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Coins.ph & Circle Unite: Pioneering Secure And Affordable USDC Remittances

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Philippine fintech firm Coins.ph has revealed a significant partnership with global fintech company Circle Internet Financial to promote USDC-denominated remittances as a secure, low-cost alternative for international money transfers. 

This collaboration aims to benefit the Philippines’ economy and support the United Nations’ goal of reducing transaction costs for migrant remittances to less than 3% by 2023.

The Philippines witnessed a staggering $36.1 billion in remittances in 2022, as reported by the Bangko Sentral Ng Pilipinas, or the Central Bank of the Philippines. It underscores the significant role remittances play in the Philippine economy. 

However, traditional remittance channels are often plagued by high fees and lengthy transaction times, making it a challenging endeavor, particularly for the unbanked population, which accounted for 44% of the adult population in 2021, according to the country’s central bank.

Coins.ph & Circle’s Partnership Vision 

Coins.ph and Circle’s partnership aims to enhance the remittance landscape by enabling real-time settlements and minimizing transaction costs, focusing on the Philippines, the fourth largest recipient of remittances globally. 

The initiative­ begins by launching educational campaigns and community engageme­nt programs to empower Filipinos living abroad to utilize USDC for remittance­s. 

Wei Zhou, CEO of Coins.ph, has expressed dedication to offering innovative­ services that significantly impact users’ daily live­s. USDC, renowned globally as a trusted stable­coin, plays a crucial role across various sectors, from humanitarian aid to dece­ntralized finance (DeFi) platforms.

Raagulan Pathy, Vice President for Asia Pacific at Circle, emphasized their partnership with Coins.ph aligns with their mission to make the movement of money more accessible, inclusive, and efficient:

By making cross-border transactions near real-time and dramatically reducing transaction costs, we support the United Nations’ Sustainable Development Goal of reducing to less than 3 percent the transaction cost of migrant remittances by 2023. Together, we’re making critical steps toward increasing economic opportunity and prosperity in the Philippines.

This partnership between Coins.ph and Circle showcases the real-world impact of digital currencies and heralds a shared vision for the future. Both companies envision expanding their services to Southeast Asian markets with unwavering dedication to e­nhancing financial access and breaking down conventional barriers.

Related Reading | Bitcoin’s Next Halving Beckons: Will History Repeat Itself?

Dogecoin Secure Listing In This Philippines-Based Exchange

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OG memecoin Dogecoin is now available for trading at the Philippine crypto exchange Coins.ph. With the listing, DOGE joins a slew of different crypto-to-fiat pairs, enabling users to directly trade cryptocurrencies using the Philippine Peso [PHP] at low fees

Coins.ph, one of the oldest cryptocurrency exchanges in the Philippines, was created in 2014. Later, it changed its focus to traditional financial services, and Wei Zhou, the former CFO of Binance, bought it in early April 2022.

With over 16 million users worldwide, the trading platform offers limit and stop-limit orders in addition to market orders.

That said, the popular canine-themed token was listed on the Binance platform in 2019, which at the time had the highest trading volume of any cryptocurrency exchange in the world.

It was also added to the Coinbase exchange in 2021. DOGE was created in 2013 by software engineers Billy Markus and Jackson Palmer as a lighthearted joke.

Recently, Markus shared his opinion of the most famous proponent of Doge, Elon Musk, on Twitter. Markus and Jackson Palmer invented the Bitcoin parody Dogecoin back in 2013.

Dogecoin developer won’t work for Elon Musk

Elon Musk is cool, according to Markus, who also added that “those who think he is lame are lame” in a tweet, expressing his admiration for the tech tycoon and billionaire who backs Dogecoin.

In addition, he wants to send people to Mars and is working to ensure that solar panels and electric cars are used worldwide. Markus previously acknowledged that he has never met Musk, who instead merely “tolerates” him on Twitter because they frequently leave comments on one other’s tweets.

The co-creator of DOGE said it would be cool but he will not do it since he likes his current job in response to a question about why he does not apply to work at Twitter, i.e., for Elon Musk.

In a surprising turn of events, Charles Hoskinson, the founder of Cardano, for the first time publically revealed his affection for Doge voting.

The crypto entrepreneur’s unexpected revelation left the Cardano community perplexed, and many people questioned what exactly Hoskinson meant.

Markus backed up his colleague’s claim at the same time with an animated image of the now-famous Shiba Inu dog.