Palarin Bitcoin wallet launches in the Philippines

The company offers a wallet, taking Coinbases wallet model to the Southeast Asian country. Palarin, which means to prosper in Filipino, is focusing on a brokerage-style strategy similar to Coinbases Bitcoin wallet.

So, unlike a Bitcoin exchange, there is not a market-based price when buying Bitcoin. Instead, users select how much Bitcoin they want to buy at a price set by the company and then make a fiat currency deposit.

Because the Philippines is a very cash-focused society, Palarin users must go to a bank branch to deposit the national currency, pesos, for Bitcoin.

Since the Philippines government seems open to digital currencies, there are already few e-cash options available via the country’s mobile phone operators.