From Serious to Humorous, Crypto PH Orgs Pledge Rewards to PH Gold Medalist Olympian Carlos Yulo
Along with the nation, the Philippine web3 community also celebrated the Olympic gold win of gymnast Carlos Yulo.
What’s the News: PDAX pledged ₱200,000 worth of PAXG to gymnast Carlos Yulo. Other web3 entities humorously announced Axie scholarships for web3 games with lifetime SLP rewards.
What’s the Significance: While the support ranges from pledges to largely symbolic or merely in jest, there’s no denying that Yulo’s gold feat at the 2024 Paris Olympics is celebrated by everyone in the Philippines.
Driving the news:
- The locally licensed exchange Philippine Digital Asset Exchange (PDAX) pledged ₱200,000-worth of PAXG.
- Meanwhile, in a satire post, web3 content creator Kookoo CryptoTV also joked that Yulo will receive a lifetime smooth love potion (SLP) supply from him.
- SLP is an ERC-20 token used within Axie Infinity to breed digital pets called Axies, earned through battles and adventures in the game.
- It is currently valued at $0.002275 and has increased by 2.0% in the last 24 hours, as per the data from CoinGecko.
- Vendil Gaming Guild also jokingly announced that the gold medalist will receive an Axie Infinity and a Pegaxy scholarship as well as 1,000,000 $VIS.
- Pegaxy is a play-to-earn PvP horse racing game where players race digital horses (Pegas) to earn rewards.
- It features a dual-token economy: Pegaxy Stone (PGX) for governance and Vigorus (VIS) for breeding and fusing Pegas.
- Coins.ph also congratulated the Olympian in a post:
What is PAX Gold?
PAX Gold (PAXG) is a digital token backed by physical gold, with each token representing one fine troy ounce of gold stored in LBMA vaults in London. Owning PAXG means owning the underlying gold. (Read more: PDAX listed PAXG)
PAXG offers several benefits:
- Cost-effective: Lower-cost structure compared to other gold investment options, with no storage fees.
- Secure and regulated: Gold is stored in secure vaults and audited monthly; Paxos, the issuer, is regulated by the New York State Department of Financial Services.
- Redeemable: PAXG can be redeemed for physical gold or USD at current market prices.
Key quote:
“PDAX congratulates Carlos Yulo for his exemplary performance at the Olympics! He is an inspiration to us all to go ever higher as we pursue our dreams! With this incredible feat, we are pledging PhP200k worth of Pax Gold (PAXG), for our golden boy, Carlos Yulo! Thank you for being an inspiration!”
Philippine Digital Asset Exchange (PDAX)
Zooming out: Carlos Yulo will receive substantial rewards from various public and private entities, including cash incentives and a luxury condominium, following his historic double gold medal wins at the Paris 2024 Olympics.
Worth reading: Recently, PDAX launched the “Money Beyond Digitalization” journal and Crypto Cheat Sheet to help Filipino investors understand web3 finance and crypto trading by simplifying complex financial concepts and providing practical tools for managing personal finances and investments.
This article is published on BitPinas: PDAX Pledges ₱200,000 in Gold-Backed PAXG to Olympic Gold Medalist Carlos Yulo
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