Satoshi Citadel Industries (SCI), a Philippines-based Bitcoin services provider, has acquired local bitcoin brokerage Buybitcoin.ph.
SCI engages in a number of related Bitcoin ventures in the country. One of the most notable is its operation of the successful Rebit.ph remittance service, which has reportedly brought the cost of money transfers to but a fraction of those when sending through traditional channels like Western Union or MoneyGram. SCI also supports pre-paid cards and bill payments.
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With the acquisition, BuyBitcoin.ph hopes to improve the rate of bitcoin adoption in the country. The deal will also likely provide a greater synergy with SCIâs remittance capabilities, an important part of its business in a country that has the third largest remittance market in the world.
Other bitcoin exchanges in the country include Coins.ph, Bitspark and Palarin.