Bitcoin services firm Coins.ph has launched Teller, a mobile app that matches up its customers in Indonesia, the Philippines and Thailand via the blockchain as a way to facilitate financial services.
Teller users who want to access funds for mobile phone top-ups and remittances, for example, can use the app to find a third-party seller to accept local currency, allowing the buyer to gain access to digital money.
All transactions are denominated and held in local currency, with Coins.ph using the blockchain as the rails to facilitate the exchange of funds.
Coins.ph CEO Ron Hose indicated that he sees Teller as the next step in the company’s mission to move money services “off the financial grid” in the Philippines. The launch is the latest for the platform, which also offers merchant payment processing and the ability for customers to withdraw bitcoin funds into cash at select bank ATMs.
Hose told CoinDesk:
“We’ve been getting really good traction with our existing bills, payment and money transfer services after shifting to using blockchain in the background. We think this is the natural progression as far as being able to reach customers.”
Hose further acknowledged that the app bears a