Tivoli Money Exchange, a money changer service, and Moneybees have inked out a new partnership. Through this, the crypto over-the-counter service has now opened three new outlets within the Philippines thanks to the new partnership.
Expanding Philippine Crypto Access
Through these new outlets, users will be capable of cashing out on their trading gains should they be using crypto exchanges that don’t have access to cash payouts of the Philippine Peso. As one would imagine, this means that these outlets primarily target users of international exchanges, such as Bitmex, Binance, and the like. Users will now be capable of accessing branches in Glorietta, Trinoma, as well as Okada
It should be noted that Moneybees has already been available in Trivoli outlets, four others to be exact. However, the company made it clear that it plans to enact the opening of 100 more outlets throughout 2021. This, according to Moneybees, will be a direct response to the rampant surge in demand for OTC transactions within the crypto traders, users, and investors of the Philippines.
The Philippines Seeing Massive Crypto Use Spike
The Central Bank of the Philippines, Bangko Sentral ng Pilipinas, the country is seeing a rapid rise of interest when it comes to using cryptocurrencies in general for remittances, payment facilitation, as well as various other crypto-transaction-related subjects.
The Mandatory Public Statement
Paulo del Puerto stands as Moneybees’ CEO, and gave a public statement about the matter at large. He explained that Moneybees is making plans to enact 2 billion Pesos in transaction volumes by the end of 2021, trying to keep up with the rise in the crypto investment and trading demand.
In order to cater to greater volumes of customers, del Puerto explained that his firm is actively looking to open up even more outlets as time goes on, aiming for malls around the Philippines, in particular.
Another big goal for Moneybees, as explained by Del Puerto, is to establish partnerships with the major market players of the country’s money exchange and remittance industry.
In relation to this, he highlighted Moneybees’ partnership with Tivoli. He declared this partnership to be a major step forward in the firm’s mission to creating higher accessibility levels to cryptocurrencies for the general populace.
The plan of action in doing this revolves around providing the people of the Philippines with a familiar and secure way to buy and sell cryptocurrencies: Primarily Over the Counter services.