The Philippine Digital Asset Exchange (PDAX) has expanded its cryptocurrency listing with nine new tokens now being offered to all their mobile users, namely:
- ApeCoin (APE)
- Algorand (ALGO)
- Binance USD (BUSD)
- Pax Gold (PAXG)
- Decentraland (MANA)
- The Sandbox (SAND)
- Gala (GALA)
- Green Satoshi Token (GST)
- STEPN (GMT).
Previously, the said tokens were only available to PDAX Prime clients, and they have now brought these to the PDAX mobile app with a total of 34 cryptocurrencies—including Bitcoin and Ethereum—available for direct trading with Philippine peso.
Below are the brief descriptions of each tokens:
Table of Contents
Apecoin (APE)
APE is the governance token for the Bored Apes Yacht Club (BAYC)–the NFT collection that set the bar for non-fungible artworks as an investment vehicle, drawing sales of more than $2.3 billion just a little over a year since the project launched. BAYC is composed of 10,000 unique “Apes” which have amassed a huge following including celebrities such as Madonna, Eminem, and Post Malone. Its current market capitalization stands at $1.5 billion as of writing.
Algorand (ALGO)
ALGO is the token that powers the Algorand blockchain–a layer-1 competitor network to Ethereum, designed for faster transaction speeds and less network congestion. ALGO is currently capable of speeds of 1,000 transactions per second, taking in more than half a million transactions per day to service the growing number of decentralized applications (dApps) hosted on its platform. ALGO also boasts of a completely sustainable carbon-neutral footprint due to the efficiency of its network design and a $2 billion market cap.
BUSD
BUSD is currently the third largest stablecoin according to market capitalization which currently stands at $19 billion. Each BUSD token’s value is pegged to the US dollar and backed by dollar reserves held in custody by the New York-based fintech company, Paxos, which undergoes regular auditing and compliance checks with US regulations.
Pax Gold (PAXG)
PAXG is a stablecoin whose value is backed by actual gold reserves instead of paper money. Owning one PAXG token is equivalent to owning one 400-ounce gold bar kept in the Brink’s vaults in London. Developed by Paxos, the same company behind BUSD, PAXG was developed to make trading and investing in gold easier and more accessible than owning actual physical gold or investing in gold ETFs (exchange-traded funds). PAXG has a market capitalization of over $587 million.
Decentraland (MANA)
MANA is the cryptocurrency used in the metaverse world of Decentraland, where you can buy and sell digital real estate for real world value. You can also develop and monetize your property for various utilities such as developing and hosting games, opening an online store, holding exhibits or concerts, and many more. You can also stake MANA to participate in the governance token for Decentraland’s metaverse, giving you voting rights for the future directions and operations of this vast virtual universe. Decentraland’s economy is valued with a $1.47 billion market capitalization.
The Sandbox (SAND)
Similar to the popular game, Minecraft, The Sandbox is a building platform where players can create and develop their own games and NFT items for use by everyone. The difference with Minecraft is that everything in The Sandbox can be owned for real-world value, including parcels of land, as well as the NFTs that are used for the games developed within it. SAND is the official currency of this metaverse and which drives its own economy as well community governance, valued with a $1.45 billion market capitalization.
Gala (GALA)
Gala is a blockchain network that is turning the video gaming industry on its head, by providing a more proactive means for players to contribute to the development of games, and redirecting the revenue earned from the release of gaming titles to the player community itself. Game designers and developers are incentivized to develop “games that players actually want to play” and players can get a return on their investment through play-to-earn reward mechanisms. This gaming ecosystem with a market cap of $363 million is powered by the GALA token, which is also what is used for securing the network–keeping the whole gaming platform completely community-owned.
Green Satoshi Token (GST)
GST is the reward token in the popular move-to-earn app STEPN, where users are paid in exchange for walking, jogging, or running–with the help of the app’s NFT sneakers and your mobile device’s GPS locator. Aside from its move-to-earn feature, sneakers can also be collected and traded with on the app’s marketplace for profit. GST also has plenty of in-game utilities such as for repairing and upgrading your sneakers, as well as minting entirely new ones. GST has a current market capitalization of $18.8 million.
STEPN (GMT)
Aside from the previously mentioned GST, the STEPN move-to-earn app also has its governance token called GMT or the “Green Metaverse Token” whose market cap stands at $405 million. Aside from governance, GMT also has other in-game utilities such as leveling up your NFT sneakers (for every 10 levels). GMT will also be the highlight of the app’s most awaited upgrade–GMT earning–which will allow users to be rewarded directly with GMT instead of GST.
You may click here for detailed information about the nine new tokens, or browse the PDAX website.
PDAX acquired its license from the Bangko Sentral ng Pilipinas in 2018 and was launched in the Philippine market the following year. PDAX pushes for financial inclusion to Filipinos from walks of life through easy access on blockchain technology and digital assets.
