Just in January, Coins.ph TradeDesk Hits ₱8B Trading Volume | BitPinas

Locally licensed digital asset exchange Coins.ph recently revealed that its over-the-counter (OTC) service TradeDesk has achieved a landmark ₱8 billion trading volume in January 2024 alone.

Trading Volume

According to the media release, the service has achieved a trading volume of ₱8 billion or over $142 million within the initial month of the year.

In 2023, TradeDesk service has exceeded $1 billion (₱55 billion at the time) in trading volume year to date.

These figures highlight an increase in trading volume from the previous year to January 2024, suggesting a positive trend for the TradeDesk service.

Currently, Coins.ph has over 18 million users in the Philippines. 

TradeDesk x Seagulls

Accordingly, Coins.ph emphasized that the foreign exchange (FX) and cryptocurrency services provided by Coins TradeDesk, cater to businesses, financial institutions, and high-net-worth individuals. 

Notably, Seagulls, a company facilitating mobile credit transfers and bill settlements globally, relies on Coins TradeDesk for seamless cross-border FX transactions, crucial to its operations in an industry where efficiency and competitive rates are paramount.

Seagulls representative Jayro Franco noted the utilization of Coins.ph’s TradeDesk has contributed to their success.

“The real-time settlement and efficiency we’ve achieved through this has allowed us to expand our reach and offer even better value to our customers. We’re thrilled with the partnership with Coins.ph and look forward to our continued success together,” he said in a statement.

The media release emphasized how Seagulls benefits from real-time settlement of cross-border FX transactions via stablecoin USDC through the service, streamlining operations for seamless global transactions. The institutional liquidity and competitive pricing provided by Coins TradeDesk is also noted to lead to significant cost reductions for Seagulls, which in turn enhances margins and value for its global user base.

“How Coins TradeDesk empowers Seagulls to achieve efficiency and speed in the latter’s business operations is exactly what we want to bring to other businesses in the Philippines. Digital assets such as stablecoins allow faster and cheaper settlement across borders and we see this being adopted more and more by businesses in the future,” said Wei Zhou, Coins.ph CEO.

What is TradeDesk?

TradeDesk caters to Level 3 verified users, facilitating high-volume trades starting at ₱1 million. It provides seamless over-the-counter trading for cryptocurrencies and foreign currencies, offering competitive spreads and rapid execution.

The platform serves digital asset natives, import-export firms, remittance providers, and e-commerce merchants, boasting institutional liquidity and minimizing friction costs. With same-day settlement support, TradeDesk ensures swift and efficient cross-border transactions.

Offering a wide range of cryptocurrencies like USDT, USDC, BTC, and ETH, along with major fiat currencies like USD, EUR, GBP, SGD, and AUD, TradeDesk enables frictionless transactions. It supports various payment modes, including banks, e-wallets, and Coins.ph’s wallet.

The standard business hours of the service are from 9:00 AM to 4:00 PM Philippine Standard Time (UTC +8:00), Monday to Friday, excluding holidays.

Recent Coins.ph News

Coins.ph recently added PIXEL, the token linked with the web3 game Pixels and its gaming universe, to its platform, merely a day after the token’s official launch. This inclusion broadens the platform’s cryptocurrency selection to encompass a total of 66 options.

Additionally, as part of its 10th-anniversary celebration, Coins.ph is currently running a special promotion, which concludes on February 29th. Participants can receive 10% rewards on USDC holdings by engaging in the HODL and Earn program, requiring a minimum of 20 USDC to be held in their wallet for a week.

Also this February, the firm disclosed in a media roundtable its intention to broaden its services across five continents, particularly targeting Europe and Latin America following the acquisition of licenses spanning Asia, Africa, and Australia. CEO Wei Zhou further unveiled the incorporation of the Solana blockchain into the Coins.ph platform.

This article is published on BitPinas: Just in January, Coins.ph TradeDesk Hits ₱8B Trading Volume

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• Source: https://bitpinas.com/business/coins-ph-tradedesk-8b/