In a bold move to simplify crypto-to-peso transactions for Filipinos, Traxion Pay, a leader in financial technology and blockchain innovation, has partnered with Philippines’ top cryptocurrency exchange Coins.ph, to create a blockchain-enabled remittance solution designed to empower Overseas Filipino Workers (OFWs) and strengthens financial services offered by cooperative, rural bank, and microfinance sectors.
The collaboration enables seamless cryptocurrency conversion into Philippine Pesos through Coins.ph’s innovative solutions, integrated directly within Traxion’s ecosystem.
Moreover, the partnership provides a cost-effective, efficient, and transparent system that benefits both OFWs and underserved families as recipients supported by microfinance institutions (MFIs), rural banks, cooperatives, and local government units.
According to Traxion Pay, by leveraging blockchain technology, they can significantly reduce transaction fees compared to traditional remittance channels (from 11 percent to 1 percent), maximizing the funds beneficiaries receive.
In terms of speed and efficiency, remittances are processed in near real-time, (from five days to five minutes) allowing families in rural areas to access funds quickly and reliably.
Also, there will be an increased accessibility in the transaction, as MFIs, rural banks, and cooperatives now become additional hubs for these blockchain-powered financial tools that promote financial inclusion for underserved communities.
The merger will also serve customers with transparency and security, as the blockchain’s decentralized ledger ensures that every transaction is secure, traceable, and tamper-proof, building trust for OFWs and their families.
For the cooperative, rural, and microfinance sectors, Traxion’s blockchain-enabled remittance solution simplifies fund disbursements and enables rural communities to adopt digital finance.
The integration of crypto-to-fiat conversions empowers families of OFWs to receive money directly into their accounts or wallets without requiring costly intermediaries.
For OFWs, the partnership transforms the remittance process, reducing barriers to sending money home and ensuring that every peso they earn benefits their loved ones back in the Philippines.
“Our partnership with Coins.ph is a game-changer for OFWs and the communities we serve through cooperatives, rural banks, and microfinance,” said Ann Cuisia, CEO, Traxion Pay.
“Coins.ph is committed to making cryptocurrency adoption more accessible for Filipinos,” said Jen Bilango, Country Manager at Coins.ph. “Our collaboration with Traxion extends crypto-to-peso services to a wider audience, fostering growth of the Philippine digital asset ecosystem.”
This is an excerpt from the original article.
— Raffy Ayeng, Daily Tribune