- The $30 million Series C financing was led by Ribbit Capital.
- The funding will support the company in adding new products and services.
- Plans include supporting GameFi and guild management products.
The Philippines’ leading fiat and crypto wallet services provider, Coins.ph, today announced that it has completed a $30 million Series C fundraise led by Ribbit Capital, joined by unnamed strategic investors.
The new capital will be used to expand Coins.ph’s Web3 ecosystem and presence throughout Southeast Asia. Coins.ph boasts over 16 million users with licensed fiat and crypto wallet and exchange services including cryptocurrencies, e-wallet, and payments.
It is regulated by the Philippines’ central bank, 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.
Zhou added that the new funding brings the company closer to achieving its vision of being the go-to platform for all crypto, Web3, and P2E gaming in Southeast Asia and beyond. “We see a massive opportunity to capture new users as engagement with Web3 surges in the Philippines and beyond,” he added.
Coins.ph was acquired by Joffre Capital on Apr 12 for an undisclosed amount. The new funding will reinforce the platform’s crypto-native credentials and support it in adding new products and services.
Zhou also said that the company will continue to build upon its leading market share in the country and acquire new customers with a product that connects digital-first users with real-world goods and services.
The company’s current expansion plans include adding more cryptocurrency tokens, upgrading and relaunching the Coins.Pro exchange, offering additional crypto-focused merchant and payment services, entering other countries in the region, and supporting GameFi and guild management products.
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