Former CFO of Binance Scoops Filippines Exchange Coins.ph for $ 190 million

Former CFO of Binance Scoops Filippines Exchange Coins.ph for $ 190 million

A former manager of the large crypto exchange Binance has taken over the coins.ph, based in the Philippines, in a deal that is twice its value of what the former owner, Gojek, paid.

Gojek, an Indonesian on-demand multi-service company, has outsourced the Asian fintech e wallet and exchange platform for around 190 to $ 200 million to the former Chief Financial Officer from Binance, Wei Zhou. Der Ken

The hope is that Zhou will revive the company's crypto verticals, which was faltered under Gojek's almost five-year leadership.

"Gojek didn't do much with it, which was a shame because coins was the leading crypto wallet in the Philippines," said a manager who is familiar with the company, as quoted in the report.

"With the new management you will revive this part of the business as a crypto wallet and trading platform and make it a coinbase of Southeast Asia."

Although the number is not yet public, Zhou confirmed the deal in the report-which also claims that the price he has paid was "at least twice as high" as that of Gojek in 2017 of around $ 95 million.

Blockworks tried to contact Zhou, Gojek and Get Gesins.PH to find out details of the business, but did not receive an immediate answer.

Zhou, who had previously worked for Binance for almost three years, left the large stock market platform last year for personal reasons. His whereabouts remained largely unknown after his departure, although, according to a former Binance employee, he currently lives in Singapore.

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