Moneybees’ partnership with Monteal Money Changer signals flourishing local crypto market

Lets you exchange cash and cryptocurrencies securely and safely
Lets you exchange cash and cryptocurrencies securely and safely

Amid the ongoing bear market and economic uncertainties, Moneybees, the pioneer of over-the-counter (OTC) crypto exchange in the Philippines, has seen consistent growth with its long-standing partnership with Monteal Money Changer Services.

Since 2017, Moneybees has expanded its reach in the market with Monteal Money Changer Services’ strategically located branch at The Venice Grand Canal Mall in McKinley Hill, Taguig City. This caters to the preference of Filipino customers for secure, in-person crypto transactions.

However, when severe lockdown measures were implemented at the peak of the pandemic, Monteal’s in-store operations were significantly disrupted. The temporary closure of Monteal’s outlet during the height of the COVID-19 did not prevent the partnership from immediately carrying on with the operations and mitigating pandemic-related setbacks as soon as the lockdown was lifted.

“Moneybees’ crypto buy and sell services have proven to be a pandemic-proof business for our money service business (MSB) partners, particularly Monteal, helping them to cover their monthly business operating expenses in order to survive during these challenging times,” said Moneybees Founder, Chairman, and CEO, Mr. Jay Ricky Villarante.

“Most Filipinos still prefer to transact with a real person. Our customers prefer to entrust their money and their trades with a reputable crypto exchange and with a real person helping facilitate their transactions,” Mr. Villarante added.

“The partnership with Moneybees had a great impact on our business, especially during the pandemic years when the business was a work-from-home scheme. The online exchange of digital currencies was one of the most feasible types of business during the crisis as it withstood the negative business impact on our company and survived,” said Monteal Money Changer Services Business Owner and CEO Allan Montebon.

“This segment of business created a big inspiration for us to continue our operations and gave a higher impact. With the crypto exchange services, the business survived and was able to prepare for the new challenges of the new economy,” Mr. Montebon shared.

According to the Statista Market Insights – April 2023, revenue in the Filipino crypto market is projected to reach US$78.55m in 2023 with an annual growth rate (CAGR 2023-2027) of 15.73% resulting in a projected total amount of US$140.90m by 2027. The average revenue per user in the cryptocurrency market amounts to US$8.71 in 2023.

Cryptocurrencies available for trading and investing at Monteal Money Changer Services outlet include Bitcoin (BTC), Ethereum (ETH), USD Tether (USDT), USD Coin and Ripple (XRP).

“Moneybees’ success in navigating the pandemic and its partnership with Montreal Money Changer underscores our commitment to innovation and resilience in the face of adversity. By combining our expertise, we have made significant strides in democratizing access to cryptocurrency services and ensuring financial inclusivity for all Filipinos,” Mr. Villarante said.

Moneybees is a Virtual Asset Service Provider (VASP) licensed by the Bangko Sentral ng Pilipinas (BSP) and is duly registered with the Anti-Money Laundering Council (AMLC). With its mission to make the process of buying and selling cryptocurrencies more familiar and more convenient for Filipinos, Moneybees work with MSBs and remittance agents who already have existing storefronts, helping drive foot traffic and transaction volume to partner outlets.

Carl Lamiel
Carl writes for WalasTech when he's not working full-time. Give him tips and/or leads at [email protected].