Remittances and Fintech in the Middle East and Africa by Richie Santosdiaz for The Fintech Times
Asia Europe Paytech Trending

CoinCorner Explands Remittance Service to Transfer Funds via Bitcoin

CoinCorner has added support for the Philippines to its Send Globally service, allowing customers in the UK and Europe to transfer funds to the Philippines, using Bitcoin and the Lightning Network.

In a new partnership with Pouch, Send Globally will allow users with British pound (GBP) or Euro (EUR) to transfer funds to family and friends in the Philippines, freely and instantly, via the Bitcoin Lightning Network, starting with GBP or EUR and ending with Philippine peso (PHP) in a local bank account or mobile money wallet.

This follows CoinCorner’s recent partnership announcement with Bitnob, to facilitate cross-border transactions from the UK and Europe to Africa.

The power of Bitcoin

When a CoinCorner customer uses Send Globally to send funds to the Philippines, their pounds will be automatically converted into Bitcoin (BTC) and sent via the Lightning Network. Once the BTC is received at Pouch, it will be instantly converted into PHP and the recipient will receive the funds straight into their bank account or mobile money wallet.

CoinCorner CEO, Danny Scott, said, “We’re excited to announce our latest partnership with Pouch and expand our Send Globally service to the Philippines. Every year, more than £2billion is remitted from the UK and Europe to the Philippines, so this is another great opportunity to demonstrate the power of Bitcoin, with instant and low cost transactions via the Lightning Network.

Ethan Rose, CEO at Pouch, said, “The Lightning Network is the most efficient way to send money across borders, but until now the user experience has been too complex for the average user. We’re so pleased to announce the partnership between Pouch & CoinCorner, because it allows us to drastically simplify a remitter’s user experience while still taking full advantage of the utility of Lightning.”


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