CRYPTOCURRENCY investment platform and digital wallet Coins.ph said that Filipino can start sending money to their loved ones in the Philippines via cryptocurrency as they are expanding to Europe, Latin America, Australia, and Africa this year.

According to the company they were able to acquire licenses in the 4 regions.

At a media roundtable, Coins.ph chief executive officer Wei Zhou said that they are doing this to bring their services to more Filipinos around the world.

He said that Coins.ph can be used in sending remittances in the form of cryptocurrency.

"If you’re a Coins user in Australia, you can directly deposit Aussie dollars into [Coins.ph], and then you can buy stablecoins, right, and then basically send them to a Coins user in the Philippines," he said. 

Stablecoin is a kind of cryptocurrency that is backed 1-to-1 by a fiat or government-backed currency.

When asked as to why they did not acquire licenses in Asian or North American countries where there are more overseas Filipinos, Zhou said it was too expensive.

"Getting a license in the US costs millions of dollars," Zhou said, adding that this is also true for Japan and Korea, Hong Kong.

"In those regions, we hope to be able to build partnerships, we hope to be able to leverage our relationship with certain USDC, leverage off of their licenses and their partnerships in those regions, to basically provide our services," he explained.