Philippines’ fintech startup Satoshi Citadel acquires 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.

Also Read:

HK’s Bitspark ties up with Indonesia’s Artabit for Bitcoin-based remittance service

Coins.ph plans iOS Bitcoin wallet app

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.