The Philippine Basketball Association and Coins.ph formally sealed their partnership for the league's 47th season on Sunday at the Mall of Asia Arena.
Present during the contract signing were PBA Commissioner Willie Marcial, Coins.ph CEO Wei Zhou, country head Eprom Galang and PBA marketing head Jo Francisco.
"Here in the Philippines, basketball is life. In every corner, you will see basketball courts and people playing the sport from all ages, genders, and walks of life. This is how we envision crypto with Coins.ph - inclusive, accessible, and very easy" Zhou said.
The partnership aims to help increase people's awareness of blockchain technology, cryptocurrency, and the web3 ecosystem.
With an established fanbase, the PBA is expected to become a strong driving force to boost Coins.ph's crypto education initiatives. Basketball is the top sport in terms of viewership and participation in the country.
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According to a 2008 Sponsorship Intelligence Report, nearly 40 million people play basketball, and 81% of the Philippine urban population claims to be basketball fans, with nearly 50% being avid fans.
Meanwhile, in terms of patronage and enthusiasm, many Filipinos appear to be bullish on cryptocurrency, especially the millennial generation. The proof could be seen in Coins.ph's continuous growth. Coins.ph is one of the leading crypto fintech companies in the country, with over 16 million customers, roughly 16% of the country's total population.
Coins.ph is regulated by the Bangko Sentral ng Pilipinas (BSP) and is the first ever blockchain-based company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from a central bank.
"The Philippines is one of the top-ranked countries for crypto and NFT adoption in the world. Clearly, there's already a high interest in crypto and web3 among Filipinos. Our goal is to take this even further and push for not just financial inclusion but also empowerment," Galang said.
Regarded as one of the most active crypto communities in Asia, the Philippines is viewed as a perfect place to boost crypto adoption amid relatively low affluence.
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"Aside from giving easy access to crypto, we also want to give users a platform where they can use and spend their crypto. Education will play a key role in this. That's why this partnership with PBA is very important.
"The future that we see is that Crypto can be used by every Filipino in their everyday lives," Galang added.
