How bad would it be for Bitcoin startups in the Philippines if remittances were to dry up?
CNBC recently asked, “How bad would it be for the economy of the Philippines if remittances were to dry up?” They proceeded to sign economic indications that this is indeed the route that the Philippine remittance market is headed down—slowing growth in remittances from key remitting markets, such as the U.S., elsewhere in Asia, and other regions. Another fundamental shift in economics pointed to by CNBC: The Philippines appears to be shifting from an economy that relies on sending labor abroad to one that employs labor at home—the proof of this argument is in the booming BPO industry. The....
Related News
The Philippines is a home to some of the industry’s most innovative startups including Coins.ph and Rebit.ph, that enable cost-efficient remittances from their home country to international recipients. At Bootstrap Manila, Bitcoin startups & investors revealed that 20 percent of remittances from the Philippines to South Korea are processed using Bitcoin. Coins.ph recently secured a $ 5 mln investment from former Google CEO Eric Schmidt’s fund, due to their unique approach that instead of competing with banks and existing financial services, it would be more beneficial for its users to....
Over the past year, bitcoin startups in the Philippines and Australia have begun to target day-to-day expenses and remittances; markets that are in desperate need of instantaneous, secure and cost-effective payment systems. Startups including Australia-based Living Room of Satoshi and Manila-based Rebit.ph, also known as the parent company of Bills Ninja, have been trying to educate the global population to use bitcoin in day-to-day expenses, such as paying utility bills and settling bank payments. Paying Bills with Ease. Earlier this year, Rebit.ph acquired bitcoin bills payment platform....
The Philippines has the world's third largest remittance market just behind India and China, with overseas remittances reaching more than $25.1 billion in 2013. But due to the country's poor banking systems and expensive remittance services, overseas Filipino workers and the local workers working far from their provinces have always searched for alternative systems for transferring cash. For generations, remittance services including Lhuiller and Palawan Pawnshop dominated the market in the Philippines, despite its high transaction fees. On average, the fees are close to 10 percent for....
One area in which bitcoin is making waves is in the remittance industry. After all, the speed of transferring funds across the globe at lower costs makes the cryptocurrency an appealing vehicle to use. There are several bitcoin remittance companies in existence, such as Palarin in the Philippines, BitPesa in Tanzania and Kenya, Bitspark in Hong Kong, and Bitstake in Nigeria. Startups focusing on bitcoin remittances in Argentina, which has long been embattled by a currency crisis, are also reportedly on the rise. Advantages of Bitcoin Remittances. Nasdaq writer David Floyd enumerated some....
Philippines-based universal Bitcoin company Satoshi Citadel Industries’ startup Rebit.ph has partnered with Shapeshift.io, enabling its users to send remittances using altcoins supported on the Shapeshift platform. Satoshi Citadel Industries CEO John Bailon announced: Shapeshift.io, an instant crypto to crypto conversion platform, currently supports 46 cryptocurrencies including Counterparty’s XCP, Ethereum’s Ether, Litecoin, Dogecoin, and Monero. Rebit.ph users may use any of Shapeshift’s supported coins to send money back to the Philippines from abroad. “We are excited to be able to....