Online Blockchain plc, a leading UK blockchain company, launched ManilaCoin, a cryptocurrency for financial inclusion in the Philippines.
Designed as an alternative form of finance and transaction, the coin is free to use, 100 per cent secure and self-governing. It does not rely on any interaction with an authoritative body or government, putting Filipinos in control of their own finances.
The launch of ManilaCoin comes as the local government spurs growth of crypto and blockchain bodies. Announced in late April, the Philippines is on the verge of becoming a crypto hub as governmental initiatives have opened the market for blockchain companies. The Cagayan Special Economic Zone will be welcoming ten crypto businesses from across Asia to be start their activities and operating in the island.
Like most of the developing world, the Philippines also has a high proportion of its population without access to banking services – estimates from the Central Bank point to 86 per cent of households being unbanked - highlighting the opportunity for blockchain and fintech companies to establish themselves and create a steady crypto market.
The Philippines is considered to have a high rate of cryptocurrency acceptance among its Southeast Asian neighbours making it a promising territory for crypto tokens. This unique combination of openness to crypto and the lag between the banking services and financial exclusion puts Online Blockchain and its ManilaCoin in a favourable position.
ADVFN, the global stocks, shares and crypto information website and sister company of OBC, has a website in the Philippines, Finance Manila. The site represents a solid platform for OBC and the Board saw the opportunity to leverage its relationship with ADVFN's financial communities.
“OBC is applying the tried and true strategy of thinking globally but acting locally. We are looking at different opportunities for crypto projects locally where we see a need and a community to serve. The Philippines is one of those,” said CEO of Online Blockchain, Clem Chambers.
Online Blockchain is listed on the London Stock Exchange under the ticker OBC.