Amidst the challenges of an ongoing bear market and economic uncertainties, Moneybees, the trailblazing over-the-counter (OTC) crypto exchange in the Philippines, has demonstrated remarkable and consistent growth through its enduring partnership with Monteal Money Changer Services.
Since 2017, Moneybees has successfully expanded its market presence by strategically collaborating with Monteal Money Changer Services, whose branch is conveniently located at The Venice Grand Canal Mall in McKinley Hill, Taguig City. This strategic positioning caters to the preference of Filipino customers for secure, in-person crypto transactions.
However, the peak of the pandemic brought severe lockdown measures, significantly disrupting Monteal’s in-store operations. Despite temporary closure during the height of COVID-19, the partnership between Moneybees and Monteal persevered, promptly resuming operations and overcoming pandemic-related setbacks as soon as the lockdown was lifted.
Moneybees’ crypto buy and sell services have proven to be a resilient and pandemic-proof business for their money service business (MSB) partners, particularly Monteal, providing much-needed support to cover monthly business operating expenses and enabling them to survive during these challenging times, as expressed by Moneybees Founder, Chairman, and CEO, Mr. Jay Ricky Villarante.
Mr. Villarante added that most Filipinos still prefer the assurance of transacting with a real person. Customers entrust their money and trades to a reputable crypto exchange like Moneybees, with the comfort of a real person facilitating their transactions.
Monteal Money Changer Services’ Business Owner and CEO, Allan Montebon, acknowledged the significant impact of the partnership on their business, especially during the pandemic years when they had to adopt a work-from-home scheme. The online exchange of digital currencies, particularly through the crypto exchange services offered by Moneybees, proved resilient and helped their company withstand the negative impacts of the crisis, emerging stronger and better prepared for the challenges of the new economy.
Looking ahead, projections from the Statista Market Insights – April 2023 indicate promising growth in the Filipino crypto market, with revenue expected to reach US$78.55m in 2023, and a projected total amount of US$140.90m by 2027, with an impressive annual growth rate (CAGR 2023-2027) of 15.73%. The average revenue per user in the cryptocurrencies market is estimated to be US$8.71 in 2023.
At Monteal Money Changer Services outlet, a range of cryptocurrencies is available for trading and investment, including Bitcoin (BTC), Ethereum (ETH), USD Tether (USDT), USD Coin, and Ripple (XRP).
Mr. Villarante emphasized that Moneybees’ success during the pandemic and its fruitful partnership with Monteal Money Changer Services exemplify their commitment to innovation and resilience in the face of adversity. Together, they have made remarkable strides in democratizing access to cryptocurrency services, ensuring financial inclusivity for all Filipinos.
As a Virtual Asset Service Provider (VASP) licensed by the Bangko Sentral ng Pilipinas (BSP) and duly registered with the Anti-Money Laundering Council (AMLC), Moneybees remains dedicated to simplifying the process of buying and selling cryptocurrencies, making it more familiar and convenient for Filipinos. Through their collaboration with MSBs and remittance agents, who already operate existing storefronts, Moneybees continues to drive foot traffic and transaction volume to partner outlets, fostering greater accessibility to cryptocurrency services throughout the nation.
