​Coins.ph records increases in trading volume, users in November following Bitcoin’s surge

CRYPTOCURRENCY exchange Coins.ph saw its trading volume grow by more than 10 times year on year and also recorded an increase in its users in November after Bitcoin’s value reached record highs.

“Coins.ph has become synonymous with trust, innovation, and excellence. As Bitcoin makes headlines worldwide, we are proud to provide Filipinos with the best platform to capitalize on this historic moment,” Coins.ph Chief Executive Officer Wei Zhou said in a statement.

Bitcoin rose 5.05% to $96,286 at 2130 GMT on Wednesday, adding $4,633 to its previous close, Reuters reported.

Bitcoin, the world’s biggest and best-known cryptocurrency, is up 150.3% from the year’s low of $38,505 on Jan. 23.

Aside from Bitcoin’s surge, Coins.ph growth was also driven by its peso-to-crypto features and global expansion.

“Riding on Bitcoin’s historic surge to new all-time highs, Filipinos are returning to the crypto market in droves, and Coins.ph is leading the charge with its unrivaled features, ease of use, and commitment to financial empowerment,” Coins.ph said.

The crypto exchange said it is set to launch new products and expand its services further in the coming months.

Coins.ph in May received sandbox approval from the Bangko Sentral ng Pilipinas (BSP) for PHPC, a peso-based stablecoin.

Stablecoins are pegged to a fiat currency or commodity to give it a stable value, unlike other cryptocurrencies like Bitcoin or Ethereum, which have volatile prices as they are not backed by assets.

PHPC will remain at a stable value of one-to-one to the peso and backed by cash and cash equivalents stored in Philippine bank accounts.

Coins.ph now also has over 120 peso-trading crypto exchange pairs.

“We are taking the Coins.ph experience to the world showing the best of what the Philippines has to offer. With a strong capital position to expand globally, and historic growth locally we are well positioned to be a leader not just here in the Philippines, but internationally as well,” Mr. Zhou said. — Aaron Michael C. Sy with Reuters