Bitspark is a bankless money transfer company that helps you convert cash to cryptocurrency, globally.
Following the global settlement of peg.PHP, we have initiated a strategic restructuring of the Philippine Peso stablecoin by replacing peg.PHP backed by BTS with stable.PHP which uses BitUSD as the collateral backing.
To kickstart the markets, we have seeded 10,000 BitUSD to back stable.PHP and are looking at adding another 50,000 BitUSD soon when our next iteration of the Bitspark platform is live with withdrawal to PHP cash via web in addition to the API. Currently, the API is where our major PHP customers integrate with us.
Benefits of using BitUSD as collateral backing for stable.PHP
Shorters should be very interested in this development as emerging market currencies almost always depreciate against the USD in the long term and therefore creating stable.PHP with BitUSD is likely to be a profitable trade, just about always. This is something we are constructing a marketing campaign for, targeting the large financial and FX industry in our home markets in Asia.
We think using BitUSD as collateral backing will greatly increase adoption of stable.PHP for the following reasons:
The benefits of using BitUSD as collateral backing can be replicated across multiple exotic currencies. For that reason, we will be using the same structure going forward with our next stablecoin releases including Indonesian Rupiah (IDR), Vietnamese Dong (VND) and South African Rand (ZAR) to provide traders with the same unique market opportunities that now exist for the newly minted stable.PHP coin.
Bitspark is a bankless money transfer ecosystem that enables businesses and people to cash in and cash out cryptocurrencies across Asia and Africa.