CoinCorner & Pouch Team Up to Bring Low-Cost, Instant Global Payments to the Philippines
• CoinCorner and Pouch have partnered to provide the Send Globally feature to the Philippines, enabling global payments via the Lightning Network.
• Send Globally is an instant, low cost way to send money from the U.K., Europe, the U.S. and Nigeria to Ghana, Kenya and the Philippines.
• The partnership between Pouch and CoinCorner will help simplify the user experience while taking full advantage of the utility of Lightning.
CoinCorner, a digital currency exchange based in the Isle of Man, recently announced its partnership with Pouch, a Lightning service provider based in the Philippines. This partnership will help bring CoinCorner’s Send Globally feature to the Philippines, enabling users in the U.K., Europe, the U.S., and Nigeria to send money instantly and at a low cost to Ghana, Kenya, and the Philippines.
Send Globally is a tool that utilizes the Lightning Network to convert one fiat currency into bitcoin, which is then sent over the Lightning Network to a receiving entity that converts the bitcoin into another fiat currency. This process makes global payments much faster and cheaper than traditional methods. The partnership between CoinCorner and Pouch will allow users to take full advantage of the utility of the Lightning Network, while also simplifying the user experience.
Speaking about the announcement, CoinCorner CEO, Danny Scott, said, “We’re excited to announce our latest partnership with Pouch and expand our Send Globally service to the Philippines. Every year, more than $2,412,600,000 (£2 billion) is remitted from the U.K. and Europe to the Philippines, so this is another great opportunity to demonstrate the power of Bitcoin, with instant and low cost transactions via the Lightning Network.”
The CEO of Pouch, Ethan Rose, echoed Scott’s enthusiasm, adding that, “The Lightning Network is the most efficient way to send money across borders, but until now the user experience has been too complex for the average user. We’re so pleased to announce the partnership between Pouch & CoinCorner, because it allows us to drastically simplify a remitter’s user experience while still taking full advantage of the utility of Lightning.”
The Philippines is a major remittance market, with around $33 billion sent home from foreign workers every year. This makes up a significant portion of the country’s GDP, and so having access to the Lightning Network is incredibly important. With this partnership, CoinCorner and Pouch are helping to provide an instant, low cost way to send money across borders, making global payments easier, faster, and cheaper.
