Coins.ph, fiat and crypto wallet services provider, announced today it has finalized the acquisition by global technology buyout firm Joffre Capital and received the necessary regulatory approvals.
The new shareholders and management team under the helm of Wei Zhou, former chief financial officer of the global crypto exchange Binance, have recently joined the business and will strategically focus on blockchain and digital asset initiatives.
Last week, Indonesia’s tech firm GoTo, sold its stake of Coins.ph. Gojek, the other half of GoTo, acquired the stake in 2019.
“We are excited to be working with Joffre Capital to commit Coins.ph to the mission of bringing financial empowerment through blockchain technology and innovation. We have seen digital assets and Web3 applications impact everyday life in the Philippines and are honored to have the opportunity to build fully regulated products and services that will enable financial freedom for our users,” said Wei Zhou, CEO of Coins.ph.
Existing products and services will remain in the app but will be modernized for a seamless user experience. Coins.ph’s new initiatives will be focused on Web3, with new crypto products and services set for launch within the year.
“As a technology-focused buyout investor, Joffre Capital sees tremendous opportunity for value creation in Coins.ph to be innovative and crypto native to serve the digital-first users in the Philippines and other regions in the future. We are excited to be driving this mission with our partners led by Wei Zhou as the new CEO. The new management team’s technology and operational expertise is world class,” said Ding’an Fei, Managing Partner at Joffre Capital.
In addition to new products and services, Coins.ph plans to be much more active in the local community through online and offline events sponsorships, as well as regular user engagement and financial education initiatives.
Coins.ph currently has over 16 million users enjoying access to digital financial services such as e-wallet services, payments, and cryptocurrency trading.
The deal was advised by Spartan Group, a leading Asia-based blockchain and cryptocurrency advisory and asset management firm.