Satoshi Citadel Industries

Satoshi Citadel Industries is a Financial Technology startup company building Blockchain services and products for the purpose of financial inclusion in the Philippines. It was founded by Filipino entrepreneurs John Bailon, Miguel Cuneta, and Jardine Gerodias in March 2014, and is headquartered in Makati in Metro Manila, Philippines. It is responsible for the establishment of multiple products and services in the Philippine blockchain and bitcoin industry.^[1]

History

Satoshi Citadel Industries (SCI) was founded by John Bailon, Miguel Cuneta, and Jardine Gerodias in the first quarter of 2014. The founders identified a need for alternative mobile payment solutions due to lack of existing infrastructure in the Philippines, and decided to use blockchain technology, specifically Bitcoin, as a platform for their services.

Growth and Expansion

2014

By August 2014, the company developed six bitcoin ventures: Digital payment service provider Bitmarket.ph, which enables Philippine merchants to accept digital payments,^[2] Bitcoin Remittance company Rebit.ph, which allows people to remit money to the Philippines using Bitcoin, allowing them to save money on remittances,^[3] Bitcoin Faucet/social media service Bitstars.ph, a website that rewards users with Bitcoin for submitting photos ^[4] Bitcoin exchange Coinage.ph, the first enterprise-grade orderbook exchange in the Philippines,^[5] the Philippines' first Bitcoin bills payment service^[6] Bills.ninja, and Prepaid Bitcoin stored value card provider Prepaidbitcoin.ph.

2015

In April 2015, the company successfully acquired^[7] Buybitcoin.ph, the first Philippine Bitcoin exchange, and retained Buybitcoin's CEO Sam Kaddoura as its new CFO.^[8] One month later, in May 2015, the company announced that healthcare entrepreneur Jose Maristela had invested an additional US$105,000 in SCI as a part of their on-going seed round of funding.^[9] By June 2015, SCI had consolidated their verticals into four key products: Rebit.ph, Bitmarket.ph, BuyBitcoin.ph, and Bitbit.cash. "Bitbit" is a mobile money wallet powered by Bitcoin technology, which connects consumers to the Bitcoin network through an iOS or Android app.

2016

In June 2016, the company announced that it had closed its seed round of funding with a major investment from K Venture Group,^[10] the venture capital arm of Kakao, South Korea's largest mobile chat app company with 100 million users.

In August 2016, the company successfully acquired^[11] KEZA, a Silicon Valley based Bitcoin startup that allows users to invest in stock markets using Bitcoin.

References

External links

• Official website