Satoshi Citadel Industries (SCI) made an acquisition of the Philippine bitcoin exchange BuyBitcoin.ph in its effort to broaden its reach in the local market. The company, which is a fintech startup firm, seeks to create solutions that reduce the costs of using and transferring money and cryptocurrency in the Philippine market.
The Philippines is the third largest remittance market in the world, making it a massive hub for money transfers and bitcoin exchange services. According to BuyBitcoin.ph CEO Sam Kaddoura, the Filipino market is facing the same roadblocks for bitcoin acceptance as in other places in the world but he is confident that their company’s partnership with SCI can help close the loop. “Our main goal is still to increase awareness and adoption of the technology,” Kaddoura emphasized.
Bitcoin Exchange Acquisition
At the moment, SCI already offers bill-paying services, a pre-paid card, and remittance services. Their goal is to help realize the full potential of bitcoin technology by changing the way people think about money and value, ultimately empowering the individual Filipino and engineering the future of finance in the country.
Other bitcoin exchange companies in the country include Coins.ph, Bitspark, and Palarin. With the recent acquisition of BuyBitcoin.ph, SCI CEO John Bailon is confident that they are closer to completing the bitcoin ecosystem in the Philippines. “BuyBitcoin.ph is a great first-touch product for consumers,” he explained.
In addition, BuyBitcoin.ph is one of the oldest and most trusted bitcoin brands in the country. Meanwhile, SCI is the pioneering universal bitcoin company in the Philippines. Their team focuses on rapid execution and iteration has led to the development of strong, original, and robust products. Their existing products include Rebit.ph for remittances, Coinage bitcoin platform, BitMarket.ph payment processor, Bitbit e-wallet, and Bills Ninja for paying bills through bitcoin.