Philippines-based bitcoin exchange Coinage has graduated from the Boost VC accelerator program in Silicon Valley, coming away with US$20,000 seed funding as well as ongoing access to the company’s network.
The company believes the 100 million-strong youth population of the , alongside a growing economy and high mobile penetration, make the country an ideal location for growth in digital currencies such as bitcoin.
Coinage believes its focus on addressing liquidity issues in the sets it apart as an exchange, and promises new products and services on the back of its funding in order to create a market for bitcoin remittances into the country.
Earlier this year the company entered Boost VC’s three-month accelerator program, having previously been self-funded as it built its exchange. Coinage CEO and co-founder, Anthony Giovanni Chua, said the startup was “stoked” to have been selected.
“As a bitcoin startup in the Philippines, the odds are stacked against you, but a chance like this - working with the very best in the industry, being mentored by tech and investing icons - is a leap forward in the best possible direction.”
Chua said Coinage’s experience with Boost VC had made it more aware of the opportunities companies like Coinage have in introducing bitcoin to emerging economies, with the team now set to announce a number of key partnerships outside of the Philippines in the coming weeks.
Boost VC, which was founded in 2012 by investor Adam Draper, and has a track record of selecting Asian bitcoin startups for its accelerator, having last year welcomed Singapore-based exchange Coin Supermart into its program.
Asia bitcoin startups in general are proving magnets for funding, with Japanese bitcoin exchanges BitFlyer and Quoine attracting millions in funding recently, while South Korean firms Coinplug and Korbit also raised rounds.