Coins.ph is now under new management, as tech buyout firm Joffre Capital has finalized its acquisition of the cryptocurrency exchange platform and obtained the needed regulatory approvals.
Rumors of the acquisition surfaced earlier this month with then-owner Indonesian multi-service platform GoJek reported to have sold its stake of Coins.ph for $200 million (~Php10 billion).
Now under Joffre Capital, the new chief executive officer of the fintech company is Wei Zhou, a former chief financial exec of crypto exchange Binance. In a statement pertaining to the acquisition, Zhou said the CoinsPH would build regulated services that would help users gain financial freedom.
The app is expected to continue providing its existing products and services but will undergo changes for an improved user experience and to add new crypto products based on Web3.
Coins.ph launched in 2014 and has since provided Philippine consumers with direct access to digital payment services and cryptocurrency exchanges, namely Bitcoin and Ethereum among others. It currently has 16 million registered users.