Thailand’s Global Crypto Embarks on Philippine Expansion
Bangkok-based Global Crypto Hub is eyeing the creation of a cryptocurrency hub in the Philippines.
Global Crypto Hub of Thailand has launched operations near the Philippine capital, banking on the country’s more than $30 billion in annual remittances and its blockchain-friendly climate, various media reported.
Bangkok-based Global Crypto founder Shahan Pilli told reporters during the office launch:
“We opened the first Crypto Hub right here in Ortigas. This will be a center where a lot of us can go there and get information about cryptocurrencies and learn about a lot of trends.”
Jagdish Pandya, co-founder of Bangkok-based Global Crypto, said at the opening that his company would seek approval from government regulators to tap the large remittances markets in the country and engage Filipino clients in digital currency trading. Global Crypto also wants to secure a license for cryptocurrency ATMs.
Estimates by the World Bank placed remittance flows to the country at $32.8 billion last year, making the Philippines the “third-biggest remittance-receiving country” in the world after India ($65.4 billion) and China ($62.9 billion.)
“Cryptocurrency remittance is a very big business globally because it gives you lightning speed of transfer,” Pandya said.
Pandya also revealed plans for an initial coin offering (ICO) this year and the launch of a virtual currency called Usereum. He added that Global Crypto has lined up expo activities to encourage investors and companies to tap into blockchain and cryptocurrencies by integrating them into their system.
Philippines gains importance in crypto market
According to Global Crypto, its office in Ortigas is the first of 15 planned locations across Asia this year. Pandya said the company was also targeting Cebu and Davao in central and southern Philippines.
Currently, Global Crypto maintains similar hubs in Thailand, India, Malaysia, and Dubai.
The choice of the Philippines as the first location in the 2018 expansion campaign indicates the growing importance of the country in the regional cryptocurrency market. Last month, Smile-Expo held the inaugural Blockchain & Bitcoin Conference series in Manila in recognition of the country’s pioneering efforts in digital asset regulations. The Philippines is Asia’s first country to address the growing demand in the digital currency space and is seen by the industry as a cryptocurrency-friendly regime.
Last week, a Chinese consortium led by Sinosun Subic Bay Holdings signed an agreement with the Philippines’ Cagayan Economic Zone Authority (CEZA) to create a preferential economic zone in the country’s northern tip to serve a casino and cryptocurrency hub.
The proposal is to establish the small town of Sta. Ana in Cagayan as a “financial technology (fintech) city” that will be home to a cryptocurrency farm, a cryptocurrency exchange, blockchain center, and fintech start-up incubators.