Coins Crypto Exchange And Brokerage Has More Than Tripled Its User Base

The Coins crypto exchange announced a milestone of five million customers earlier this year, which was quite a big jump in itself from the 1.5 million customers at the end of 2017. When the Coins exchange was launched in the Philippines in 2014, it catered to the country’s unbanked. Blockchain was also not the buzzword then that it is now.

Ron Hose, Coins CEO was well aware of the fact that blockchain technology could have a massive impact on how people deal with money. This was especially true for markets where people are not able to easily access traditional financial services.

Speaking about its tripled user base, Hose says this growth is largely because of the way people use their service on an everyday basis to remit money. On the Coins exchange, peer-to-peer remittances are instant and free. When its customers remit money back to their dear ones, they are able to do it on their phones. According to Hose, that is the core thing that is driving retention of customers for them.

This constant use of their services has resulted in the organic growth of the Coins crypto exchange platform. While marketing does help in raising awareness, yet Hose feels that it is the exchange’s customers sharing their first-hand experience that has made a bigger impact, as stated in the Tech In Asia report.

The exchange was able to tap into a genuine need of Philippines’ users. According to the World Bank, the Philippines was the third largest recipient of remittances in the world in 2017. It recorded transfers worth $33 billion flowing into the country. By 2023, this is expected to rise to around $42 billion, despite remittance costs soaring globally.

Hose added that the Coins exchange is focused on establishing a huge customer base with trust and credibility. The government of the Philippines, earlier this year, disclosed its intent of facilitating the growth of local crypto startups, offering various perks and tax benefits.

Hose said that the Coins crypto exchange welcomes the upcoming competition, as more players jump on to the blockchain bandwagon. The Cagayan Economic Zone has decided to issue 25 crypto exchange licenses, as stated in the CCN report. This decision was taken after the central bank of the country acknowledged cryptocurrencies as an alternative means of remittance. It also accepted the blockchain sector to be a legitimate industry.

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