TRADERS in cryptocurrency expressed optimism that crypto transactions will continue to grow in the country.
Data from the Philippine Digital Asset Exchange (PDAX) revealed that In the first half of 2021 alone, crypto transactions in the Philippines grew 362 percent year-on-year, as part of the broader acceptance and adoption of digital finance in the country. Moreover, the Philippines also ranks third among 74 surveyed countries with the highest rate of crypto use, following Nigeria and Vietnam, added the PDAX, a digital currency exchange that enables trading and settlement against the Philippine peso.
In a recent webinar, PDAX Founder and CEO Nichel O. Gaba said they are capable to meet this growing local demand for crypto.
“As the leading digital exchange in the country, we are constantly finding ways to expand our crypto offerings and address the needs and pain points of our users,” Gaba said. “With these new coins, we hope to encourage more Filipinos to start trading crypto.”
Before this month’s rollout, PDAX made some of the coins available for early access to members of PDAX Prime, a new exclusive service that provides high-volume Filipino crypto investors full access to even more tokens. PDAX Prime gives clients access to 50 tokens, including 30 exclusive over-the-counter (OTC) digital assets.
PDAX recently launched four new additional coins that Filipino crypto enthusiasts can buy, sell and trade via the platform’s mobile app.
With the launch of the additional cryptocurrencies, Gaba said PDAX now stands as one of the crypto exchanges with the widest coin offering in the country.
The new coins—Solana, SUSHI, XLM, and BNB—are now available to all members beginning this month.
Solana is considered a more viable alternative to Ethereum due to its high speed and low transaction fees. Attracted by these advantages, the global NFT market, in particular, is having increased interest and preference towards Solana, over the erstwhile in-demand Ethereum.
SUSHI is an Ethereum-based token that runs Sushi (formerly SushiSwap), a decentralized exchange platform where people can trade unique and hard-to-find cryptocurrencies that aren’t yet listed in major coin exchanges.
XLM, otherwise known as Stellar Lumens, was designed to make transferring money as simple and affordable as possible.
BNB is used to avail of discounts on trading fees, pay for transaction fees and to invest in other cryptocurrency projects. BNB’s current price is $307.21.
Among these new coins, SOL, and BNB are currently in the top 10 most traded cryptocurrencies in the market today, based on CoinMarketCap data. With the launch of these four new coins, Gaba said PDAX mobile app now offers a total of 26 coins, the most out of all the licensed local exchanges.