Philippine-based bitcoin service provider Satoshi Citadel Industries (SCI) has acquired BuyBitcoin.ph, a bitcoin transaction service, for an undisclosed sum.
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The acquisition will add BuyBitcoin.ph’s range products including the remittance service Rebit.ph, payment processor Bitmarket.ph, and order book exchange Coinage, bills payment platform Bills Ninja, Prepaid Bitcoin, and Bitstars to SCI.
As part of the acquisition, BuyBitcoin founder Sam Kaddoura will now join SCI as its CFO, while Lasse Birk Olesen and James Florentino, will continue their roles as head of European business relations and head of product, respectively, for BuyBitcoin.ph.
BuyBitcoin.ph will allow Filipinos to buy and sell bitcoins under the SCI umbrella of products. The deal will see SCI integrating some of its Bitcoin services, such as bill paying, remittances and others, into BuyBitcoin.ph’s service offering.
The acquisition is part of SCI’s goal to grow Bitcoin adoption in the country.
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By GlobalDataSCI CEO John Bailon said: "This acquisition brings us closer to our goal of completing the Bitcoin ecosystem in the Philippines. BuyBitcoin.ph is a great first-touch product for consumers, and even more valuable is the addition of great minds in Sam, James, and Lasse."
BuyBitcoin.ph co-founder and CEO Sam Kaddoura said: "Our main goal is still to increase awareness and adoption of the technology. By joining SCI, I am confident that we can achieve this."
BuyBitcoin.ph is a peso to Bitcoin over-the-counter exchange that allows Filipinos direct access to buying and selling of the cryptocurrency.
