Asian trends provide impetus for creation of PHL bitcoin company

philippine21 Feb 2014 / GMA Network – Bitcoin trading is a new industry, with commercial use of the digital currency still small worldwide and speculation making it very volatile.

Why then would two enterprising Filipinas risk investment in this business?

“Our bet is adoption is going to grow rapidly as people become more educated on bitcoin,” said Faith Tondares, who, along with Yussel Cruzen, established Bitcoin Pinoy.

Tondares explained that the heightening trend of bitcoin exchanges around the world, especially in Korea, Thailand, and Hong Kong, made the prospective of creating a Bitcoin company more attractive.

“Bitcoin Pinoy is trying to provide liquidity so if Filipinos receive Bitcoin they have an easy way to receive pesos, and in the future, purchase products with Bitcoin,” she said.

Most of their current clients are based in Metro Manila, but they hope to spread to other portions of the country. Migrant workers are also a possible target, though she acknowledges that local traffic is still heavier than outside access.

With easy instructions, Bitcoin Pinoy provides fast transfers of cryptocurrency without the extra fees of banks or money transfer agencies.

But how did they think of making such a company?

Tondares said that the Philippines was a prime location to reevaluate how people interact with currencies given low credit card use, higher remittances, and accessible mobile payment sites….. Read more

Follow Twitter

Exchange Rate