Philippine startup Satoshi Citadel Industries (SCI) has acquired BuyBitcoin.ph, the first Philippine Bitcoin exchange in the country. Founded by Sam Kaddoura, Lasse Birk Olesen, James Florentino and Dan Walton in January 2014, BuyBitcoin.ph is a peso to Bitcoin ‘over-the-counter’ exchange which allows Filipinos direct access to buying and selling of the cryptocurrency.
Also, Sam Kaddoura, Co-founder and CEO of BuyBitcoin.ph, has joined SCI as its Chief Financial Officer. SCI believes that Kaddoura’s background in banking and corporate finance will greatly assist in bridging the gap between Bitcoin and traditional finance infrastructures in the Philippines. Florentino will continue to run BuyBitcoin.ph as Head of Product, and Olesen as European Relations Officer.
“This acquisition brings us closer to our goal of completing the Bitcoin ecosystem in the Philippines,” explained John Bailon, CEO of SCI, adding, “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.”
As SCI is focussed on solving the money transfer problems in the Philippines, BuyBitcoin.ph shall be able to introduce Bitcoin to the mainstream by simplifying the process of using it both for payments and international remittances. By educating people about the many applications that exist in field, it hopes to attract new ideas and further the growth of the space.
“Our main goal is still to increase awareness and adoption of the technology. By joining SCI, I am confident that we can achieve this,” Kaddoura concluded.