Amidst the challenges of the ongoing bear market and economic uncertainty, bees, the trailblazing over-the-counter (OTC) crypto exchange in the Philippines, has shown remarkable and consistent growth through its long-term partnership with Monteal Money Changer Service.
Since 2017, Moneybees has successfully expanded its market presence through a strategic partnership with Monteal Money Changer Services, whose branch is conveniently located in The Venice Grand Canal Mall at McKinley Hill, Taguig City. This strategic positioning caters to Filipino customers’ desire for secure, personalized crypto transactions.
However, the peak of the pandemic led to severe lockdown measures, which significantly disrupted Monteal’s in-store operations. Despite the temporary closure during the height of COVID-19, the partnership between Moneybees and Monteal continues, immediately resuming operations and overcoming pandemic-related setbacks once the lockdown is lifted.
Moneybees crypto buying and selling services have proven to be a stable and pandemic-proof business for their money service business (MSB) partners, especially Monteal, who provide the necessary great support to cover the monthly cost of operating the business and enable them to survive in this challenging time. times, as stated in Moneybees Founder, Chairman, and CEO, Mr. Jay Ricky Villarante.
Mr. Villarante added that most Filipinos still prefer the certainty of transacting with a real person. Customers trust their money and trades with a reputable crypto exchange like Moneybees, with the comfort of a real person facilitating their transactions.
Owner and CEO of Monteal Money Changer Services, Allan Montebon, recognized the significant impact of the partnership on their business, especially during the pandemic years where they had to adopt a work-from-home scheme. The online exchange of digital currencies, especially through the crypto exchange services offered by Moneybees, has proven to be stable and helped their company withstand the negative effects of the crisis, which emerged as stronger and better prepared for the challenges of the new economy.
Looking ahead, projections from Statista Market Insights – April 2023 show good growth in the Filipino crypto market, with revenue expected to reach US$78.55m in 2023, and the projected total value 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 the Monteal Money Changer Services outlet, a variety of cryptocurrencies are available for trading and investment, including Bitcoin (BTC), Ethereum (ETH), USD Tether (USDT), USD Coin, and Ripple (XRP).
Mr. Villarante emphasized that the success of Moneybees during the pandemic and the fruitful partnership with Monteal Money Changer Services shows 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 inclusion for all Filipinos.
As a Virtual Asset Service Provider (VASP) licensed to Central Bank of the Philippines (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, promoting greater accessibility to cryptocurrency services across the country.