Coins.ph, a crypto and fiat currency wallet services provider based in the Philippines, has partnered with leading telco Globe Telecom to allow users to redeem cryptocurrency.
The move is seen as an effort to boost the adoption of crypto in the country despite rising concerns over price volatility and other risks associated with the digital asset.
Under the collaboration, prepaid and postpaid Globe Telecom subscribers can exchange their loyalty points for crypto, which will then be credited to their Coins.ph wallet.
“Through the launch of ‘Redeem Crypto’, customers can now take advantage of mainstream loyalty programmes such as Globe Rewards for a low or almost zero-risk approach to get started with their crypto journey,” says Coins.ph chief executive officer Wei Zhou.
Jerome Patalud, head of Globe Rewards, says the partnership will benefit over 90 million Globe users. “Globe understands that Filipinos continue to use more digital solutions in their daily lives,” he notes.
However, should users opt to explore other investment opportunities on top of maximizing their rewards, Globe highly recommends that they “do their due diligence on the rules and regulations that center around the emerging digital asset market conditions”, Patalud says.
Coin.ph says that as the first crypto mover in the Philippine market, it is excited to continuously collaborate with businesses eager to dip their toes into the crypto pool. The company wants to “empower Filipinos in their quest for financial freedom”, Zhou says.
“We’re opening opportunities for businesses to diversify their loyalty program offerings to remain competitive and maximize their potential for growth.” he adds.
From July 20, Globe Telecom users can start using their GlobeOne app to exchange rewards points for bitcoin and cryptocurrency vouchers redeemable at Coins.ph.
The available denominations are 5, 10, 25, 50 and 100 pesos, each with a corresponding number of points required for redemption. Once redeemed, users can complete crypto transactions on the Coins.ph app.
The Coins.ph app allows users to access 24 cryptocurrencies and crypto tokens, including BTC (Bitcoin), ETH (Ether), BCH (Bitcoin Cash), BAT (Basic Attention Token), XRP (Ripple), USDC (USD Coin), USDT (Tether), AAVE, AXS (Axie Infinity Shard), CHZ (Chiliz), GALA, KNC (Kyber Network Crystal v2), LINK (Chainlink), MATIC (Polygon), MKR (Maker), SAND (The Sandbox), SLP (Smooth Love Potion), UNI (Uniswap), and YGG (Yield Guild Games).