Local VASP Coins.ph Announces Solana Integration in Feb

• Local cryptocurrency exchange Coins.ph said it plans to integrate the Solana blockchain into its platform by February.
• CEO Wei Zhou emphasized that the firm will provide full support for the Solana blockchain, going beyond just listing tokens.
• Zhou mentioned that Solana is a challenging blockchain, citing resource constraints as the reason for the delayed integration until now.

Locally licensed cryptocurrency exchange Coins.ph revealed its plans to integrate the Solana blockchain into its platform by February. CEO Wei Zhou shared this during the media roundtable held on January 25 at BGC, Taguig.

(Also read our articles: Ultimate Guide to Solana Airdrops 2023 – 2024 and Solana Guide and Usecases | How to Buy SOL in the Philippines)

Solana in Coins

During the Coins.ph’s “2023 Lookback and Beyond” media roundtable, Zhou highlighted that the platform will finally support Solana Blockchain and its products. He disclosed that it goes beyond just listing tokens, aiming for full support of the Solana blockchain. 

“What we’re going to do is actually fully support the Solana blockchain which is quite a much more complicated blockchain versus Ethereum EVM chains, and with that, you can basically get more Solana tokens, (including) gaming tokens and maybe even DeFi (decentralized finance) tokens.”

Wei Zhou, CEO, Coins.ph

He also expressed excitement about providing support for Solana on the platform, emphasizing that Solana is currently the third-largest blockchain ecosystem globally, trailing only behind Bitcoin and Ethereum. 

“We’re really excited to be able to provide native support for Solana on Coins starting in February,” he added.

When asked why Coins is only launching support for Solana now, Zhou humorously remarked that “it’s a really hard blockchain.”

“It’s about resources right here for us. It’s sort of like we’ve always wanted to support it, but we just didn’t have the resources to do it until now.”

Wei Zhou, CEO, Coins.ph

Apart from Solana, in December 2023, Coins.ph expanded its services by integrating BRC-20 inscription— a standard for creating and handling interchangeable tokens with equal value on the Bitcoin blockchain.

What is Solana Blockchain?

Solana is a blockchain platform recognized for its high performance and scalability, addressing common challenges in the blockchain space. With a unique combination of technologies, including Proof of History (PoH) and Proof of Stake (PoS) consensus mechanisms, Solana achieves high throughput, capable of processing thousands of transactions per second. 

The platform prioritizes low transaction costs, making it more accessible for users and developers. Its architecture is designed for scalability, allowing it to handle a growing number of transactions without compromising speed. 

The platform supports various tokens, including Solana Program Library (SPL) tokens, fostering a diverse ecosystem of decentralized applications (DApps) for gaming, non-fungible tokens (NFTs), and DeFi. 

Read: 

• Solana Guide and Usecases | How to Buy SOL in the Philippines
• Ultimate Guide to Solana Airdrops 2023 – 2024

Recent Coins News

Recently, Coins.ph introduced support for Coreum, making the token available on both its primary blockchain and the Ripple network. 

A report from Circle, a global fintech company and the issuer of USDC, highlighted its collaboration with Coins.ph and Grab as a significant partnership in the Southeast Asian region.

The firm also launched an enhanced referral program, integrating rewards from transactions on Coins Convert, the platform’s crypto buy-and-sell feature. Referrers are entitled to receive a 10 basis points commission on the Convert transactions of their referees.

This article is published on BitPinas: Local VASP Coins.ph Announces Solana Integration in Feb

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