Chainanalysis's Geography of Cryptocurrency Report predicts that by 2022, Southeast Asia will have the highest rate of cryptocurrency adoption worldwide. If we look at the total index, the Philippines comes in at number two and Thailand at number eight. User onboarding is difficult despite the fact that both countries are in the top 10 and utilize cryptocurrencies for everyday transactions like sending money and protecting funds from fiat currency volatility.

The once-promising blockchain technology is now moving at a snail's pace due to the lack of options available to SEA consumers in those countries for making frictionless, low-cost transactions between fiat currency and cryptocurrencies.

Coinbase Wallet has entered into a strategic partnership with an integrated service platform that basically accepts fiat-to-cryptocurrency deposits from users all over the world, known as Transak. Customers who use Coinbase Wallet and Transak to change their fiat currency into cryptocurrency can do so in a way that is both speedy and convenient.

Transak's integration into the platform enables Coinbase Wallet users in Southeast Asia to onboard faster and obtain access to self-custodial wallets. Further, by simplifying user KYC, customer support, payment options, and risk monitoring & compliance, Transak enables Web3 businesses to introduce their consumers to over 130 distinct crypto assets originating from 125 countries.

Users in the Philippines are able to acquire cryptocurrencies by making use of preexisting local payment options such as GCash, Maya, and GrabPay, in addition to their debit or credit cards. Utilization of the Transak platform enables the accomplishment of this goal. 

Further, in addition to EVM-compatible networks, Bitcoin, Dogecoin, Litecoin, Stellar Lumens, as well as Ripple networks are all supported on the go using Coinbase mobile app. Reduced transaction costs for users make cryptocurrency use more accessible.

What the future holds for crypto adoption and decentralization in the Philippines and Thailand is something that can only be seen in retrospect. Nonetheless, the SEA area is poised to become the next hot place for decentralization and innovative use cases for crypto, as seen by Coinbase Wallet's integration with Transak and its focus on lowering barriers to accessing the crypto market.