Coins.ph Achieves Record Trading Volume with Coins TradeDesk in Early 2024
By: FintechNews
Source: fintechnews
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n a notable development at the outset of 2024, Coins.ph, the most established Bitcoin and cryptocurrency exchange market in the Philippines, announced that its service Coins TradeDesk has achieved a trading volume of over P8 billion in January alone.
Coins TradeDesk offers foreign exchange and cryptocurrency services to businesses, financial entities, and individuals of high net worth, facilitated by Coins.ph, the Bangko Sentral ng Pilipinas (BSP) licensed fintech firm.
Coins.ph gave the example of Seagulls, a company that facilitates the transfer of mobile credit and bill payments across an international network spanning 100 countries, as one of the clients benefitting from these services. With a need for swift and efficient cross-border foreign exchange transactions at favourable rates, Seagulls found an effective solution in Coins TradeDesk, enhancing its operational efficiency.
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“Using Coins.ph’s TradeDesk has been a factor for our success,”
remarked Jayro Franco, a spokesperson for Seagulls, highlighting the improvements in real-time settlement and efficiency. Franco expressed satisfaction with the ongoing partnership with Coins.ph and looked forward to continued collaboration.
Through Coins TradeDesk, Seagulls benefits from the real-time settlement of cross-border foreign exchange transactions utilising USDC, a stablecoin directly pegged to the US Dollar. This capability helps to optimise operations and also ensures cost-effective transactions globally.
The provision of institutional liquidity and competitive pricing by Coins TradeDesk has enabled Seagulls to achieve significant cost savings according to a press statement, which are subsequently passed on to their customers, thereby improving Seagulls’ profit margins and enhancing the value proposition for their worldwide user base.
Wei Zhou, the CEO of Coins.ph, reflected on the significant role Coins TradeDesk plays in enhancing the operational efficiency and speed for companies like Seagulls.
Wei Zhou
“How Coins TradeDesk empowers Seagulls to achieve efficiency and speed in the latter’s business operations is exactly what we want to bring to other businesses in the Philippines. Digital assets such as stablecoins allow faster and cheaper settlement across borders and we see this being adopted more and more by businesses in the future,”
Zhou pointed out.