Global technology buyout firm Joffre Capital finalized the acquisition of Coins.ph, the Philippines’ leading fiat and crypto wallet services provider. The deal also received the necessary regulatory approvals.
Launched in 2014, Coins.ph is the most established crypto brand 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.
Coins.ph is fully regulated by the Bangko Sentral ng Pilipinas and is the first crypto-based company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from a central bank.
The new shareholders and management team under the helm of Wei Zhou, former chief financial officer of the global crypto exchange Binance, recently joined the business and will strategically focus on blockchain and digital asset initiatives.
“We are excited to be working with Joffre Capital to commit Coins.ph to the mission of bringing financial empowerment through blockchain technology and innovation. We have seen digital assets and Web3 applications impact everyday life in the Philippines and are honored to have the opportunity to build fully regulated products and services that will enable financial freedom for our users,” said Coins.ph chief executive Wei Zhou.
Existing products and services will remain in the app but will be modernized for a seamless user experience. Coins.ph’s new initiatives will be focused on Web3, with new crypto products and services set for launch within the year.
“As a technology-focused buyout investor, Joffre Capital sees tremendous opportunity for value creation in Coins.ph to be innovative and crypto native to serve the digital-first users in the Philippines and other regions in the future. We are excited to be driving this mission with our partners led by Wei Zhou as the new CEO. The new management team’s technology and operational expertise is world class,” said Joffre Capital managing partner Ding’an Fei.
Coins.ph plans to be much more active in the local community through online and offline events sponsorships, as well as regular user engagement and financial education initiatives.
Coins.ph has over 16 million users enjoying access to digital financial services such as e-wallet services, payments, and cryptocurrency trading. The deal was advised by Spartan Group, a leading Asia-based blockchain and cryptocurrency advisory and asset management firm.