Coins.ph Challenges GCrypto’s Promo Rates, Highlights Price Comparison

Additional reporting from Michael Mislos. Data from Nath Cajuday.

• GCash’s price comparison in its marketing promotion – comparing its promo rate with the usual ongoing rate at Coins.ph, as well as the manner of selecting only two tokens to present the comparison – did not sit well with the locally licensed exchange.
• Coins said it is prepared to match or even do better price conversion rates vs GCrypto’s October Promo rates.
• Read the statement of GM Jen Bilango in full in this article.

Locally licensed cryptocurrency exchange Coins.ph expressed concerns over mobile e-wallet GCash’s promotional material on its GCrypto Better Prices Promo for October. In a statement to BitPinas that is also published in full below, Coins.ph said it finds the price comparison laid out in the material potentially misleading because only two tokens were picked up for comparison, as well as the fact that it compared the promo rate with the usual rates of competitors.

With that, Coins said it is going to either match or surpass GCrypto’s conversion rates to uphold its commitment to the local crypto community.

BitPinas did a price comparison between Coins.ph, Coins Pro, PDAX, Maya, and GCrypto in this article, comparing them to the global rate at Coingecko.

Coins.ph Official Statement

Jen Bilango, the Country Manager of Coins.ph, issued the following official statement to BitPinas.

“In response to a recent press release comparing GCrypto and Coins’ rates, it is important to note that GCrypto’s promo rates are only in effect for one month. Meanwhile, rates on our order book exchange, Coins Pro, have always been better than other local licensed exchanges, and GCrypto. The press release picked out certain tokens and compared this to rates on Coins’ convert product. Rates on Coins Pro are more favorable than GCrypto across the board.

With the best rates, most trading options (Pro, Convert, and OTC), and support for 53 tokens and 10 chains, Coins provides Filipinos with accessible and inclusive digital asset services. We are pleased to announce that Coins will match or do better than GCrypto on Coins’ convert rates as well. We will be implementing this soon for tokens which we don’t already have better rates on.

We believe that crypto should be easy and accessible. This is our commitment to the CryptoPH community, and we demonstrate this not just in words, but in the services and products that we offer and build for the Filipino people.”

Jen Bilango, PH Country Manager, Coins.ph

GCrypto Price Comparison 

In the marketing material, GCash included a series of screenshots with a price comparison for the leading cryptocurrency Bitcoin as well as Polygon’s MATIC, between GCrypto and other local exchanges Maya and Coins.ph.

As per the statement, GCash’s price comparison – comparing its promo rate with the usual ongoing rate at Coins.ph, as well as the manner of selecting only two tokens to present the comparison – did not sit well with the locally licensed exchange.

BitPinas Price Comparison (October 6 at 12pm)

BitPinas checked the prices on the local exchanges and compared it with the global rate at Coingecko. Note that Coins Pro and PDAX are orderbook platforms.

Bitcoin (BTC) Price Comparison

	RATE COMPARISON FOR BITCOIN
As of October 6, 12:00 p.m.	BTC Price (Buy)	Rate	How many $BTC can I buy at ₱1,000?	BTC Price (Sell)	Rate vs Coingecko
Live Price (Coingecko)	1,561,586		0.0006403745935
Coins	1,579,680.30	1.16%	0.0006330394827	1,544,884.20	-1.07%
Coins Pro	1,560,000.30	-0.10%	0.0006410255178	1,564,188.20	0.17%
GCrypto	1,580,940.06	1.24%	0.0006325350501	1,541,144.15	-1.31%
Maya	1,599,586.67	2.43%	0.0006251614988	1,516,440.12	-2.89%
PDAX	1,577,533.45	1.02%	0.00063390098	1,545,573.83	-1.03%

Polygon (MATIC) Price Comparison

	RATE COMPARISON FOR MATIC
As of October 6, 12:00 p.m.	MATIC Price (Buy)	Rate	How many $MATIC can I buy at ₱1,000?	MATIC Price (Sell)	Rate vs Coingecko
Live Price (CoinGecko)	31.17		32.08213025
Coins	31.48	0.99%	31.76620076	30.74	-1.38%
Coins Pro	31.14	-0.10%	32.11303789	31.14	0.10%
GCrypto	31.54	1.19%	31.70577045	30.69	-1.54%
Maya	31.91	2.37%	31.33813851	30.23	-3.02%
PDAX	31.485	1.01%	31.76115611	30.794	-1.21%

Price Comparison on October 4 at 9am

Below is the price comparison BitPinas did on October 4 at 9 am and 10:30 am for Bitcoin and Polygon. This comparison does not include Coins Pro but also uses the “basic version” of PDAX.

COMPARISON OF RATES FOR BITCOIN
Date and Time	Live Price (CoinGecko)	GCrypto	Maya	Coins	PDAX
		Buy	Buy	Buy	Buy
October 4, 9 a.m.	1,551,652	1,569,443.22	1,594,194.46	1,570,125	1568132.86
Price Difference		1.15%	2.74%	1.19%	1.06%
October 4, 10:30 a.m.	1,558,464	1576876.06	1599405.23	1577812.07	1573855.18
Price Difference		1.18%	2.63%	1.24%	0.99%

COMPARISON OF RATES FOR MATIC
Date and Time	Live Price (CoinGecko)	GCrypto	Maya	Coins	PDAX
		Buy	Buy	Buy	Buy
October 4, 9 a.m.	31.47	31.84	32.35	31.48	31.833
Price Difference		1.18%	2.80%	0.03%	1.15%
October 4, 10:30 a.m.	31.84	32.23	32.64	32.38	32.161
Price Difference		1.22%	2.51%	1.70%	1.01%

From the comparison between the two dates, it appears that Coins has already implemented its “matching” the promo rates of GCash beginning October 6.

Recent Coins.ph News

Coins.ph has recently made its metrics and information publicly accessible on Coingecko. CEO Wei Zhou also recently disclosed key figures during his talk at the Philippine Blockchain Week, including 11 million app downloads, 3.8 million KYC users, and a 54% market share in Monthly Active Users.

During the launch of the firm’s new office last month, Zhou announced the intention of Coins.ph to secure crypto licenses in multiple jurisdictions as part of its global expansion plans. According to him, the exchange is actively seeking licenses in regions such as Australia, Latin America, and Europe.

In August, Zhou expressed enthusiasm about local crypto projects and plans to list them on the Coins.ph platform to nurture the local ecosystem. He believes that local crypto projects have the potential to grow and address the unique needs of the Filipino community, which will help Coins.ph achieve its goal of global expansion.

In July, Bilango and other crypto experts discussed the factors contributing to the mass adoption of cryptocurrency in the Philippines during a panel discussion at the Web3 Community Summit. They highlighted the importance of bull markets in generating interest and emphasized the critical role of education during these periods.

This article is published on BitPinas: Coins.ph Challenges GCrypto’s Promo Rates, Criticizes Price Comparison in Press Release

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