Cryptocurrency is at the peak of its influence today, especially for those looking to improve their wealth.
Coins.PH CEO Wei Zhou is no stranger to this goal as he explained in a Tech Times Exclusives the company’s goals – not only to boost its reputation in the industry, but rather to empower people from Southeast Asia, particularly the Philippines, to help. learn more about legit crypto exchanges.
(Photo: Tech Times Exclusives)
What is Coins.ph?
Coins.ph is the largest crypto exchange in the Philippines. Wei shared that they are licensed by the BSP, the Central Bank of the Philippines. The company was founded in 2014 and is one of the first cryptocurrency exchanges in the country. It is the place where many Filipinos buy bitcoin for the first time.
The CEO revealed that the company has gone through a few iterations in terms of the group of investors he is part of. “We actually bought Coins.PH from Gojek, one of the largest equity conglomerates in Southeast Asia. Then the deal was approved by the regulator in February this year,” Wei noted.
Relationships between Coins.ph and APAC
Wei observed that the crypto price moves very violently, and it always moves on weekends like Saturday night or Sunday morning when everyone is sleeping and taking time out – then these ups and downs can be observed.
“Crypto is not for the fake, especially when you know you’re a junkie and like to see price action again. I think that’s kind of a general theme, but other than that, if you can look beyond daily price action, I think it’s actually a really exciting place to be, especially if you want to be a part of what I call almost like a global movement where you can be in control of your own wealth,” Wei said.
The biggest thing Wei took away from cryptocurrency is the ability for you to own your money, invest your money, and then move your money.
APAC regulations
The clarity of US regulations regarding cryptocurrency, especially the lack of knowledge of the regulator and how to properly regulate the market are some reasons why Wei likes APAC more. He even said he could do the same as APAC rules for his post-finance career; As he focuses specifically on Southeast Asia, it has something to do with the regulations.
He went on to explain that the SEC basically regulates through enforcement rather than transparent and clear guidelines on what’s allowed for companies, investors and institutional investors, all of whom basically want to get involved.
Wei added, “I mean, I think there’s general interest from global institutional investors, leading investment banks and pension funds. They kind of want to get in here when they see this opportunity but they don’t know if that’s what I’m investing in.” that this will be illegal or let you know of mandatory statutory illegal right by an investor class. I think ambiguity is actually one of the contributors to this crypto winter or bear market right now.
As a company, Wei believes you need both transparency and certainty. When he cites these reasons for his company to choose APAC, at least they know that regulators are open about open dialogue. They have laws in black and white on how to get a license and once someone is a licensed player these are the rules you must follow to stay in the Philippines.
Also Read: Filipino Woman at the Forefront of Blockchain Technology
Coins.ph in the Philippines
Wei believes the Philippines is a unique place, but there aren’t that many types of founders and entrepreneurs in the country, obviously because of coins. ph is one of the first of the earliest to be successful in the cryptocurrency space, which is sort of not seen as a place for an entrepreneur, just like many people.
Teaching entrepreneurship in the country
Wei expressed that there are many international banks that have significant levels of compliance and back-office operations in the Philippines. But they don’t really teach entrepreneurship.
“I think we’ve seen a lot of that and we’ve probably seen more Filipino entrepreneurs or companies being built from the Philippines in the last three years than we’ve ever seen and kind of history across the country, I think that really.” what is interesting about the Philippines,” Wei said.
He shared that he is not originally from the Philippines as he is Chinese-American, born in China and raised in the United States. But since his college years, the last 20 years, he has been physically outside of Asia, spending time in Hong Kong, Beijing, Singapore and now Manila.
After spending almost at least three months in the Philippines, he saw many similar growth trends when it came to “youth energy” that he saw when he first moved to Beijing in the early 2000s. This increased his willingness to try new technologies and things that youthful vitality is quite common for.
“Looking back on the days the Philippines is actually one of the top countries from a youth perspective as Facebook has a massive following up until now and today TikTok also has a mass following and if you go around if you travel around Southeast Asia, the Philippines is probably one of the few countries other than Singapore where you know the billboards you see are all of English interest,” he said.
With this condition, people are considered well savvy like people in Philippines consume western movies for entertainment without subtitles or dubbing which makes it interesting.
“So I think we’re not just building in coins to help Filipinos access digital assets, I actually think we can turn it around by helping Filipinos get digital content and digital assets for consumption in the global economy.” create and I think that’s what we see from an entrepreneur’s perspective to build and that’s fun as long as I’m really passionate about my business, those are good points in terms of digital assets in terms of crypto,” he added.
Partnership with PBA
The company is expanding its reach in the Philippines as Coins.ph officially sealed a partnership agreement with the Philippine Basketball Association on July 31, 2022 at the Mall of Asia Arena.
(Photo: JOSEPH EID/AFP via Getty Images)
According to the Coins.ph website, they stated that the partnership aims to raise Filipinos’ awareness of blockchain, digital property, Web3 and NFTs. Suffice it to say that the Philippines is poised to become a financially empowered nation through crypto education and engagement.
“The PBA is a good way to run these educational initiatives as several basketball players are already heavily involved with crypto,” Coins.ph explained on their website.
Plan for the future
When asked if they have anything to do with the game? Wei immediately replied, “Yes, we are.”
He explained that he wants QR codes that people can use to scan games, play some of them, and then try to win some NFT during the games.
For more information, see the video interview here.
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Written by Riene Cortes
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