Coinsph was sold again for USD 200M

Early this morning, as I was browsing on Facebook to get update from my professors. There's a new news circulating about Coinsph. Coinsph was sold for USD 200M (PHP 10.2B) to former Binance, Grindr CFO. The now former owner Indonesian gaint Gojek held and owned Coinsph for about 3 years. It is said that he sell Coinsph because to focus on its hometown in Indonesia and Philippine is no longer a priority for the firm with further investment.

Based on the report, Gojek bought Coinsph for about USD 95M (PHP 4.9B) from its founder, Ron Hose. Meaning, Gojek solt Coinsph in double the price he bought it. What a businessman! For Wei Zhou, the former Chief Financial Officer of Binance and Grindr, an LGBT dating application. He is well-knowledgeable about financial systems and has vast pool of experience. So since we have new ownership of Coinsph, then do we have to expect new changes, a better changes from its former owner?

My coinsph experiences

I have been using coinsph application since April 2021 and so it's been a year. From a year of experience using it since my account was validated. There are a lot of changes in terms of design interface, gas fees and additional services. However, when I started using the application in my first month I liked it a lot. Why? Because there is a 10% cashback. The 10% cashback is the reason why many users prefer it than any financial application.

However, the 10% cashback feature has been long gone today. Many users left and some protested to add it again. Personally, the cashback is very helpful because I can save money as well. The more I spend and pay my bills like electricity and Internet. I can get back something from it. What's funny thing is I hide it to my parents so that I have money. That was my misdeed when I don't really have source of money back then.

Today, coinsph has a good user interface and design interface. I like how I see some development and changes. Especially, when they add some crypto coins as well. On the other hand, one thing I noticed is that when you want to receive in Etherium Network, you have to pay for one time fee for about PHP 1000. I am not sure if it's the same today. But that feature is not good because I hardly receive some ETH and XRP. Thankfully, they didn't do anything to BCH and BTC.

Coinsph expectations for new ownership

I had quite a high expectations for Wei Zhou, the new owner of coinsph. Since he has a broad and complex understanding how financial systems works. I am he will listen to what the users want for the application. If its granted, I wish the 10% cashback is the first one to be back so that I no longer pay our bills in Shopee pay to have cashback. Let us just hope that he will perform and manage it better than the previous one.

I expect to decrease the Coinsph fees. As you all know, there is a huge difference in price conversion. It took a lot of toll in our money. I wish that Zhou will decrease the fee in a very affordable and friendly fee. I know some of you leave the coinsph and switched to other crypto applications like Binance, Coinsbase who has lower fees.

I expect to add more crypto coins. Since there are new crypto coins added last two months ago. I wish to add USDT, Litecoin, Solana, Cardano, and others. I don't know what's good crypto to add more. Anyways, if Zhou really made it possible then it's better than ever. So what you wish to add crypto in coinsph?

I expect to add more features. Coinsph has a huge development since it's founded and we all know that. There are good features that has been removed and added new ones. So for Zhou, I hope he and his team will analyze and utilize the best feature for Filipino. Features that can be easily recognize and will compete to other platforms. Isn't good to have a different feature to others, is it?

Additional news

I read the news yesterday night about Paymaya. Paymaya is now offering crypto trading in its new update. So if you are a paymaya user, then what are you waiting for? Update your app and try to trade. I don't have any information on how much the fees are. But I saw there is no Bitcoin cash. Haha. So drop it. I hope Gcash offers and update now for crypto trading which they announced these couple of weeks. Anyway, that's for it today.

Thank you for reading!