Coins.ph customers can now buy, sell, and hold USDC, Chainlink (LINK), and Kyber Network Crystal (KNC) on the platform, the company announced today. This comes after the increased local demand for cryptocurrencies coupled with the increase in the global market capitalization of cryptocurrencies. Users can check the new tokens when they download the most recent version of the Coins.ph app on Google Play and iOS.
USDC is a stablecoin backed 1:1 by the US dollar. It is one of the top stablecoins with a market cap of around $26 billion at the time this article is written. USDC, launched by the Center Consortium, which is an initiative between top crypto companies Circle and Coinbase, is one of the most transparent stablecoins; it is audited frequently, ensuring the public that there’s always a dollar backing every USDC available. This makes USDC a popular choice when businesses choose to pay their employees in crypto.
Chainlink is a decentralized oracle network intended to bring real-word data into smart contracts. The cryptocurrency LINK is the network’s native token to be used to pay node operators, who in turn, stake their LINK to participate and provide data services. Real world data could be anything worth recording on the blockchain — be it price feeds or even weather information. The demand for such activity has spurred LINK competitors, but LINK remains a top cryptocurrency, at one point becoming no. 4 on Coingecko’s crypto market rankings.
The Kyber Network allows tokens to be swapped with each other across decentralized apps, wallets, and decentralized finance (DeFi) platforms without an intermediary. It does this by aggregating liquidity across various sources allowing easier exchange of tokens. KNC is the governance token of the Kyber Network, which is also used to pay fees on the network.
Users simply need to update their Coins.ph app to the latest version and they only need to create the wallets for each token inside the platform. The option is only available for ID and Selfie verified customers.
The three tokens will join Bitcoin, Bitcoin Cash, Ether, and XRP, bringing the total available cryptocurrencies on Coins.ph to 8. This marks the first time the platform is adding new tokens since 2018, when it added XRP and Bitcoin Cash. According to Franco Araneta, the company’s marketing officer, the launch is part of Coins.ph renewed effort to provide its customers with more offerings within the app itself. Swapping from token to the next can be done easily on Coins.ph, along with the option to convert the coins to and from Peso, which in turn, would allow the customers to use their funds to take advantage of Coins.ph’s other features, such as paying for bills, buying mobile credits, and even donate to charities.
The timing of the launch coincided with increasing local demand for cryptocurrencies and revitalized competition that Coins.ph is facing within the local crypto industry. While the current crypto market’s momentum has slowed, the market cap is still significantly higher than from the previous years. The local industry is also facing competition from international exchanges and P2P marketplaces. “The last time we updated our platform with new tokens was in 2018” says Nauman Mustafa, CEO of Coins.ph “so we owe it to our growing customer base to continue to work on improvements and innovations to make their experience with digital finance better.”
This article is first published on BitPinas: LINK, USDC, KNC Now Available at Coins.ph!