Glosfer, South Korea’s first generation blockchain company has signed an agreement with Coinvil to establish cryptocurrency exchange in the Philippines. According to the agreement, Coinvil will set up and operate a local company in the Philippines while Glosfer plans to establish a cryptocurrency exchange platform and provide all solutions necessary for operating the exchange.
According to PR Newswire, Coinvil CEO Park Rae-hyun said that
“The Philippines will become the largest cryptocurrency trading market that connects Europe and Asia”
Park further added that
“Many countries across the globe already have a favorable view on the Philippines. By combining our infrastructure and sales capabilities with Glosfer’s solutions and operations expertise, we will gain a competitive edge over others. Various projects will be carried out in the Philippines in addition to exchange building, such as creating an investment fund for promotion of the blockchain industry”
Moreover, Glosfer will work with Coinvil to formulate security policies and set up a security system to provide a transparent and secure trading venue. With this agreement, Glosfer wants to create social values with blockchain technology.
Glosfer CEO Taewon Kim said that
“Following this agreement, we at Glosfer will utilize our exchange-related solutions and expertise to signal a positive change in the Philippines cryptocurrency market. I am excited about the business opportunities ahead of us.”
Glosfer is a leading blockchain company in South Korea. It provides an open source platform based on blockchain technology. Company is striving to expand its activities in different industries to influence domestic markets using their developments such as Packuth, cryptocurrency trading platform as well as international remittance services. Packuth is Glosfer’s blockchain platform. It is a platform that can easily incorporate blockchain technology into production. With its infinity project based on HYCON, company has established a cryptocurrency ecosystem. It maximizes the value of cryptocurrency by establishing online/offline cryptocurrency exchanges. Glosfer contributes to making a transparent and fair society based on blockchain technology by working with public institutions.
Glosfer and Coinvil association for setting up digital currency trade in the Philippines may urge more organizations to set base in the country.