Final yr former Binance Chief Monetary Officer Wei Zhou purchased Coins.ph, a cellular pockets and digital foreign money change, from Indonesian know-how firm Gojek. Coins.ph, additionally known as the Coinbase of Southeast Asia, was based in 2014 and was one of many earliest crypto wallets and exchanges within the Philippines. It later shifted its focus to offering broader monetary companies.
Zhou had beforehand left Binance for private causes. He had labored there for 3 years.
BCN: How do you are feeling about governments attempting to control crypto platforms, which appears to be the development over the previous couple of years? Do you assume there’s a actual menace of misuse and cash laundering practices of unregulated platforms?
Wei Zhou: “I’m all for rules. The results of an absence of rules could be dire and final yr, the crypto business obtained a stark reminder of this. FTX is the very best instance of why we’d like rules; being an offshore firm, the corporate wasn’t beneath the jurisdiction of regulators in most international locations it operated in.
At Cash, we have now been working with regulators all through our 9 years of existence. We had been the primary Digital Asset Service Supplier (VASP) to carry each the Digital Foreign money and Digital Cash Issuer licenses from BSP. We proceed to work with the central financial institution and different regulators and are always audited to guard our customers.”
BCN: You posted a YouTube video about belief (Through which you speak in regards to the FTX collapse and folks shedding belief within the man behind the corporate Sam Bankman-Fried), so I feel this topic may very well be essential to you.
Do you assume belief is crucial factor on this business, or are different key components resembling excessive inflation, rising rates of interest and struggle are extra essential key components within the success crypto is predicted to have in 2023?
Wei Zhou: “Restoring belief in crypto is important, however it’s certainly not the one issue that may decide the success of crypto this yr and sooner or later. Whereas inflation, rates of interest and the political local weather will play a giant function, I imagine that sensible rules would be the greatest think about restoring belief in crypto.
I’ve been within the Asian crypto marketplace for a number of years and Philippines regulators undertake a progress mindset in terms of crypto rules. As a result of recognition of Play to Earn video games, crypto has a internet optimistic case for Filipinos, because it opens alternatives to earn further earnings.”
BCN: Are you able to inform us extra about your organization Cash.ph, a cellular pockets and digital foreign money change? You acquire the corporate final yr, proper at a time when the crypto market was nonetheless in affordable form. What has modified on your firm and what are the prospects for 2023?
Wei Zhou: “Whereas the crypto market has seen a downturn amid the collapse of some world giants, our focus at Cash hasn’t modified. I took over this change with the imaginative and prescient of bringing monetary liberation to tons of of tens of millions of individuals in Southeast Asia, beginning within the Philippines.
This yr, our intention is to develop into the Web3 gateway of alternative for the area. With play-to-earn gaming being so large right here, we not too long ago launched Coins Arcade to leverage this curiosity. Our revamped Coins Pro is Bangko Sentral of the Philippines regulated and licensed, and it affords the very best charges within the area for PHP to crypto merchants. Moreover, our QR PH integration was launched to supply further utility and use case for customers to scan and pay for his or her day by day purchases with 1000’s of offline retailers throughout the nation.”
BCN: Are you anticipated to make any adjustments inside your organization in 2023? What are your long-term plans and expectations?
Wei Zhou: “Cash envision a brand new manner for customers to stay and earn on-line and to stay and spend offline and in the actual world. In 2023, we intention to develop companies for Filipinos to expertise Play to Earn gaming and to allow low-cost Pesos remittance transfers through blockchain know-how.
To ensure that Cash to bridge this gateway into crypto and to facilitate these funds, Cash must collaborate with companions to supply deep liquidity in Pesos. Therefore, we’re in search of long-term companions involved in constructing Pesos remittance rails.
We’re additionally trying to additional increase our product into new markets past the Philippines.”
BCN: Basically, do you imagine in a optimistic future for crypto and why?
Wei Zhou: “I imagine that we’re nonetheless very early within the progress and adoption of cryptocurrencies.
To completely recognize simply how a lot room for progress crypto has, I feel one simply wants to watch the Southeast Asian area. Whereas the West has centered on hypothesis with crypto, this area is leveraging crypto for remittances, chopping down the prices and time taken to obtain their funds drastically. The Philippines is the world’s fourth largest recipient of remittances, and with platforms like Cash, tens of millions of Filipinos can now obtain funds from abroad in seconds and for a fraction of the associated fee they’ve paid for ages.
Southeast Asia can also be the world’s play-to-earn gaming trailblazer. Axie Infinity confirmed the facility of P2E gaming and tens of millions of Filipinos had been in a position to feed their households by means of the sport. Axie and different video games nonetheless proceed to see tens of millions of customers for this area regardless of the general market downturn, proving that crypto’s greatest market lies in real-life purposes that ship worth to their customers, not simply hypothesis.”
BCN: Thanks on your time. Good luck together with your endeavours!