Crypto News

PDAX Launches BNB, SOL, 2 More Crypto


Philippine-based cryptocurrency exchange Philippine Digital Asset Exchange (PDAX) announced on Thursday the addition of crypto coins and tokens on its mobile application, namely: Solana (SOL), BNB (BNB), Stellar (XLM), and Sushi (SUSHI).

According to Nichel Gaba, the addition of these 4 new cryptocurrencies is part of the company’s commitment to addressing the increasing appetite of Filipino investors for more tokens.

“As the leading digital exchange in the country, we are constantly finding ways to expand our crypto offerings and address the needs and pain points of our users,” said Gaba. “With these new coins, we hope to encourage more Filipinos to start trading crypto.”

Solana (SOL)

Solana is a third-generation, Proof of Stake blockchain, it uses a system called Proof of History that is used in determining the time of a transaction.

Solana users can pay transactions and interact with smart contracts with SOL, the native and utility token of Solana that was launched in March 2020, it also provides a means of transferring value as well as blockchain security through staking.

At the time of writing, according to Coin Market Cap’s data, SOL’s price is $43.36 with a market cap of $14,599,127,604.

BNB (BNB)

BNB is a crypto coin that powers the BNB Chain ecosystem and is used to pay transaction and trading fees on the Binance exchange.

Aside from using BNB on Binance exchange, it can also be used to make credit card payments, pay for travel arrangements (on select websites), buy virtual gifts, process payments, make investments, make loans and transfers, and can be donated to charity.

BNB was initially launched on the Ethereum blockchain with ERC-20 standard in 2017, but eventually became the native coin of Binance chain.

At the time of writing, according to Coin Market Cap’s data, BNB’s price is $248.39 with a market cap of $40,539,948,973.

Stellar (XLM)

Stellar is a decentralized protocol on open-source code to transfer digital currencies to fiat currencies.

XLM, or Lumens, is the Stellar blockchain’s cryptocurrency token that is often used to pay transaction fees on the blockchain.

It also acts as an intermediate currency that allows Stellar users to perform quick trades.

For instance, if you send US Dollars to a peer in the Philippines, Stellar’s built-in protocol will automatically convert your US Dollars to XLM, then from XLM, it will send the currency to your peer in Peso.

At the time of writing, according to Coin Market Cap’s data, XLM’s price is $0.1136 with a market cap of $2,820,124,772.

Sushi (SUSHI)

SushiSwap (SUSHI) is an Ethereum token that powers SushiSwap’s decentralized cryptocurrency exchange as the native token.

SUSHI is an ERC-20 token distributed to liquidity providers on SushiSwap via liquidity mining.

It only has a maximum of 250 million tokens, where its supply is dependent on the block rate.

As of November 2021, SUSHI tokens are created at a rate of 100 tokens per block, and its circulating supply has reached 127 million tokens, more than half of the maximum tokens.

At the time of writing, according to Coin Market Cap’s data, SUSHI’s price is $1.22 with a market cap of $155,362,360.

The addition of the tokens brings the total number of crypto available in the mobile app to 26.

At the time of writing, the available tokens in the PDAX mobile app are BTC, ETH, XRP, USDT, USDC, BCH, LTC, UNI, LINK, AAVE, COMP, BAT, ENJ, GRT, DOGE, SLP, AVAX, AXS, XLM, ADA, MATIC, BNB, SOL, DOT, PHPT, and SUSHI. PHPT is an internal utility token by PDAX pegged to the Philippine Pesos.

Last month, PDAX also introduced Axie Infinity Shards (AXS) and Smooth Love Potion (SLP), tokens from the blockchain game Axie Infinity.

In February, the Central Back- licensed crypto trading platform, also launched MATIC, ADA, Dogecoin, Polkadot, and AVAX.

This article is published on BitPinas: PDAX Launches BNB, SOL, 2 More Crypto

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.



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