Bitcoin Cash and Ethereum are the latest additions to a growing cryptocurrency wallet service, that is currently celebrating hitting the incredible milestone of reaching 5 Million users. With this in mind, it is reported that Coins.ph, a Philippines based cryptocurrency wallet now handles more than 1 Million onboardings per year.
This proves that within the Philippines, cryptocurrency is a growing trend and that the demand for cryptocurrencies in the area, is as rife as ever.
Moreover, we should consider the implications of this, as, within this integration, 5 Million new users will be issued with access to Bitcoin Cash and Ethereum investment, potentially increasing both the market capitalisation and the trading volumes of both currencies, which in turn could allow for significant gains in value to be seen from both groups.
At the time of writing, Bitcoin Cash is valued at $1,016.53, up 0.65% and Ethereum is valued at $574.23, up 1.37%. Whilst neither currency is making significant movements at the moment, we could expect these figures to change, once more traders within the Philippines start interacting with the currencies, upon the integration of them, within Coins.ph.
According to Bitcoin.com, Ron Hose, founder of Coins.ph is now very optimistic about the future of the company:
“Millions of our customers have already used Coins.ph’s web and mobile apps to access a wide array of financial services including buying load, paying bills, topping up their beep™ card, and purchasing digital currencies, all without needing a bank account. We are excited and proud to provide 5 million customers with access to financial services. Our focus on creating financial inclusion to all Filipinos has propelled our growth to date.”
See the full report by Bitcoin.com for yourself, here-
This new integration won’t see Bitcoin Cash or Ethereum skyrocket. Let’s bear in mind that this is a slow roll out, a slow burner that will take time to mature before Coins.ph customers really start to interact with Bitcoin Cash and Ethereum. Moreover, we can’t just assume all 5 Million users will take to the currencies straight away either, given the current state of the markets, you can’t blame them for being sceptical at the moment, let’s put it that way. Overall though, this is mostly positive news, it shows a flourishing community within the Philippines and suggests that people there are becoming more and more open to cryptocurrencies by the day. If we see more growth like this across other parts of the world, the crypto-revolution may land much sooner than we think.