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Wednesday, November 29, 2023

BSP-certified Moneybees eyes to process P2b in 2021

To accommodate the surging demand of Over-the-counter (OTC) transactions among Filipino crypto currency users, traders and investors, Moneybees has opened three new outlets in February 2021. 

The huge volume of transactions has accelerated by the price surge of leading cryptocurrencies Bitcoin and Ethereum, which achieved their highest peak this month at US$ 58,000 and US$2000, respectively. The record high has brought the cryptocurrency market to over US$1 trillion market capitalization. 

Meanwhile, BSP Governor Benjamin Diokno reported late last year that they had recorded 59B worth of virtual currency transactions for the first half of 2020 in the Philippines. Moneybees aims to bank on this industry growth by partnering with money changers such as Tivoli Money Exchange, an institutional money changer service founded in 1983.

Moneybees can now serve more customers who need to buy and sell cryptocurrencies through Tivoli’s Trinoma, Glorietta, and Okada branches. This partnership with Tivoli brings a total of 7 outlets for Moneybees where their customers can cash out their trading gains from exchanges that don’t have peso cashouts like Binance, Bittrex, Bitstamp, etc. Users can transact as high as P5,000,000 in one day.

“The partnership with Tivoli is a great step for us to fulfill our mission of making crypto more accessible in the Philippines by providing a familiar and secure way of buying and selling crypto via OTC. Having Tivoli as a partner is a great milestone, but we are only starting,” Paulo Del Puerto, CEO of Moneybees said.

Founded in 2017, Moneybees is the first Cryptocurrency over-the-counter service in the Philippines, making the exchange between currencies and digital currencies more accessible to many. It provides the technology to moneychanger companies with physical outlets so they can accept and facilitate cryptocurrency transactions in their shops, without the risk of market volatility.

It supports almost all crypto users who are using Binance, Bitmex and other exchange wallets. 

"With the rising demand for cryptocurrency trading and investment, we aim to facilitate 2 Billion pesos worth of transaction volume in 2021. To serve more customers, we're also looking at opening more outlets in malls around the Philippines and partner with major market players in the remittance and money exchange industry. We target to open 100 outlets by the end of the year," he added.

Moneybees is duly registered with the Banko Sentral ng Pilipinas and with the Anti Money Laundering Council (AMLC) as a Remittance Agent with Virtual Currency Exchange (VCE) service.

Moneybees only partners with government-licensed remittance centers and money changers to facilitate transactions. It aims to grow its services nationwide by partnering with more outlets in major cities to expand its footprint in the Philippines. 

“We welcome both new crypto and experienced traders and investors to try out our service. We are very excited to start rolling out to other partners in the next few months,” he said.

To view the locations of Moneybees outlets, interested customers can refer to this link:

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