Coinbase explores PH market entry

US-based cryptocurrency exchange Coinbase is exploring entry into the Philippine market, signaling a significant potential boost for the country's digital economy.

The exploration was revealed by the Department of Finance (DOF) following a meeting between Finance Secretary Ralph Recto and Coinbase CEO Brian Armstrong at the World Economic Forum in Davos.

Coinbase's interest is attributed to the Philippines' rapidly growing digital economy and widespread adoption of blockchain technology.

Secretary Recto welcomed the potential investment, highlighting the government's dedication to fostering financial sector innovation while maintaining robust consumer protection and financial stability through regulation.

Recto noted the substantial investment by young Filipinos in cryptocurrencies, indicating a growing market that Coinbase aims to tap into.