Cryptocurrency marketplace Coexstar has announced it is launching a joint venture with First Shoshin Holdings Corp., a venture capital firmed funded by former lawmakers Jack Ponce-Enrile and Sally Ponce-Enrile.
The joint venture will make use of each partner’s respective strengths to create a new disruptive technology company in the web3 space. According to Coexstar founder Seungchan Lee, the team was eager to partner with First Shoshin to help make cryptocurrencies accessible to more Filipinos.
In the larger picture, the goal of the joint venture with First Shoshin is to make the opportunities in web3 accessible to more Filipinos, including through the business itself, as well as through support of blockchain education and blockchain projects across the Philippines.
“There are already many early adopters for web3 in the country. While this traction is encouraging, we want to bring the advantages of these technologies to a broader, more inclusive selection of Filipinos. That will be the singular mission of our joint venture, which we will aim for with laser-focus: We will usher in web3 in the Philippines for everyone,” said Lee, a native Korean who has settled in the country.
Lee noted that Coexstar — which enables Filipinos to trade popular cryptocurrencies like Bitcoin, Litecoin, and Ethereum — could have found no better partner than First Shoshin. Founded in March 2017, First Shoshin has already made significant progress with its own portfolio companies in the Philippines.
First Shoshin’s portfolio companies include on-demand crowdshipping app JoJoGo, online consultation platform JoJoCare, a blockchain-powered e-wallet JoJoPay.
First Shoshin is expected to provide the same expertise it used to launch and scale its own portfolio companies to its joint venture with Coexstar. These resources are diverse, spanning assistance for legal, compliance, marketing, public relations, implementation, operations, infrastructure, and technology.
The last two will be a particular focus of the collaboration: First Shoshin will provide its joint venture with Coexstar resources relating to blockchain, including human capital like blockchain developers and architects, as well as overall expertise and technology.
First Shoshin founder Jack Ponce-Enrile is proud to offer these blockchain resources to the joint venture.
“Web3 may be getting an increasing share of business headlines, but we should not overlook its foundation. Blockchain must be the underlying bedrock for any innovations in this space. Through blockchain, we can ensure that any web3 products and services are efficient, transparent, and affordable — just as every Filipino deserves,” said Enrile.