The Philippines has got a new Bitcoin exchange, BuyBitcoin.ph which unlike many other exchanges popping up around the world, is not headed by a couple of anonymous coders working out of a garage. According to the company sources, this Bitcoin exchange was co-founded by four Bitcoin enthusiasts from all corners of the globe.
The company adds that the founders’ motive is to make this not like another exchange but bring a markedly better experience for Bitcoin enthusiasts. Nonetheless, the Philippines which have a huge Diaspora has a lot of scope for remittances and that is what the latest Bitcoin exchange is trying to cash in.
BuyBitcoin.ph is pinning its hopes on remittances and for that it is not leaving any stone unturned. The Bitcoin exchange realizes that there are an estimated 2.2 million Filipino expats around the world. It says that last year Philippine people living abroad sent over $13.9bn back home, which is obviously a huge untapped market.
Easy Buying Process for Customers
BuyBitcoin.ph says that Filipinos looking to buy Bitcoins can simply walk into one of 800 branches of the Bank of the Philippine Islands (BPI) to deposit. The Bitcoin exchange also says that it is working to add a few more payment options for a better user-experience; however, for now the focus appears to be on good old fashioned cash.
In its release BuyBitcoin.ph said that since the focus is on remittance, most people will probably use the platform for Bitcoin to fiat conversion. The latest Bitcoin and Philippine peso will be applied which changes as per the demand and supply. Though the company says that remittance is a major focus for now, it will expand its reach to new areas.
In his statement BuyBitcoin.ph co-founder Lasse Olesen said that the Philippines are one of the fastest-growing economies in Asia. No doubt about the fact that it has one of the biggest remittance markets, however, it is not just focused to it; rather, it is willing to expand its reach and operations. It is to be noted that the Philippines is the third-biggest global market for remittances.
Bitcoin has become one of the best payment methods for people to send their remittances to their home countries. The BuyBitcoin.ph will play vital role in the revolution. A source from the company says that many online transactions here are being made by cash deposits in physical locations, and Bitcoin is cash for the internet, so it’s a good fit.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org