In recent years, the Philippines have become the epicenter of crypto and Web3 adoption.
According to the 2022 Global Crypto Adoption Index by Chainalysis, the country ranked 2nd out of 146 countries (Vietnam ranked 1st), and crypto penetration in the Philippines stands at about 15% (Finder’s Crypto Adoption September 2022). In other words, 1 in 10 Filipinos is a crypto user.
How did this happen, what are the key takeaways from such rapid development in adoption, and what is the future of the Web3 industry in the Philippines?
These questions and more were tackled at the Philippine Web3 Festival in Manila by our Business Development & Partnerships Manager Farrah Rodriguez, together with an outstanding panel of speakers, including Nichel Gaba (PDAX), Wei Zhou (Coins.ph), and Kenneth Stern (Binance PH).
Must-Know About Web3 & Crypto Development
What is the role of Centralized Exchanges (CEXs) in promoting crypto?
- CEXs with rock-solid, resilient business models will continue to be the key drivers to onboard new users thanks to the tools they offer to facilitate the adoption of new complex technologies and concepts.
- CEXs offer user-friendly interfaces to explore crypto, and more sophisticated platforms with a variety of products can address the needs of a wide range of customers while preserving usability.
- CEXs can significantly bridge between fiat and crypto to simplify payments and transfers.
- Everyone should Do Your Own Research (DYOR) prior to onboarding any exchange or platform. The awareness of the risks and understanding of the space are arguably the two first steps one needs to take when approaching the sector.
What is the role of regulations in promoting crypto and building the Metaverse?
- The convergence between traditional financial systems, and crypto is already happening.
- This will lead to stronger sets of laws, regulations, and policies to better protect customers and allow the smooth integration of crypto into existing systems.
- Big players in the space, including WhaleFin, are welcoming of clear regulations to drive technological innovation and financial growth in a sustainable way.
- A regulatory framework at national and international level represents a key factor in promoting sustainable growth of and shaping a healthy industry.
What can we learn from how the Philippines approach Web3?
- The country’s welcoming stance towards Web3 has significantly driven the adoption of crypto among Filipinos.
- According to recent data, 1 in 10 is a crypto user.
- The NFT industry as well as the play-to-earn sector are two key drivers of digital adoption and application.
- NFT adoption in the Philippines could soon hit 41.5% (Finder.ph)
- The Philippines ranks 4th globally for play-to-earn gaming adoption (newsbytes.ph)
- More adoption will also lead to the rise of a new generation of Web3 talents with unique sets of skills and deep understanding of the intricacies of crypto, Web3, and blockchain technology.
WhaleFin is actively contributing to the development of the NFT industry and the facilitation of its adoption through joint collaborations with NFT projects.
Recently, WhaleFin launched its NFT Marketplace, an NFT aggregation platform to provide all the hottest NTFs at the best prices, and without gas fees.
Check it out here.
WhaleFin, powered by Amber Group, is an all-in-one digital asset platform designed to empower you to diversify, manage, and grow your wealth digitally in a secure manner. On WhaleFin, you can buy, sell, trade, and invest in crypto with ease.
Download the app here.
Amber Group is a leading digital asset platform operating globally with a presence in Asia, Europe, and the Americas. We provide a full range of digital asset services spanning investing, financing, trading, and spending, backed by some of the best investors across the world such as Sequoia Capital, Temasek, and Tiger Global Management.
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