You Can Now Directly Trade SLP to PHP in Binance P2P

Share some Bitpinas love:

In a move that aims to serve the growing Axie Infinity market in the Philippines, Binance has announced the launch of SLP-PHP Trading pair on its P2P marketplace. This allows  buyers to directly trade their SLP for PHP and vice versa. SLP is the cryptocurrency earned when winning battles in the NFT game Axie Infinity. 

How to Sell SLP to PHP using Binance P2P

The steps below details the procedures from syncing the SLP earned in the game up to the cashing out to PHP. 

1) On the Axie Infinity account dashboard, sync your SLP.

2) Go to https://bridge.axieinfinity.com and transfer your SLP from Ronin to MetaMask. 

3) Transfer the SLP from MetaMask to your Binance SLP Address. This will put the SLP to your Binance’s Spot Wallet.

4) From Spot Wallet, transfer the SLP to your P2P Wallet

5) On the P2P Marketplace, find a buyer of SLP. Take a look at the feedback of the buyers to ensure you are getting the best deal and rates. 

6) Once you agree to the terms and  the rates, the buyer will transfer the payment to your account, then Binance will transfer the SLP to the buyer. 

Notable Cash Out Options for SLP in the Philippines

The following are the usual cash out options not just for SLP sale but also for crypto sale on the P2P platform:

1) GCash

2) PayMaya

3) UnionBank

The SLP-PHP pair on Binance P2P would allow and “enable [the creation] of an ecosystem of small merchants to form and help serve the growing Axie Infinity community in the Philippines,” Colin Goltra, Director of Southeast Asia at Binance, said in an email. 

“It will also allow for Axie users to more easily off-ramp from SLP directly into PHP payment methods,” Colin stated further. 

Use Case of SLP

In the Axie Infinity ecosystem, SLP (along with AXS, the governance token of  the game) is needed to breed new Axies. The amount of SLP required depends on the breeding count of the Axies being bred – so anything between 300 SLP to 6,300 SLP will be needed to breed new Axies. The current demand for Axies have also increased the demand for SLP and AXS, catapulting its price higher. AXS has reached closed to $29 in recent weeks while SLP reached $0.40 as well.

The Axie Phenomenon in the Philippines

Axie Infinity’s latest data said close to 500,000 are now playing the game daily and 10% of those users are from the Philippines. According to Luis Buenaventura, co-founder of BloomX, Filipinos playing Axie Infinity and cashing have raked in close to Php 2 billion pesos sent back to the Philippines. This is at the price of Php 2 per SLP last month. A documentary by Yield Guild Games was released to investigate the Axie Phenomenon in Cabanatuan where a group of players have earned a living and weathered the pandemic by playing the game. (BItPinas interviewed the stars of the documentary and asked them how their lives have changed since playing Axie Infinity.)

As per Luis’ column on Cryptoday

“To put that into perspective: 2 billion pesos is the average amount of remittances that ALL the OFWs living in Hong Kong send back home to the Philippines each month. But there are 800,000 of them stationed there! And don’t even get me started on how exploitative their living conditions are. Meanwhile, these Axie gamers are playing from their own bedrooms 3-4 hours a day, and making 4x as much. (Not to mention that they’re spending their money here, bolstering the local economy.)”

SLP is worth Php 14 at the  time this article is written. 

This article is published on BitPinas: You Can Now Directly Trade SLP to PHP in Binance P2P

Share some Bitpinas love:
Follow on social and subscribe to our newsletter
Subscribe
Notify of
guest
17 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

[…] This article is published on BitPinas: You Can Now Directly Trade SLP to PHP in Binance P2P […]

[…] This article is published on BitPinas: You Can Now Directly Trade SLP to PHP in Binance P2P […]

[…] This text is printed on BitPinas: You Can Now Directly Trade SLP to PHP in Binance P2P […]

rmrt

khl

[…] to how much play-to-earn scholars are earning from the various scholarships, it is estimated that close to Php 2 billion was remitted to the Philippines by these scholars by playing and earning from Axie Infinity. This is according to Luis Buenaventura […]

[…] trading of Php to ETH, the crypto used to buy Axies. Binance has recently allowed direct trading of SLP to PHP via peer-to-peer (P2P), meaning both parties can use Binance’s escrow system to trade amongst themselves (meaning […]

[…] Along with the new listing on the Binance Smart Chain (BSC), Binance also added SLP along with AVA, LUNA, and MKR on the list of supported assets on Flexible Savings, a service which allows Binance users earn on their idle digital assets by holding them on the exchange. (Read More: You Can Now Directly Trade SLP to PHP in Binance P2P) […]

[…] Along with the new listing on the Binance Smart Chain (BSC), Binance also added SLP along with AVA, LUNA, and MKR on the list of supported assets on Flexible Savings, a service which allows Binance users earn on their idle digital assets by holding them on the exchange. (Read More: You Can Now Directly Trade SLP to PHP in Binance P2P) […]

[…] game will be decreased more because of the gas fees. Meanwhile most of the sellers and buyers of SLP & AXS in the P2P marketplace is reducing the price between “-1 to -.5” based from Binance or Coingecko price […]

[…] game will be decreased more because of the gas fees. Meanwhile most of the sellers and buyers of SLP & AXS in the P2P marketplace is reducing the price between “-1 to -.5” based from Binance or Coingecko price […]

[…] game will be decreased more because of the gas fees. Meanwhile most of the sellers and buyers of SLP & AXS in the P2P marketplace is reducing the price between “-1 to -.5” based from Binance or Coingecko price […]

[…] game will be decreased more because of the gas fees. Meanwhile most of the sellers and buyers of SLP & AXS in the P2P marketplace is reducing the price between “-1 to -.5” based from Binance or Coingecko price […]

[…] game will be decreased more because of the gas fees. Meanwhile most of the sellers and buyers of SLP & AXS in the P2P marketplace is reducing the price between “-1 to -.5” based from Binance or Coingecko price […]

[…] game will be decreased more because of the gas fees. Meanwhile most of the sellers and buyers of SLP & AXS in the P2P marketplace is reducing the price between “-1 to -.5” based from Binance or Coingecko price […]

[…] game will be decreased more because of the gas fees. Meanwhile most of the sellers and buyers of SLP & AXS in the P2P marketplace is reducing the price between “-1 to -.5” based from Binance or Coingecko price […]

[…] game will be decreased more because of the gas fees. Meanwhile most of the sellers and buyers of SLP & AXS in the P2P marketplace is reducing the price between “-1 to -.5” based from Binance or Coingecko price […]

Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]