PDAX Adds Nine New Crypto to Its App
Local cryptocurrency exchange company Philippine Digital Asset Exchange (PDAX) announced the addition of nine cryptocurrencies on its mobile application, namely: Binance USD (BUSD), Pax Gold (PAXG), ApeCoin (APE), Green Metaverse Token (GMT), Green Satoshi Token (GST), Algorand (ALGO), Decentraland (MANA), The Sandbox (SAND), Gala (GALA).
Binance USD (BUSD)
Binance USD, or BUSD, is a stablecoin founded by blockchain company Paxos Trust and crypto exchange giant Binance.
According to Binance, BUSD provides a monthly audited report of reserves in compliance with stringent regulatory standards to ensure the security and safety of user assets.
“Officials of the New York State of Financial Services (NYDFS) take on the responsibility of enforcing specific rules and measures on Paxos and Binance with regards to how the stablecoin operates, how it is backed, and how it is ultimately collateralized,” Binance added.
Other stablecoins similar to BUSD that are attempting to maintain a 1:1 ratio price with the U.S. dollar are USDC and USDT.
At the time of writing, PDAX users can buy BUSD at PHPT 26.58 and can sell at PHPT 55.56.
Pax Gold (PAXG)
Pax Gold, or PAXG, is also a stablecoin, but instead of U.S. Dollar, it is backed by one fine troy ounce (t oz) of a 400 oz London Good Delivery gold bar, stored in Brink’s vaults.
It is considered a digital asset because owning a PAXG will also make you the owner of the underlying gold, held in custody by Paxos Trust, the same company that co-founded BUSD.
At the time of writing, PDAX users can buy PAXG at PHPT 97,569.00 and can sell at PHPT 95,236.00.
ApeCoin, or APE, is an ERC-20 token that was released last March and is controlled and built on by the community, with a maximum supply of 1 billion tokens.
It is adopted by Yuga Labs, the creator of Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) non-fungible token (NFT) collections and the Intellectual Property owner of NFT projects CryptoPunks and Meebits, as the primary token for all new products and services of the company, APE can also be used to pay for in-game assets in play-to-earn games like Benji Bananas by Animoca Brands.
At the time of writing, PDAX users can buy APE at PHPT 281.46 and can sell at PHPT 275.26
Green Metaverse Token (GMT)
Green Metaverse Token, or GMT, is the main token of Stepn, a move-to-earn app built in the Solana ecosystem. It is the main reason why other exchanges list this token as “STEPN (GMT).”
It only has a maximum supply of six billion tokens and can be earned during the Token Generation Event (TGE), where it can be minted.
GMT can also be earned by STEPN users with NFT sneakers, according to Coinbase.
It is the native governance token of Stepn.
At the time of writing, PDAX users can buy GMT at PHPT 39.12 and can sell at PHPT 38.25.
[Read more: Stepn Guide Philippines: ‘Move-to-Earn’ NFT App Pays You to Walk]
Green Satoshi Token (GST)
Green Satoshi Token, or GST, is the in-app utility token of Stepn, a move-to-earn app built in the Solana ecosystem.
Unlike GMT, it has an unlimited supply and can be earned in the game.
GST can be earned by STEPN users with NFT sneakers by walking or running outdoors, or by “renting” out their NFT sneakers to other users and can be used to pay for digital items and upgrades, according to Coinbase.
At the time of writing, PDAX users can buy GST at PHPT 2.02 and can sell at PHPT 1.98.
Algorand, or ALGO, is the native token of the proof-of-stake blockchain protocol Algorand.
It is used as a utility token to pay transaction processing fees.
ALGO is validated instead of mine, where the proof-of-stake consensus mechanism uses validators rather than miners to operate the Algorand blockchain.
At the time of writing, PDAX users can buy ALGO at PHPT 2.93 and can sell at PHPT 2.87.
Decentraland, or MANA, is the native token of Decentraland that powers the virtual reality (VR) platform.
Decentraland has two tokens, LAND and MANA:
LAND is a non-fungible token that carries the coordinates of a single point on the grid, references each parcel’s data, and represents the individual ownership of land parcels.
MANA is a fungible token to buy LAND and in-game items and services in the Decentraland Marketplace such as Estates, Avatar wearables, and names.
MANA is an ERC20 token and is interchangeable with other ERC20 tokens.
It also provides voting power in the Decentraland’s Decentralized Autonomous Organization (DAO), holders can convert their MANA into wrapped MANA (wMANA) and lock it in the DAO. One wMANA represents one vote.
At the time of writing, PDAX users can buy MANA at PHPT 45.02 and can sell at PHPT 44.04.
The Sandbox (SAND)
The Sandbox (SAND) is an ERC20 token and the utility token of The Sandbox ecosystem, an Ethereum-built 3D game that users can explore, purchase land on and create structures.
SAND is used for transactions and interactions in the game, it can also be earned through selling the structures that the players made in the game
There is a maximum supply of three billion SAND.
At the time of writing, PDAX users can buy SAND at PHPT 55.50 and can sell at PHPT 54.19.
GALA is the native utility token of Gala Games Ecosystem on its platform.
Being the native utility token, it is considered the primary digital asset for purchasing items, peer-to-peer payments, rewarding nodes, and other transactions in the Gala Games Ecosystem.
GALA was originally built on the Ethereum Blockchain, but Gala Games bridged it to Binance Smart Chain as a BEP-20 asset.
According to CoinMarketCap, Gala Ecosystem currently has more than 1.3 million users around the globe, with its CEO, Eric Schiermeyer, Zynga’s co-founder, the developer behind the nostalgic game Farmville.
At the time of writing, PDAX users can buy SAND at PHPT 2.94 and can sell at PHPT 2.87.
The addition of the tokens brings the total number of crypto available in the mobile app to 35.
At the time of writing, the available tokens in the PDAX mobile app are PHPT, BTC, ETH, XRP, USDT, USDC, BCH, LTC, UNI, LINK, AAVE, COMP, BAT, ENJ, GRT, DOGE, SLP, AVAX, AXS, XLM, ADA, MATIC, BNB, SOL, DOT, SUSHI, BUSD, PAXG, APE, GMT, GST, ALGO, MANA, SAND, and GALA.
PHPT is an internal utility token by PDAX pegged to the Philippine Pesos.
Last May, PDAX added the four latest cryptos available in their app, namely: Solana (SOL), BNB (BNB), Stellar (XLM), and Sushi (SUSHI).
PDAX is one of the recognized Virtual Asset Service Providers (VASP) in the country, licensed by the Bangko Sentral ng Pilipinas.
This article is published on BitPinas: PDAX Adds Nine New Crypto to Its App
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