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Philippines’ Crypto Exchange Coins.ph Adds Ripple XRP Integration
Mobile wallet and digital currency exchange, coins.ph has revealed that it will be assessing whether or not it is ideal to accept the likes of the XRP token within its set services.
For the moment, the Philippines exchange provides both traditional and cryptocurrency services, as the former ranges from accepting and sending payments via a business to personal needs like paying bills and loading up on promotions or credits for games. The latter is still novice, as the financial services platform only supports the trading of Bitcoin [BTC], Bitcoin Cash [BCH] and Ethereum [ETH].
According to Coin Gape, Head of Cryptocurrencies sector at coins.ph, Colin Goltra addressed the possible incorporation of XRP within its services. To see whether or not their decision was sound was tested by rolling out XRP integration to a set number of selective participants. The testing period has concluded, and Goltra shared that its team is “still gathering data and deciding on [their] level of support for XRP.”
XRP has previously gotten a lot of criticism because many viewed it as misrepresenting the crypto sphere. In particular, said individuals would associate XRP with the notion of centralization, adding it to be the main reason why many of its partnerships within traditional firms and banks have been possible.
On the opposite hand, many have made the case that Ripple’s goal towards frictionless payments and ability to efficiently connect banks, providers and cryptocurrencies makes them one of fewest projects to have emphasized on real-life uses.
At the time of writing, the XRP takes the third position on CoinMarketCap, with a total market cap of about USD$13 billion, token price of USD$0.33 and trading volume of USD$272 million.
Ripple (XRP) Cryptocurrency Can Be Used to Pay Bills via Coins.ph in Philippines
Coins.ph Allows 5 Million Users To Pay Bill In Cryptocurrencies
South East Asia has been catching up with the western world in crypto adoption. This narrative continues with a new development coming out of Philippines.
Coins.ph is a Philippines based cryptocurrency payment website that allows Filipinos to pay their domestic and household bills by using cryptocurrencies. Until now, payments could be made in Bitcoin, Bitcoin Cash, and Ethereum, giving Coins 5 million customers access to some FIAT-alternative payment methods.
Now, with the announcement of an XRP listing, these customers have access to an XRP payment system that will allow domestic and household bills to be settled in the XRP currency, creating a more transparent service and allowing for customers with more versatile portfolios to join the community.
The company has rolled out XRP integration to a limited number of randomly selected participants. A number of these trial users have posted screenshots of their Coins.ph XRP wallets on Twitter. XRP will be one of the wallets immediately found on the app’s dashboard, and users can freely swipe between the other wallets, including the PHP wallet.
The community has a reason to rejoice since this comes as big news as far as the crypto's adoption is concerned. Not just because of this but also because holders collectively transferred XRP worth millions of dollars and started spending on everyday items after payment with Wirex Visa card became available.
If people can see there’s already a tried and tested a way to pay bills in XRP, or Bitcoin, or any cryptocurrency, they are more likely to try it out for themselves and thus, the chance of adoption is increased.
Notably, Ripple is in desperate need of good publicity as the XRP has been attracting a lot of bad press lately because of its falling prices and looming lawsuits.
Coins.ph Compliance Officer Says Blockchain Is Collaborative Not Disruptive
Maria Gaitanidou, who works as the compliance officer at Coins.ph, the largest crypto wallet service provider in the Philippines, has recently told the media her thoughts about the cryptocurrency industry and how it will develop in the near future.
According to Gaitanidou, the notion that the blockchain would eventually replace banks is wrong and it should not be promoted. Why? Because it is easy for the institutions to also use the blockchain technology on their current structures and bring them closer to traditional assets.
Blockchain Is Not As Disruptive As Everybody Seems To Think
Gaitanidou has told the media that everyone is currently experimenting with this new technology and that, while this is great, it is simply far from what could be considered disruption at all. According to her, a lot of people believe that blockchain is “disruptive” but that is simply far from being the truth.
In her vision, blockchain helps more to bring the technology closer to people than it is fully made to disrupt. Because of this, Maria dismissed fears that the blockchain would be used to replace banks in the future or that they should be against this technology at all because it will certainly not harm the financial and monetary systems.
She affirmed that “we always will need a bank” on an interview and rejected suggestions that crypto exchanges had any chance of taking over banks, especially when cross-border movement of money is concerned.
Collaboration is Not Disruption, Coins.ph Executive Affirms
It is clear that the executive believes that the only intersection that can be seen in the future between banks and crypto exchanges is collaboration. She stated that financial institutions were wary of digital exchanges first because they were not regulated, but there is a clear move for more regulation on the industry recently.
Because of this, the banks are slowly perceiving that it can be interesting for them to get closer to the exchanges so they can also beneficiate from the developments of the technology. According to Maria’s vision, the number one function of the cryptos should be to provide financial freedom for the unbanked but this does not necessarily mean they are stealing clients from the banks.
For instance, a recent survey showed that many Filipinos remained unbanked and that crypto exchanges were helping these people to get some type of banking access. According to the research, a total of 75% of the adults in the country do not have bank accounts.
This makes up for a total of more than 52 million adults and it is reported that 60% of them report not having money as the main reason for it, while 21% lack the need and some other do not have documents to open an account or complain about the costs being too high (10%).
Crypto exchanges, according to the executive, can be a solution for these people especially because they are not really the people that are currently being targeted by the banks.
Providing an alternative, Gaitanidou says, is not really competing with the banks because they are not looking for the same customers. Exchanges can find a broader base of clients that are not necessarily who the banks are looking after.
Gaitanidou finalized by saying that exchanges will be useful because they let people decide how to use their money without being too tied to banking hours and whether is a holiday or not. They have fewer restrictions and can use a simple app to solve their problems.
Coins.ph Coins Exchange (CX) Platform Starts BCH-PHP Trading Pairs
Coins.ph (CX) Launches the First BCH-PHP Trading Pair
Coins.ph is paving the way for cryptocurrency to enter the mainstream market in the Philippines. The exchange, which is the first digital exchange in the country, has recently enabled its users to use Bitcoin Cash (BCH), but it did not stop there.
Via their new platform, Coins Exchange (CX), Coins.ph has introduced the BCH-PHP trading pair in the world. Since the launch of the company in February, it has developed a lot and reached a user base of more than 5 million people.
At the moment of this report, CX was still in Beta, but soon users from all over the country and citizens which are overseas will be able to use the platform. There is already a waitlist for the exchange that you can find here.
New BCH-PHP Trading Pair Will Increase Liquidity of Bitcoin Cash In The Philippines
Colin Goltra, the Head of the Cryptocurrency Programs at the Coins.ph, has told the media that this launch, which is the first of its kind globally, will significantly increase the liquidity of the Bitcoin Cash (BCH) in the country and dramatically decrease the cost of transactions.
This, the executive believes, will be a great step both for the company and for Bitcoin Cash (and other cryptos) in the Philippines.
https://t.co/M0rZHnWzr3, recently enabled BitcoinCash (BCH) access to its 5 million users in the Philippines, and launched the first BCH-PHP trading pair in the world through their newly launched Coins Exchange (CX). ⭐️⭐️⭐️⭐️⭐️ #BCH is #Bitcoin https://t.co/o54EuimPwH
— Sheri Serife Ucar (@SheriUcar) June 28, 2018
This tweet above seems to be circulating, but many were quick to point out her last hashtags since they said "#BCH is #Bitcoin"