PDAX, a crypto-trading platform officially licensed by the Bangko Sentral ng Pilipinas, has announced that it is now offering seven new cryptocurrency pairs to Filipino crypto enthusiasts.
Ever since the platform’s founding back in 2017, PDAX has dedicated itself to enabling Filipinos to easily invest in digital assets for as low as PHP 50. So far, PDAX has offered top cryptocurrencies such as: Bitcoin, Ethereum, Ripple, Litecoin, Tether, and more.
On June 25th, PDAX started to offer seven new cryptocurrencies for its users: Chainlink (LINK), Enjin (ENJ), Basic Attention Token (BAT), Graph (GRT), Compound (COMP), Aave (AAVE), and Uniswap (UNI). The expansion doubles the number of total offered coins on the platform to 14. It also marks the first time that any of those coins are offered on a local exchange and available to trade directly with the Philippine peso.
According to Kyle Kua, Chief Operating Officer at PDAX, the new offerings are meant to give Filipinos the power of choice. “Our team is committed to building the cryptocurrency ecosystem here in the Philippines, so introducing new coins is just part of that,” Kua explained. “These are cryptocurrencies that have been vetted by PDAX, so users should consider them as options for trading and investing.”
Crypto use cases
All of the newly-offered cryptocurrencies have built up considerable use cases. LINK, for example, is an Ethereum token that powers a Chainlink decentralized oracle network. The network then allows smart contracts on Ethereum to connect to external data sources, application programming interfaces (APIs), and payment systems.
BAT on the other hand is a token meant to make cryptocurrency accessible for everyone. BAT powers a blockchain-based digital advertising platform made to fairly reward users for their attention, while providing advertisers with a better return on investment for their ad spend.
GRT is used to power The Graph, a decentralized protocol that helps organise blockchain data from various networks. This data is then organised into open APIs that anyone can look up.
AAVE is also another Ethereum token that powers the Aave network, which acts as a decentralized money market where users can lend and borrow a range of crypto assets. Depositors provide liquidity to the market and get a passive income, while borrowers can borrow cryptocurrencies in exchange for paying a variable interest rate. Similarly, both COMP and UNI are governance tokens also supporting the borrowing & lending protocols of their respective networks.
It’s no coincidence that the new offerings come amidst a rising interest in the world of cryptocurrencies. According to PDAX, the offering of the new coins is in line with its #StartWithPDAX campaign that looks to help Filipino traders no matter where they are in their crypto journey.
The PDAX platform was even designed to be as beginner-friendly as possible, making it easy for Filipinos to buy and sell cryptocurrencies with just the click of a button. The ‘Basic’ mode of the app lets beginners easily see how much coins are worth in Philippine peso. Traders can even use the “Set Price” option to specify their preferred buy/sell price for their coins.
For more advanced users, PDAX has even recently come out with a Pro mode for their mobile app. With Pro mode, users can see their order book and place limited orders.
“We want Filipinos to know that PDAX is their go-to place for cryptocurrency, no matter how far along they are on their crypto journey,” said Kua. “The new features and coin offerings are just a peek at the exciting new developments we’ve got up ahead.”