Former Binance CFO Scoops Philippines Exchange Coins.ph for $190M

The e-wallet and exchange platform is hoping to get a boost to its crypto vertical following an acquisition by Wei Zhou

article-image

Makati Skyline at night. Makati is a city in the Philippines’ Metro Manila region and the country’s financial hub. Credit: Shutterstock

share

key takeaways

  • Former Chief Financial Officer Wei Zhou has acquired Coins.ph, a Philippines based e-wallet, for tens of millions of dollars
  • The sale to the former Binance executive more than doubles the price paid by Indonesian on-demand multi-service firm Gojek

A former executive of major crypto exchange Binance has acquired Philippines-based Coins.ph in a deal worth double what the former owner, Gojek, paid for.

Gojek, an Indonesian on-demand multi-service firm, offloaded the Asian fintech e-wallet and exchange platform to Binance’s former Chief Financial Officer Wei Zhou for roughly $190 million to $200 million, The Ken reported Sunday.

The hope is that Zhou will rejuvenate the firm’s crypto vertical, which flailed under Gojek’s almost five-year stewardship.

“Gojek didn’t do much with it, which was unfortunate because Coins was the leading crypto wallet in the Philippines,” a senior executive familiar with the company said, as cited in the report.

“With the new management, they’ll revive that part of the business as a crypto wallet and trading platform, making it the Coinbase of Southeast Asia.”

While the figure is not yet public, Zhou confirmed the deal in the report, which also claims the price tag he paid is “at least twice” what Gojek had in 2017 — around $95 million.

Blockworks attempted to contact Zhou, Gojek and Coins.ph to ascertain details of the deal but did not receive an immediate reply.

Zhou, who previously worked at Binance for just under three years, left the major exchange platform last year citing personal reasons. His whereabouts since his departure are largely unknown, though according to a former employee of Binance, he is currently based in Singapore.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

recent research

Pyth Cover.jpg

Research

Pyth is a low latency pull-based oracle. In a future that looks increasingly high frequency, with various alt L1s and L2s that have significantly shorter block times than Ethereum, and an explosion of “high-frequency” protocols such as oracle or CLOB perp DEXs, Pyth’s low latency oracle product looks much better positioned to capture a significant amount of market share in comparison to competitors.

article-image

Binance settlement “an important part of clearing the way for the next bull market cycle,” crypto hedge fund executive says

article-image

Hester Peirce reiterated Tuesday that court cases are not the only path to regulatory clarity for crypto, but her colleagues do not always agree

article-image

The indictment followed leaks Monday that a Binance settlement deal was forthcoming

article-image

The Binance executive is also reportedly set to make an appearance in a Seattle courtroom Tuesday

article-image

Monday developments reaffirmed the US as unfriendly to crypto while also offering a potential bullish outlook for segment firms, industry watchers say

article-image

It’s unclear what “actions” the CFTC, DOJ and Treasury will announce Tuesday afternoon