A Philippines mobile payment startup called Coins received a $5 million investment from global investors to reach unbanked people in Souheast Asia, according to JD Supra Advisor.

The Series A round led by Accion Frontier Inclusion Fund will enable Coins to expand throughout Southeast Asia and beyond to reach as many as 600 customers. It will help individuals who lack access to banking services to use bitcoin as their main means of currency, without the volatility that is typical of the digital currency through large financial institutions and retail outlets, spanning 22,000 cash disbursement and collection locations in the Philippines alone.

The start-up has created a mobile platform that uses the blockchain as a transfer protocol so users can use bitcoin to withdraw cash from bank ATMs and through SMS codes, providing door-to-door cash delivery and service at local convenience store chains. It also gives people the option to keep their bitcoin in Philippine pesos rather than bitcoin currency.