Cryptocurrency platform Coins.ph bared on Monday, Jan. 8, that it is planning to expand into the Australian market in 2024.
The announcement comes after Coins.ph’s Australian arm successfully acquired an AUSTRAC (Australian Transaction Reports and Analysis Centre) Digital Currency Exchange registration, which is required for providing cryptocurrency exchange services in Australia.
The move underscores the homegrown company’s ambition to broaden its reach internationally and bolstering the availability of regulated and compliant digital asset services.
“Coins.ph is primed for global expansion. Our journey began nearly a decade ago in the Philippines and since then, we’ve onboarded 18 million customers and expanded our services in both the digital asset exchange business and in e-wallet services,” said Coins.ph CEO Wei Zhou.
“Our team has top-tier talents with global experience in this industry. We’re thrilled to bring these capabilities to new markets,” he added.
Coins.ph said the expansion marks a significant milestone in its global journey, noting that Australia is a key growth market for the crypto firm.
According to a report by Independent Reserve, in 2021, 28.8% of Australians were reported to own or have owned cryptocurrency, compared to 18.4% in the year prior.
The country is also home to many overseas Filipinos who can now look forward to a more connected financial experience that bridges their lives down under with their roots in the Philippines.
