Bitcoin Powers 20 Percent of Remittances From Korea to Philippines

The Philippines is a home to some of the industry’s most innovative startups including Coins.ph and Rebit.ph, that enable cost-efficient remittances from their home country to international recipients. At Bootstrap Manila, Bitcoin startups & investors revealed that 20 percent of remittances from the Philippines to South Korea are processed using Bitcoin.
Coins.ph recently secured a $ 5 mln investment from former Google CEO Eric Schmidt’s fund, due to their unique approach that instead of competing with banks and existing financial services, it would be more beneficial for its users to collaborate with them to offer borderless and frictionless remittance services.
As a result, users can send payments using Bitcoin to anywhere in the country, through mainstream remittance and financial services such as bank ATMs, Over-the-Counter payments and remittance outlet deposits.

This post was published at Coin Telegraph on 2016-10-28.