and warfare are more important factors for the expected success of cryptocurrencies in 2023? ?
Wei Zhou: “Rebuilding confidence in cryptocurrencies is important, but it is not the only factor that will determine the success of cryptocurrencies this year and in the future. , I believe wise regulation will be the biggest factor in restoring trust in cryptocurrencies.
I have been involved in the Asian crypto market for several years and Philippine regulators have adopted a growth mindset when it comes to crypto regulation. Cryptocurrency is a net positive case for Filipinos as the popularity of Play to Earn games opens up opportunities for additional income. ”
BCN: Tell us more about your company Coins.ph, a mobile wallet and digital currency exchange. You acquired the company last year when the crypto market was still in reasonable shape. How has your company changed and what is his outlook for 2023?
Wei Zhou: “While the crypto market has been sluggish amid the collapse of several global giants, our focus at Coins has not changed. I took over this exchange with a vision of bringing economic liberation to people.
Our goal this year is to become the Web3 gateway of choice in the region.Here the game that you play and earn is so massive that it recently launched coin arcade to capitalize on this interest.our renewal coin pro Bangko Sentral in the Philippines is regulated and licensed, offering crypto traders the best PHP fees in the region.Furthermore, our QRPH The integration was launched to provide additional utilities and use cases for users to scan and pay for their daily purchases at thousands of offline merchants nationwide. ”
BCN: Are you planning to make any changes internally in 2023? What are your long-term plans and expectations?
Wei Zhou: “Coin envisions new ways for users to live and earn online, live and spend offline and in the real world. In 2023, Filipinos will be able to experience Play to Earn games , aiming to enable low-cost peso remittances via blockchain technology.
In order for Coins to bridge this gateway to cryptocurrencies and facilitate these payments, Coins will need to work with partners to provide deep liquidity in pesos. Therefore, we are looking for long-term partners interested in building a peso remittance rail.
We are also looking to further expand our products into new markets outside the Philippines. ”
BCN: In general, do you believe in a bright future for cryptocurrencies? Why?
Wei Zhou: “I think the growth and adoption of cryptocurrencies is still in its very early stages.
To fully understand the growth potential of cryptocurrencies, we need to look at the Southeast Asian region. While Western countries have focused on cryptocurrency speculation, the region is leveraging cryptocurrencies for remittances, greatly reducing the cost and time it takes to receive funds. The Philippines is the 4th largest remittance recipient country in the world, and platforms like Coins will enable millions of Filipinos to receive funds from abroad in seconds and at a fraction of what they have previously paid. I can.
Southeast Asia is also a pioneer in play-to-earn games. Axie Infinity has demonstrated the power of his P2E games, allowing millions of Filipinos to feed their families through games. Axie and other games are still watched by millions of users in the region despite the overall market downturn, making cryptocurrency’s biggest market not just a speculation, but a value to users. It proves to be in a real application that provides ”
BCN: Thank you for your time. Good luck with your endeavours!