Technology

Coins.ph crypto wallet embraces USDC, Chainlink, KNC

Image credit: Coins.ph
Image credit: Coins.ph

Our founder’s first encounter with blockchain and cryptocurrency was when he bought Bitcoin by loading up his Coins.ph mobile wallet at a 7-Eleven. So we’re glad to hear this Philippine crypto wallet is now supporting USDC, Chainlink, and Kyber Network Crystal (KNC).

“We are excited to announce the addition of USDC, Chainlink, and KNC tokens on our virtual assets platform. This is the first of many additions and enhancements we will release for this year. As Coins.ph continues to be the Philippines’ biggest virtual assets exchange, we owe it to our customers to keep innovating our products and services to create greater value,” said Coins.ph CEO Nauman Mustafa in a press statement.

Ethereum blockchain

USDC, Chainlink, and KNC are ERC-20 tokens, which is a standard used to create tokens that run on the Ethereum blockchain. This allows them to be compatible with existing Ethereum wallets, while also serving their own specific use cases.

KNC is the native token of the Kyber Network, one of the most popular decentralized exchanges on the Ethereum network. 

“We’re glad to see that Kyber’s utility token KNC is now easily accessible to the Philippine community through the Coins.ph mobile wallet. With KNC, Coins.ph users can also participate in Kyber’s governance through the KyberDAO,” said Kyber Network CEO and Co-Founder Loi Luu.

USDC is a stablecoin pegged to the value of the US Dollar. A stablecoin is a cryptocurrency designed to reduce volatility by basing its value on stable assets. USDC was developed by a partnership between Circle, a peer-to-peer payments technology company, and Coinbase, one of the world’s largest cryptocurrency exchanges.

Meanwhile, Chainlink is a decentralized oracle network that allows smart contracts on Ethereum to access data from third-party data providers. This includes any real-world data such as live weather, price feeds, and more.

To start using these new tokens, customers must download the latest version of the Coins.ph app on Google Play, App Store, and Huawei AppGallery. The USDC, Chainlink, and KNC wallets can be accessed by swiping left on the main wallet screen. Customers need to be Level 2 or ID and selfie verified to be able to avail of these cryptocurrency services.