Coins.ph To Utilize PHPC Stablecoin for Australia-Philippines Remittances | Key Points | Aug. 29, 2024
GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. In today’s daily recap, Coins.ph announced utilizing its own stablecoin for Australia-Philippines remittance corridor.
Here are the latest crypto news stories in the last 24 hours.
Table of Contents
Market Analysis and Updates 📈
Here are the crypto highlights of the day:
Crypto Price Update
- Bitcoin (BTC): $59,102.58, down 0.4% over the last 24 hours.
- Ethereum (ETH): $2,523.05, up 3.3% over the last 24 hours.
- Solana (SOL): $143.73, down 2.0% vs the previous day.
Trending Coins Update
- APES: $0.0237, up 68.5% vs the previous day.
- Neiro: $0.00008, up 62.9% over the last 24 hours.
- Dogs: $0.0014, up 14.5% vs the previous day.
For the daily price update, check out our post on Facebook.
📺 Tonight on the BitPinas Webcast
We have a watch-to-earn initiative that will happen tonight during the BitPinas webcast, thanks to PDAX for the sponsorship of the $CELO tokens that we will give away during the livestream
Register now on our event page!
Feature News: Coins.ph To Utilize PHPC Stablecoin for Australia-Philippines Remittances
Locally licensed crypto exchange Coins.ph has teamed up with Australian digital payments platform Stables Money to streamline cross-border remittances between Australia and the Philippines using the PHPC stablecoin.
- PHPC is the first Philippine Peso-backed retail stablecoin, pegged 1:1 to the peso and backed by cash reserves in Philippine banks.
- Since its July launch, PHPC has been integrated into the Ronin Network and Katana, a decentralized exchange, showing strong user adoption.
- In a previous interview with CEO Wei Zhou, the exchange plans to integrate PHPC in more exchanges.
The partnership with Stables Money allows near real-time, low-cost remittances compared to traditional methods.
- Last year, the Australia-based crypto company announced that users can begin off ramping their USDC and USDT into Philippine peso.
- Stables Money said it has integrated PHPC to enhance its services, with 28.44% of its transactions now in pesos, Bernardo Bilotta, CEO of the company, as per a statement.
Key quotes:
Wei Zhou of Coins.ph emphasized the potential of PHPC in cross-border transactions, trading, and other financial activities:
“We’re encouraged to see growing adoption of PHPC among our user base.”
Bernardo Bilotta of Stables Money recognized the country’s key role in global remittances.
“With 28.44% of our send transactions now in PHP, this move highlights our commitment to making cross-border payments hassle-free for those sending money to the Philippines.”
Future Plans: Coins.ph plans to expand PHPC’s reach by partnering with more exchanges, wallets, and financial institutions, aiming to make PHPC a key player in global digital finance.
Worth watching: Check out our previous interview interview with Zhou, along with Sky Mavis co-founder Jeff Zirlin where they discuss the potential of PHPC in decentralized transactions.
Philippine Crypto News 🇵🇭
- BitPinas article: GAM3 Awards set to take place in the Philippines during YGG Play Summit.
- Coin.ph listed SUI.
- Nelson Lumbres, ICP Hub PH Co-founder, discussed in an interview what ICP is and how it’s shaping the future of web3.
Educational Corner 🎓
After successfully integrating the Kaia DLT Foundation into the Abu Dhabi Global Market (ADGM), the foundation launched the Kaia Mainnet today.
Check out its updates to Finschia and Klaytn, along with the introduction of Kaia Portal and Kaia Square here.
Regulation Watch 📜
Stay informed about the latest regulatory updates and what they mean for you:
- The Nigerian SEC issued its first provisional operating license to local crypto exchange Quidax.
- New Zealand will implement the OECD’s crypto reporting framework by April 2026.
- Japan’s Prime Minister Fumio Kishida emphasized the importance of Web3 and blockchain technology in addressing social issues.
Community Spotlight 🔦
Meet Vincent Tio: He is a key figure at Philippine Digital Asset Exchange (PDAX).
- Tio is the exchange Head of Platform Solutions, responsible for overseeing the technology and development aspects of PDAX.
- He will be a part of the BitPinas webcast featuring Rene Reinsberg, President of Celo Foundation and Co-Founder of Celo Blockchain.
More Web3 and AI News 💡
Discover the latest in web3 and AI innovation.
- Colle AI (COLLE) is launching new AI-driven Curation Services to boost artist visibility in the NFT marketplace.
- MakerDAO is rebranding to “Sky” and launching new tokens as part of its major overhaul called “Endgame.”
- KOR Protocol launched KOR Player, a streaming service that lets users remix music with tools like a sound library and AI for verifying provenance and managing crypto royalties.
Web3 Gaming Section 🎮
The future of web3 is gaming, and here are the latest news.
- Gameplay Galaxy raised $24 million to develop its web3 esports ecosystem and advance its extreme sports title, Trial Xtreme Freedom.
- Pixelmon‘s “Hunting Season” NFT staking event started, allowing players to stake NFTs to earn $MON through a three-phase process.
- DARKTIMES, a Nordic-inspired medieval Brawler Royale, is set to launch on the Sui blockchain.
- Saga Origins announced a new lineup of indie web3 games.
Event Announcements 📅
Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space!
Happening today:
- Hooked Unitour Hackathon Philippines: August 29, 2024
Upcoming events:
- Solana Radar Global Hackathon: September 2, 2024
- Bicol Traders Meet 2024: September 7, 2024
- Blockchain Campus Conference 2024: October 10, 2024
Noteworthy 🌟
Key updates and announcements from around the crypto and blockchain world:
- Binance is under scrutiny for seizing cryptocurrency from Palestinian users at the request of Israel’s Defense Forces.
- Since January 2024, centralized crypto exchanges have seen $26 billion worth of Bitcoin and Ethereum withdrawn.
- Australians lost $122 million to crypto scams in the last 12 months.
- Aave Labs proposed integrating BlackRock’s tokenized fund, BUIDL, into the GHO Stability Module (GSM) to enhance the management of its stablecoin system.
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This article is published on BitPinas: Coins.ph To Utilize PHPC Stablecoin for Australia-Philippines Remittances | Key Points | Aug. 29, 2024
