It is with great excitement that we have launched the first cryptocurrency pegged to the Philippino Peso. The Philippine stablecoin called peg.PHP is now the second stablecoin launched by the company. In March, Bitspark also launched Hong Kong's first stablecoin, Sparkdex.HKD. As a blockchain money transfer company, stablecoins play an important role in the onboarding process for Bitspark's products and services.
Stabelcoins are cryptocurrencies pegged to the price of fiat currency so when someone deposits cash, they get the equivalent back without exposure to price fluctuations. This means that when you deposit 1000 of Philippino Peso (PHP), you receive 1000 peg.php that can then be sent, received or exchanged.
While stablecoins have predominantly been used as a means to hold balances on exchanges and whether the volatile markets of cryptocurrency, they also provide an excellent use for exchanging between currencies without volatility risk. The problem to solve for money transfer companies to reduce costs for customers is cutting out the middlemen as well as reducing the number of times one has to exchange between currencies. In the case of using Bitcoin, a non-stable cryptocurrency, a money transfer would go through several exchanges (deposit fiat via bank, buy crypto, sell crypto for fiat and withdraw) which can end up to be just as expensive as using traditional banking depending on how the market swings. Stablecoins removes this by providing a direct exchange between fiat stablecoins and in effect reducing steps it takes for conversion.
The Hong Kong to Philippines corridor was the first corridor Bitspark began its crypto money transfers in. With around 300,000 Filippino's in Hong Kong sending money to the Philippines every month, it is only fitting that the company launched Philippine's first stablecoin peg.PHP and Hong Kong's first stablecoin sparkdex.hkd.
With both stablecoins available on Bitspark web platform, anyone can now deposit by cash, cryptocurrency or bank and receive sparkdex.HKD and peg.Php easily. From there you can exchange between stablecoins or even buy and sell Bitcoin, Ethereum, Bitshares or ZEPH. We look forward to bringing more innovation to the money transfer industry and driving much-needed change to the space.
Read more about Bitspark's epic journey here;
Sign up to our newsletter for monthly insights on crypto money transfers.
Bitspark is a bankless money transfer ecosystem that enables businesses and people to cash in and cash out cryptocurrencies across Asia and Africa.