May 22nd, 2018 — One of the leading cryptocurrency projects, CoinBundle was among 15 companies approved for a cryptocurrency exchange license in the Philippines. Co-founder and CEO, Saad Rizvi met with the National Secretary and finalized the registration of CoinBundle through CEZA – the Cagayan Economic Zone Authority. This will give CoinBundle full tax advantages of operating within the Philippines in exchange for yearly investments and contributions to developing the fintech industry of the country.
CEZA is bringing in P1.7 billion in investments and is growing the blockchain and fintech center in Luzon, the country’s most populous island. This is part of an effort to transform the Cagayan Valley into a city of fintech companies, with a goal of the region becoming a “Silicon Valley” of Asia.
CoinBundle launched its waitlist in March and has since grown dramatically — reaching 500,000 users in less than two months. The team has expanded from 3 to 25 core members in recent weeks and they are anticipating further growth in coming months as they continue to recruit remarkable talent.
“This agreement is a huge win for CoinBundle and will enable us to go to market rapidly and help our users to begin saving and investing. We’re also excited to contribute to the fintech ecosystem of the Philippines and create new jobs here.” Saad is thrilled to have his company at the forefront of this movement and is excited about the partnership’s implications on the success of CoinBundle and the global cryptocurrency environment.
The Philippine Government is excited for this new venture as well. On Monday, Sec. Lambino commented during “A New Venture in the Valley Unfolds: CEZA FinTech Summit 2018” that an initial 8-hectare property within the 55,000-hectare Economic Zone had been allocated for potential fintech locators.
“Of course the incentives have to be there as an add-on,” he said, adding that CEZA would continue to appeal to lawmakers to keep fiscal incentives in special economic zones.
“Working with virtual currency companies allows the Philippines to gain momentum in providing an environment that encourages financial innovation and inclusion, while ensuring that the best interests of the country, the financial system, consumers, and investors are adequately protected,” said Lambino.
“This new development aims to drive the economy forward by creating employment opportunities and boosting job growth. The Philippines will be ready to provide cryptocurrency companies operating here with the manpower they need for their businesses,” he added.
CoinBundle is a cryptocurrency trading platform which provides investors with various easy-to-use resources for building their portfolios. The Bundle concept allows people to create diversified cryptocurrency portfolios by bundling different coins together in order to distribute the investment and minimize risk through diversification.
For new investors in the cryptocurrency market, CoinBundle simplifies their experience with signature Bundles. There are options for every type of investor – from conservative to aggressive. Which method fits into your investment approach?
With features such as auto-investing, users save time and know that their cryptos are working for them. With less worry and more free time, they can enjoy the things that are important to them without stressing over trades and exchanges. There are no fees whatsoever to use the platform. No joining fee, no maintenance fee, and no transaction fee.
Since the project’s inception, investor support has been enthusiastic. “I backed CoinBundle because of its potential to build a responsible and user-friendly way for people to start investing in cryptocurrencies. The team also has the technical, financial, and policy expertise to execute on this vision,” said Paul Arnold, Founder of Switch Ventures.
Prashant Fonseca, Partner at CrunchFund stated, “We backed CoinBundle because we believe in their vision of creating a trustworthy and easier way to invest in crypto responsibly.” We are excited to have these active investors behind us, helping to support and further our mission.
Other investors include YCombinator, Initialized Capital (Garry Tan and Alexis Ohanian), Liquid2 Ventures (Joe Montana and Michael Ma), FundersClub and Amino Capital.
More information: www.coinbundle.com