Wei Zhou, the former CFO of Binance and current CEO of Coins.ph, believes that the Philippines is on the cusp of a major technological advancement. Coins.ph, the leading mobile wallet and cryptocurrency exchange in the Philippines with over 16 million users, was acquired by Zhou earlier this year to focus on digital assets investments rather than fiat.
Zhou emphasizes the need for Filipinos to become more familiar with blockchain, crypto, NFT, and other digital assets through everyday use. At the recent Philippine Fintech Festival, Zhou emphasized the importance of crypto education to make it more accessible and understandable to the average Filipino. He believes that education is key to expanding financial inclusion in the Philippines, particularly for those who are underbanked or disadvantaged.
Zhou stated, “We plan to do more similar events with other schools and universities in the metro. We understand that through tapping educational institutions we can influence and encourage the youth to start their journey towards digital ownership and financial empowerment.”
He also said, “Everything in this play-to-earn scene and the like is just starting. We’re going to see more collaborative efforts both from the traditional and the crypto space, and we want to latch onto these concepts and become that platform that will help more people earn.” Coins.ph recently launched Coins Arcade, where users can earn tokens while playing both Web2 and Web3 games.
According to the Manila Bulletin, online gaming in the Philippines is expected to continue growing in the coming years due to the widespread availability of affordable mobile devices and improved internet infrastructure.
Axie Infinity, the popular blockchain-based game launched in 2018 which has had over 200,000 registered users and generated over $10 million in sales in 2021 alone. Partnerships with major companies like ConsenSys and Animoca Brands have helped to bring the game to a wider audience and increase adoption and recognition of play-to-earn games and NFTs in the Philippines.
As CEO of Coins.ph, Wei Zhou aims to make the Philippines a global leader in Web3, not just in ASEAN. He sees digital assets and blockchain technology as a way to financially empower Filipinos and believes that the country has the potential to become a technological leader.
Zhou compared the current state of the Philippines to China’s pre-boom period and stressed the potential for the country to become a hub for innovation. He encouraged Filipinos to embrace blockchain and digital assets as the future of finance and urged the government to create a supportive environment for these technologies to thrive.