While the world is still contemplating whether XRP is a security or not, A Philippines based financial services platform called Coins.ph, which has reported 5 million userbases, has just added XRP based payments to its platform and provided trails to some its users.
Coins.ph is banking the unbanked in the Philippines via the digital currency
Coins.ph is a financial services platform founded in 2014 by Silicon Valley entrepreneurs Ron Hose and Runar Petursson in Metro Manila, Philippines. It provides person-to-person wallet transfers, bill payments, mobile top-ups, online shopping, and remittance services. Its cash delivery network covers tens of thousands of banks, pawnshops, payment outlets, and door-to-door delivery across the region. As a service running on blockchain technology, Coins.ph uses digital currency as a low-cost gateway to banking, extending the reach of financial institutions beyond their existing branch infrastructure to the 300+ million who are unbanked in the Philippines and the rest of Southeast Asia
Coins.ph is well funded and is backed by some of the leading venture funds. In October 2016, Coins.ph secured a $5 mn dollar Series A investment from early-stage investors including Quona Capital, Kickstart Ventures, Ideaspace Foundation and Digital Currency Group.
Originally, Coins.ph debuted as a Bitcoin-based remittance network slowly started integrating various services into its platform with a mission of banking the unbanked in the Philippines. One of its most intriguing services is the 24/7 cardless ATM Instant Payout, which allows users to cash out Bitcoin at the nearest bank ATM at any time of the day without transaction fees. Users can literally visit any bank ATM located in the Philippines and cash out their Bitcoin without any additional processes. A mobile pin number and authentication code sent to your email are all that is needed.
In an interview, Coins.ph head of cryptocurrencies, Colin Goltra, told crypto media publishers in the Philippines that they have rolled out XRP integration to a limited number of randomly selected participants. As of today, the trial is closed for new participants.
“We’re still gathering data and deciding on our level of support for XRP”,
said Mr. Goltra in a statement. He confirms that there’s no definite date yet for the general release of XRP wallets across all Coins.ph users.
Security or not XRP is definitely increasing its use case
Ripple, was built with core capabilities, connects banks, payment providers and digital asset exchanges via RippleNet to provide one frictionless experience to send money globally. Believe it or not, it one of those cryptocurrencies or as many would call it digital coins that have been able to prove their use case. It has signed up several new financial institutions to its blockchain network, making its clientele to more than 100. With Ripple’s variety of products, financial institutions can process payments anywhere in the world, instantly and in a reliable and cost-effective way. Moreover, banks and institutions can reduce their costs even more.
Although the investors and traders may be chirping about XRP being centralized in the hands of few which makes it more of a security than a cryptocurrency, XRP definitely has proven that its speed is incomparable when it comes to providing real-world use cases. Cryptocurrency or not XRP is really powerful and definitely possesses capabilities of changing the world.
Will XRP’s price reflect its success in establishing uses cases in near term? Do let us know your views on the same.
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com