Go-Jek acquires a majority stake in Filipino Cryptocurrency wallet Coins.ph. Indonesian unicorn Go-Jek announced its partnership between the company’s payments platform, Go-Pay, and Filipino cryptocurrency wallet Coins.ph.
While the specifications and details about the collaboration have not been fully disclosed, Manila Standard reports that the arrangement will incorporate a “substantial acquisition” of shares by Go-Jek, thus granting the country a majority stake in Coins.ph. Techcrunch’s report cited two undisclosed industry sources and said that the deal saw Go-Jek pay $72 million for the shares.
Launched in Jakarta in 2011, Go-Jek now is Indonesia’s largest on-demand multi-service platform. Company’s most recent funding round have supported Go-Jek’s valuation to between $8 billion and $10 billion. Jek’s half of all the exchanges or transactions are conducted through Go-Pay.
“In just a few years, our team has been able to build a scalable service extending financial services to millions of Filipinos … Together we have a tremendous opportunity and by leveraging Go-Jek’s resources and expertize, we can give Filipinos even more convenience, choice, and access to the services they want.”
-Ron Hose, the founder, and chief executive officer of Coins.ph, stated.
In less than 5 years of operating, Coins.ph has grown to boast of a customer base of over 5 million. The company claimed to have processed 6 million cryptocurrency transactions during the month of December 2018.
The two companies have their eyes set on the Filipino market, where 77 percent of adult citizens do not have bank accounts. While few citizens have access to financial services. Nearly 70 percent of Filipino citizens use mobile phones. An intersection of demographics prompted believes that the Filipino is market ready for the widespread adoption of cryptocurrency.
“We are excited to work with Coins.ph, a company that shares our ethos of empowering communities by bringing more people into the digital economy. Consumer transaction behavior in Indonesia and Philippine share many similarities, and together with Coins.ph, we hope to have similar success in accelerating cashless payments in the Philippines.”
-Aldi Haryopratomo, the chief executive officer of Go-Pay, stated.