MANILA, Philippines, Dec. 27, 2023 /PRNewswire/ -- Coins.ph, the country's leading cryptocurrency platform, is the first Philippine exchange to bring BRC-20 token services to the local market, marking a significant milestone in the country's digital asset landscape.
What is BRC-20?
BRC-20 is a technical standard for the minting and management of fungible tokens, including $ORDI, $VMPX, and $PEPE, on the Bitcoin blockchain. Fungible tokens are interchangeable and have equal value, making them ideal for representing assets such as cryptocurrencies, tokens, and even real-world assets like stocks or commodities.
BRC-20 differs from smart contract-dependent standards by utilizing ordinal inscriptions, which are data structures used to represent and manage tokens on the Bitcoin blockchain. This innovation enables seamless token creation and transfer without the need for complex smart contracts, thus enhancing efficiency and reducing cost.
A Milestone for the Country's Digital Asset Landscape
Coins.ph is the first Philippine exchange to offer BRC-20 inscription services, a move that aligns with the company's vision to provide Filipinos with greater access to digital asset services.
"This move signifies that Coins.ph is committed to being at the forefront of digital asset innovation," said Wei Zhou, Coins.ph CEO. "BRC-20 has seen significant growth in activity since it launched earlier this year. We want to allow our users to participate in these opportunities whether it be through tokens like $ORDI which we recently listed, or other product offerings enabled by BRC-20," he added.
In addition to listing $ORDI, a prominent BRC-20 token, Coins.ph is looking at expanding the range of BRC-20 tokens available on its platform as these have significant traction in the market due to their unique features and innovative use cases.
There are also plans to further bolster its BRC-20 offerings as Coins.ph aims to solidify its position as the leading provider of BRC-20 services in the Philippines, and empower its users with access to a suite of tokenized assets and innovative financial tools.
The introduction of BRC-20 inscription services represents a notable advancement in extending Bitcoin's capabilities beyond its initial purpose as a digital currency. Coins.ph plans to pave the way for novel opportunities in digital asset ownership and management through the launch of BRC-20 services and the goal to expand on additional inscription services in the near future.
About Coins.ph
Coins.ph is on a mission to power the new internet with easy access to digital assets and web3 products. Launched in 2014, Coins.ph is the most established crypto brand in the Philippines and has gained the trust of more than 18 million users. Through the easy-to-use mobile app, users can buy and sell a variety of different cryptocurrencies and access a wide range of financial services.
Coins.ph is fully regulated by the Bangko Sentral ng Pilipinas (BSP) and is the first ever crypto-based company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from a central bank.
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