Coins.ph, a Philippine-based fiat and crypto wallet services provider and Joffre Capital portfolio company, announced it has raised $30 million in its Series C funding round anchored by Ribbit Capital and participated by other strategic investors.
The company said it will use the fresh funding to expand its Web3 ecosystem and presence throughout Southeast Asia.
Coins.ph is Southeast Asia’s leading mainstream super app that boasts over 16 million users with licensed fiat and crypto wallet and exchange services including cryptocurrencies, e-wallet, and payments.
The company is regulated by the Bangko Sentral ng Pilipinas (BSP) and is the first-ever blockchain-based company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from a central bank.
“As the Philippines continues to witness the mass adoption of cryptocurrencies, there is a real need for a secure, regulated, and user-friendly product in the market. We are solving that problem by delivering crypto and payment services that allow our customers to access, invest, trade, and spend their crypto assets seamlessly as a part of their daily lifestyles,” said Wei Zhou, CEO of Coins.ph.
The additional funding will support the company by reinforcing the platform’s crypto-native credentials and adding new products and services.
Current growth plans include adding more cryptocurrency tokens, upgrading and relaunching the Coins.Pro exchange, offering additional crypto-focused merchant and payment services, supporting GameFi and guild management products, and entering new geographies.
“We see a massive opportunity to capture new users as engagement with Web3 surges in the Philippines and beyond. We will continue to build upon our leading market share and acquire new customers with a product that connects digital-first users with real-world goods and services,” Zhou added.
Launched in 2014, Coins.ph is one of the most established crypto brands in the Philippines and has more than 16 million users. Through the easy-to-use mobile app, users can buy and sell a variety of cryptocurrencies and access a wide range of financial services.