Gojek Bought Crypto Startup Coins.ph for $95M, Then Sold it for Double The Amount to Wei Zhou, former CFO at Binance

Three years after Indonesian tech major Gojek bought Philippine startup Coins.ph for $95 million, it has sold it for double the amount to Wei Zhou, who served as CFO at crypto trading platform Binance. Coins.ph can now go back to its crypto roots, but there’s some serious competition looming in the country.

Several regional investors familiar with either Coins.ph—also called Coins—or Gojek confirmed the deal. The buyer is Wei Zhou, the former chief financial officer of global crypto exchange Binance. Zhou left the company abruptly in June 2021.

The Ken reached out to Zhou and Gojek. In a Telegram message to The Ken, Zhou confirmed the deal but didn’t elaborate further.

“We’re confident the Coins.ph team, supported by its new management, will continue to further its mission of increasing financial inclusion and creating a positive impact in the Philippines,” Gojek said to The Ken.

The deal signifies two things. First, the Philippines is no longer a focus for Gojek, which is now merged with Indonesia’s e-commerce giant Tokopedia. The merged entity, GoTo, is set to go public on the Indonesian stock exchange on 11 April and aims to raise a whopping from the listing. 

“Our focus on our international operations remains in place. We are committed to our core market in Indonesia as well as our deepening investments in Vietnam and Singapore,” added Gojek.

Second, having been acquired by a senior executive in the cryptocurrency industry, Coins will be going back to its crypto roots. Founded in 2014, the startup is one of the earliest—if not the earliest—crypto wallets in the Philippines that allowed buying and selling of cryptocurrencies.

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