In early 2019, we were shocked by the news that Gojek acquired Coins.ph, a blockchain-based fintech startup based in the Philippines. This fintech company has a crypto currency trading platform such as bitcoin and others.
Wow, does this mean that Gojek will expand its business to the crypto world? Let's look at the review.
A Philippine Fintech Startup
Coins.ph was founded in 2014 by Ron Hose, a Silicon Valley entrepreneur. This startup provides services for buying and selling crypto currencies and digital payments. There are three big businesses it has, namely mobile payments, digital money, and payment systems for businesses.
At present, Coins.ph has the trading platforms bitcoin, bitcoin cash, and ethereum which are traded in pesos. Buyers and sellers do not have to have a bank account to trade. To date, there are more than 5 million customers and every month this platform processes more than 6 million transactions.
For a Positive Social Impact
According to Gojek's official statement, this ride sharing startup will work with Coin.ph in non-cash payments. Quoted from TechCrunch, the acquisition of Gojek to Coins.ph is worth 72 million dollars, or about 1 trillion rupiah, which is the largest acquisition Gojek has ever done.
Nadiem Makarim, founder and CEO of Gojek said that the announcement of the acquisition marked the start of Gojek's long-term commitment in the Philippines and the continuation of its mission to use technology to improve daily life and positive social impacts.
Gojek Road Will Not Be Smooth
Unfortunately, Gojek's road to market to the Philippines might not be smooth because the Philippine Transportation Authority, The Land Transportation Franchising and Regulatory Board (LTFRB) has refused Gojek's entry into the Philippines due to foreign ownership reasons.
This new regulation was set at the end of 2018, precisely on December 20, 2018, about one month before Gojek announced its acquisition of Coins.ph. Gojek's business unit, Velox Technology Philippines Inc., does not meet citizenship requirements because according to the Philippine constitution, partnerships in public utilities must be granted to Filipino citizens with a minimum 60% ownership of capital.
Cheer up Your Life
@levycore, Nowadays we are seeing a new Trend in the Cryptocurrency Space and that is Partnerships and many Projects are moving ahead with collaborative essence. Stay blessed.
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