First PHP Backed Crypto Launched To Facilitate Money Transfers

Bitspark recently launched peg.PHP which is the first Philippine Peso backed cryptocurrency here in the Philippines.

First PHP Backed Crypto Launched To Facilitate Money Transfers

Hong Kong-based bankless money solution, Bitspark, had just launched the peg.PHP which is said to be the first market-ready crypto pegged to the Philippine peso.


The announcement of the peg.PHP happened following the release of a Hong Kong Dollar backed Sparkdex.HKD.


Stablecoin refers to a cryptocurrency backed by an actual monetary currency. Ever since companies like Facebook started developing their own crypto for money transfers, stablecoins have started to become the rage in the crypto market.


On 16 April 2018, peg.PHP have already started being listed on exchanges like Bitshare and Sparkdex which is Bitspark's decentralized exchange.


It is said that stablecoins are marketplace agnostic which means that it is compatible with almost every kind of marketplace and can be integrated with many decentralized exchanges.


Bitspark CEO and Co-founder had this to say:


The launch of peg.PHP is part of our ongoing commitment to use blockchain technology to improve the money transfer ecosystem, including bill payments.


There are more than 180 official currencies today and blockchain technology can unlock currencies that were previously gridlocked into isolated or illiquid (not easily converted into cash) markets.


Some companies have already lined up to be the first to use peg.PHP.


One of them is Okra Solar which is an Australian Cleantech Company that provides off-grid solar solutions to remote regions.


The company will be using peg.PHP for its end-to-end payments network.


The goal of Okra Solar is to provide reliable energy to remote communities that do not have access to it. Since the people in these communities cannot afford the fixed transaction fees, they would have to stick with traditional mobile money operations which have high transaction fees even for small transactions.


Afnan Hannan, Okra Solar Co-founder said:

Bitspark’s payment platform will be a real game-changer for remote communities that are being connected to our energy solutions. What’s remarkable is that for our customers it’s just making a familiar PHP transaction; the only difference is it’s digital. We’re really excited to pilot this out, the impact could reach millions of families in the Philippines alone.


In this way, peg.PHP will be a big help for these small and remote communities because they will have an easy-to-access payments platform wherein they can still use the Philippine peso as payment for the services they acquired.


There are two ways Okra Solar customers can pay their dues: through the Bitspark App or cash deposit in a participating shop.