The popularity of cryptocurrencies is apparently on the rise in the Philippines, where 10% of people claim to own at least one cryptocurrency asset. According to a Coindesk analysis, the region’s adoption rate of cryptocurrencies and blockchain technology is 16%. The reported rise in inflation coincides with this interest boom, leading Filipinos to look to cryptocurrency assets as a hedge. In the Filipino cryptocurrency scene, new tokens like Baby Grok and Innova DeFi, stablecoins like Ethereum, and Bitcoin are becoming more and more popular.

GCrypto: Making Crypto Accessible Through GCash

Since May 2023, all GCash users have had access to GCrypto, an in-app cryptocurrency platform powered by the Philippine Digital Asset Exchange (PDAX). Given that GCash has more than 70 million users, GCrypto can potentially reach a substantial section of the nation’s population. Because of its many features, which include the ability to purchase, sell, and send cryptocurrency, the site is a convenient choice for users.

Maya Crypto: Beginner-Friendly Crypto Integration

With its integration within the Maya Bank app, Maya Crypto strives to provide cryptocurrency to everyone. Maya Crypto was established in April 2022 and lets customers trade for as little as ₱1. It supports a variety of cryptocurrencies. Maya’s user-friendly interface is ideal for novices, and the Bangko Sentral ng Pilipinas (BSP) has granted the platform a Virtual Asset Service Provider (VASP) license. Mutual funds and the ability to transfer and receive cryptocurrency are among the extra services that Maya provides.

Coins.ph: Digital Asset Access for Millions

Coins.ph is an online bill payment and cryptocurrency trading platform for Filipino investors, founded in 2014. Coins.ph, which has over 16 million registered users, makes it easier to buy different cryptocurrency assets with Pesos. The portal offers bill payment and mobile network load purchases in addition to charging fees for trading. In the Philippines, Coins.ph is governed as a licensed electronic money issuer, remittance and transfer agent, and virtual currency exchange.

PDAX: UnionBank and PDAX Collaborate on Crypto Trading

PDAX is an authorized cryptocurrency exchange in the Philippines that claims to be a partner of the UnionBank of the Philippines. It allows for spot cryptocurrency trading using Peso-pairable assets. E-wallets, over-the-counter deposits, and online banks are the fiat deposit options that PDAX provides. The platform assesses fees for cryptocurrency withdrawals, deposits, and trading.

Risks and Considerations

Users are advised to only invest money they can afford to lose, even with the growing interest in cryptocurrency. The Bangko Sentral ng Pilipinas (BSP) highlights the erratic nature of the cryptocurrency market and advises people to research potential investments before making them.

The cryptocurrency scene in the Philippines is changing, and users have a variety of ways to get involved in the expanding digital economy with these four exchanges. Users need to be aware of the opportunities and hazards involved with investing in cryptocurrencies as the country embraces the financial future.