Global Crypto Hub eyes initial coin offering in PHL

Bangkok-based Global Crypto Hub on Monday launched an office in the Philippines, as it plans to conduct an initial coin offering (ICO) in the country this year.

The cryptocurrency consulting firm seeks to entice new investors to trade cryptocurrencies.

“We opened the first Crypto Hub right here in Ortigas. This will be a center where a lot of us can go there and get information about cryptocurrencies and learn about a lot of trends,” Shahan Pilli, a founder of the company, said in a briefing in Pasig City on Monday.

Co-founder Jagdish Pandya noted the company made an initial investment of $50,000 for the Ortigas hub. The plan, he said, is to increase the amount conducting roadshows in Davao and Cebu.

“The Global Crypto Hub is our entry point to the Philippines. The first step is to create awareness in the people, giving them knowledge,” he said.

Pending regulatory approvals from Bangko Sentral ng Pilipinas and the Securities Exchange Commission, the company plans to conduct an ICO for the Usereum cryptocurrency.

“We welcome the government to come along the journey with us to make the cryptocurrency industry more regulated. There’s a burning desire to open not just in the Philippines but also in India and Bangkok in the next two months,” Pilli said.

For now, Filipinos may invest in Usereum tokens through accredited third-party virtual currency exchanges such as Betur—more popularly known as coins.ph—and Rebittance.

The central bank earlier warned the public at large that virtual currencies could be used in illicit activities such as money laundering and terrorist financing.

“It’s not a legal tender but there is no law that has termed it as illegal. Cryptocurrency as a payment service has been accepted. We need more cryptocurrencies. That’s my opinion,” Pandya said. —VDS, GMA News