Philippines’ fintech startup Satoshi Citadel acquires BuyBitcoin.ph

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Brand logo for BuyBitcoin.ph
Brand logo for BuyBitcoin.ph

Philippine-based financial technology (fintech) startup Satoshi Citadel Industries (SCI) said Monday that it had acquired BuyBitcoin.ph – the first Bitcoin exchange in the country.

BuyBitcoin.ph is a peso to bitcoin “over-the-counter” exchange which allows Filipinos direct access to buying and selling the digital currency. The company was founded in January 2014 by Sam Kaddoura, Lasse Birk Olesen, James Florentino and Dan Walton.

SCI, however, is the first universal Bitcoin company in the Philippines that was founded in May 2014 focused on solving the money transfer problems in the Philippines.

Also read: Bitcoin the future for transactions: David Moskowitz

“With this acquisition, SCI adds BuyBitcoin.ph to its array of products, that include its remittance service named Rebit, its payment processor called Bitmarket.ph and Coinage, its order-book exchange. Now, Filipinos can purchase and sell bitcoins under the SCI umbrella of products by using BuyBitcoin.ph,” SCI said in its blog post on Monday.

Aside from the acquisition, Kaddoura has joined SCI to be its Chief Financial Officer. And with his background in banking and corporate finance, he is expected to help SCI bridge the gap between bitcoin and traditional finance infrastructure in the Philippines.

Meanwhile, Florentino and Olesen, will continue to serve as BuyBitcoin.ph’s Head of Product, and European relations officer, respectively.

Also read: Bitcoin, investment opportunities & Asian prospects

SCI CEO John Bailon believes BuyBitcoin.ph will be a great first-touch product for consumers.

“The acquisition brings us closer to our goal of completing the Bitcoin ecosystem in the Philippines,” Bailon said.

Kaddoura expressed confidence that by joining SCI, they can enable further the Bitcoin adoption in the Philippines.

“The biggest technical roadblock for widespread Bitcoin adoption in the Philippines are the same roadblocks for widespread adoption elsewhere. Our main goal is still to increase awareness and adoption of the technology,” Kaddoura said.

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