Former Binance CFO Wei Zhou Buys Coins.ph Exchange: Report

Former Binance CFO Wei Zhou Buys Coins.ph Exchange: Report
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Former Binance CFO Wei Zhou Buys Coins.ph Exchange: Report

Former Binance CFO Wei Zhou bought Coins.ph, a mobile wallet and digital currency exchange, from Gojek, according to a report in India-based publication The Ken on Monday.

  • In January 2019, Indonesian technology company Gojek bought Coins.ph for $95 million. According to the report, Gojek sold it for at least double that amount to Zhou.
  • Several regional investors familiar with either Coins.ph or Gojek confirmed the deal to The Ken, it reported.
  • Zhou could steer the Manila, Philippines-based company back to its crypto roots.
  • Coins.ph was founded in 2014 and was one of the earliest crypto wallets and exchanges in the Philippines. It later pivoted to providing broader financial services.
  • “Gojek didn’t do much with it, which was unfortunate because Coins was the leading crypto wallet in the Philippines,” a senior investment executive familiar with the company told The Ken. “But now, with the new management, they’ll revive that part of the business as a crypto wallet and trading platform, making it the Coinbase of Southeast Asia.”
  • Zhou left Binance in May 2021 after three years for personal reasons. At the time, the company declined to comment on his whereabouts. He has not updated his experience on LinkedIn since then, so this report is the first sign of a possible re-emergence into the crypto scene.
  • Zhou, Coins.ph and Gojek did not immediately respond to requests for comment when contacted by CoinDesk.
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