Universal Bitcoin service provider, Satoshi Citadel Industries (SCI), has acquired over-the-counter bitcoin transaction service, BuyBitcoin.ph for an undisclosed amount.
“The biggest technical roadblock for widespread Bitcoin adoption in the Philippines are the same roadblocks for widespread adoption elsewhere,” said BuyBitcoin.ph co-founder and CEO Sam Kaddoura. “Our main goal is still to increase awareness and adoption of the technology. By joining SCI, I am confident that we can achieve this.
BuyBitcoin.ph will now join the numerous brands under the Satoshi Citadel Industries umbrella. SCI already offers bill-paying services, a pre-paid card, remittance services and more. The acquisition of BuyBitcoin.ph increases SCI’s presence in the competitive and quickly changing Flipino bitcoin market.
The island nation has become known to be among the likes of Argentina and China in Bitcoin circles as a country with massive potential for Bitcoin. The Philippines is the third largest remittance market in the world, with an estimated $26.7 billion flowing into the country in 2013. And according to a 2009 report by the Consultative Group to Assist the Poor (CGAP), nearly three out of four Filipinos are unbanked. These two factors have led to a potentially viable use case for the digital currency in the country.
Satoshi Citadel Industries and its numerous businesses are just a few of the Bitcoin companies active in the country. Coins.ph, which has expanded to other Asian countries, is one of the strong contenders in the island’s Bitcoin market. Others include Bitcoin exchanges Bitspark and Palarin.
Talent And Brand
Kaddoura will continue his role as CEO of BuyBitcoin.ph but will also join SCI as the company’s chief financial officer. BuyBitcoin.ph’s other two co-founders, Lasse Birk Olesen and James Florentino, will continue their roles as head of European business relations and head of product, respectively, for BuyBitcoin.ph.
“This acquisition brings us closer to our goal of completing the Bitcoin ecosystem in the Philippines,” says SCI’s CEO John Bailon. “BuyBitcoin.ph is a great first-touch product for consumers, and even more valuable is the addition of great minds in Sam, James, and Lasse.”
BuyBitcoin.ph is one of the oldest and most trusted Bitcoin brands in the Philippines. As a result, Satoshi Citadel Industries will continue to develop and grow the company. SCI will integrate some of the company’s several Bitcoin services, such as bill paying, remittances and others, into BuyBitcoin.ph’s service offering.
Jeffrey Maxim is a marketer and writer studying the emerging intersection of mobile, marketing, retail and fintech. Currently living in Uruguay, Jeffrey enjoys soaking up the country’s rich culture and listening to jazz and ska in his free time. He is also a hobbyist coder learning the basics of web development. Follow him on Twitter @jeff_maxim.