Philippines’ fiat and crypto wallet services provider Coins.ph announced that it has closed a US$30 million Series C financing led by Ribbit Capital, and joined by other strategic investors.
The company said that the new capital will be used to further expand its Web3 ecosystem and presence throughout Southeast Asia.
It will also be used to reinforce the platform’s crypto-native credentials and add new products and services.
Coins.ph’s current growth plans include adding more cryptocurrency tokens, upgrading and relaunching the Coins.Pro exchange, offering additional crypto-focused merchant and payment services, supporting GameFi and guild management products, and entering new geographies.
The firm is regulated by the Bangko Sentral ng Pilipinas (BSP) and holds both Virtual Currency and Electronic Money Issuer licenses.
According to Coins.ph, it has over 16 million users with licensed fiat and crypto wallet and exchange services including cryptocurrencies, e-wallet, and payments.
“We see a massive opportunity to capture new users as engagement with Web3 surges in the Philippines and beyond. We will continue to build upon our leading market share and acquire new customers with a product that connects digital-first users with real-world goods and services.
The completion of our Series C is a significant milestone for Coins.ph, and will allow us to accelerate and scale faster, bringing us one step closer to achieving our vision of being the go-to platform for all crypto, Web3, and P2E gaming in Southeast Asia and beyond.”
said Wei Zhou, CEO of Coins.ph.
