Wei Zhou Buys Digital Exchange Coins.ph For $190 Million

Philippines-based digital exchange Coins.ph has been sold to Wei Zhou a former chief financial officer at the Binance giant for $190 million

According to the Indian news outlet The Ken, Indonesian major tech company Gojek has purchased the Philippines-based digital exchange Coins.ph for $190 million from Wei Zhou, a former chief financial officer at the Binance giant.

The-ken: Three years after Indonesian tech major Gojek bought Philippine crypto startup Coinsph for $95 million, it has sold it for double the amount to Wei Zhou, former CFO at Binance. Coinsph said it has 10m users and hold two licenses from central bank. https://t.co/gzUCLIzwBU

— Wu Blockchain (@WuBlockchain) April 4, 2022

Wei Zhou Buys Crypto Exchanges

Coins.ph was one of the first crypto exchanges to be established in the world, particularly in the Philippines, and after being acquired by Gojek, it expanded its services beyond crypto trading.

The platform will most likely return to its original activity of allowing clients to trade digital currencies.

Coins.ph has been one of the trading platforms used by Ripple for its On-Demand Liquidity product (ODL), which ensures fast and cheap remittances and cross-border payments by using XRP as a bridge between the two fiat currencies—the one in which funds are converted to XRP before being sent and then changed into a local fiat currency for the receiver.

Coins.ph used to be the leading cryptocurrency platform in the Philippines, but under Gojek, it shifted its focus to allow users to top up their phones and pay bills, relegating cryptocurrency trading to a secondary task.

The exchange’s founder, Ron Hose, stepped down as CEO in 2020 but was pleased to learn that the former CFO of Binance had acquired his creation.