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Philippines Charges 2 Russians in $6.2 Million XRP Theft

Philippines Charges 2 Russians in .2 Million XRP TheftThe Philippine Department of Justice (DOJ) has charged two Russian nationals with stealing PHP340 million ($6.2 million) worth of XRP cryptocurrency from a local crypto exchange. The suspects allegedly hacked Coins.ph’s system to commit the theft. The DOJ emphasized the importance of vigilance against cybercrime despite ongoing efforts to combat these threats. Philippine DOJ Charges […]

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Philippine Central Bank Approves Peso-Pegged Stablecoin for Faster Remittances

Philippine Central Bank Approves Peso-Pegged Stablecoin for Faster RemittancesThe Bangko Sentral ng Pilipinas, the central bank of the Philippines, has approved PHPC, a stablecoin pegged to the Philippine peso, aimed at facilitating cost-effective remittances. Crypto exchange Coins.ph, the stablecoin issuer, plans to attract 20,000 to 30,000 users in the first month. The PHPC will be the first peso-backed stablecoin available for retail use, […]

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USDC issuer partners with Philippines exchange to promote stablecoin

18 million users of Coins.ph are expected to receive a faster, lower-cost and more accessible remittance option as a result of the new partnership with Circle.

Circle, the issuer of the U.S. dollar-pegged stablecoin, USDC (USDC), is increasing its presence in the Philippines with a new local partnership.

On Oct. 10, Circle announced a strategic partnership with Coins.ph, a major cryptocurrency exchange and digital wallet provider in the Philippines.

As part of the partnership, Coins.ph and Circle will work jointly to drive awareness of USDC payments and help Filipino people pay less for cross-border money transfers and make faster transactions, the companies said.

The average cost of sending a $200 payment to Asia was 5.7% in 2022, they added, citing World Bank data. In the Philippines, the situation with remittances is even more complicated for the unbanked, which accounted for 44% of the adult population in 2021, according to the Philippines Central Bank.

“With a staggering $36.1 billion in remittance flows in 2022 alone remittances continue to be a vital contributor to the Philippines' economy,” but traditional remittance channels often involve high fees and lengthy transaction times, Circle and Coins.ph said in the joint announcement.

The latest partnership between the firms aims to improve the existing remittance landscape, starting in the Philippines, one of the world’s largest recipients of remittances globally. The project includes educational campaigns and community engagement initiatives to help Filipinos abroad learn to use USDC for remittances.

Related: Circle rolls out native USDC tokens on Polygon

“Coins.ph’s partnership with Circle aims to show how USDC can provide a faster, lower-cost and more accessible remittance option for our 18 million Filipino users and their families and loved ones abroad,” Coins.ph CEO Wei Zhou said. He added:

“Coupled with our recent innovations in Web3 technology, this initiative demonstrates Coins.ph’s commitment to providing users’ access to innovative services that have a tangible impact on their everyday lives.”

Founded in 2014, Coins.ph is a major cryptocurrency exchange in the Philippines, also allowing users to pay their bills and remit money using its digital wallet.

At the time of the announcement, USDC is not the only stablecoin listed on the Coins.ph exchange. According to data from CoinGecko, daily USDC trading volumes on Coins.ph amount to $44,500 and make up just around 13% of all daily trading in Tether (USDT), a major rival stablecoin. The exchange trades roughly $1 million per day at the time of writing, according to CoinGecko.

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Checkout.com Reveals Merchants Can Accept and Make Payments in USDC

Checkout.com Reveals Merchants Can Accept and Make Payments in USDCOn Tuesday, the financial technology company Checkout.com announced that it will allow merchant settlements using the stablecoin USDC via a partnership with the crypto firm Fireblocks. Checkout.com further detailed that in a beta test with select clients, the company settled $300 million in transaction volume leveraging the USDC stablecoin. Checkout.com Leverages the Stablecoin USDC Checkout.com […]

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Philippines Crypto Wallet Service Provider Coins.ph Partners With the PBA

Philippines Crypto Wallet Service Provider Coins.ph Partners With the PBAAnother digital currency firm is making moves into the sports world as the Philippines crypto wallet service provider Coins.ph announced the company has partnered with the Philippine Basketball Association (PBA). The deal is the PBA’s first crypto partnership during its 47th season and the Coins.ph brand will be showcased at the premier tournament during the […]

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XRP price skyrockets by 17% as double bottom chart pattern takes shape

Ripple’s XRP token is in the middle of a bullish breakout, which could open the door to $1 next.

XRP’s price swung higher on Wednesday as its parent company, Ripple, entered an agreement with SBI Remit to back a remittance corridor from Japan to the Philippines.

Positive news boosts XRP’s price

The Ripple blockchain’s native cryptocurrency, also ranked as the sixth-largest digital asset by market capitalization, reached its one-month high of $0.759 after rallying 17.73% intraday. At a monthly low, it was changing hands for as little as $0.514.

XRP sustains its uptrend amid a market-wide bullish mood. Source: TradingView

The bullish boost came over a partnership between Japan’s largest money transfer provider, SBI Remit, and Philippines-based mobile payments service Coins.ph. With additional assistance from SBI’s digital asset exchange platform, the duo aims to use Ripple’s On-Demand Liquidity (ODL) to offer more affordable remittance options for the Filipino diaspora in Japan.

ODL via Ripple’s xRapid cross-border payment service enables parties to send funds using XRP as a bridge currency. In other words, the sender first converts the local fiat currency to XRP and sends it to the receiver via the Ripple blockchain. In turn, the receiver, upon receiving the XRP tokens, converts them back to their local currency.

Technicals skewed to upside

XRP’s latest jump also activated a classic technical setup known as the double bottom, suggesting that Ripple’s token might undergo an extended bullish momentum in the interim sessions.

That is because double bottoms are bullish reversal chart patterns. They appear when an asset drops, rebounds, drops again to the same or similar level to rebound back. The twice-touched high is called a neckline, which, if broken to the upside, expects to send the prices as high as the distance between the neckline and the double-bottom support.

XRP is forming a double bottom pattern. Source: TradingView

The maximum double bottom pattern height comes to be $0.25. Therefore, breaking above the neckline (near $0.75) could have XRP traders eye $1 as their next upside target.

Providing support to XRP is also an upside momentum in the broad cryptocurrency market. It began after Tesla CEO Elon Musk revealed that his private rocket company, SpaceX, holds Bitcoin (BTC), the world’s leading digital asset by market capitalization.

Related: Bitcoin hits $40K after a 6-week absence, but on-chain activity is 'somewhat bearish'

The disclosure came during “The ₿ Word” conference last week, also attended by Ark Invest’s Cathie Wood and Twitter’s Jack Dorsey. Dorsey called Bitcoin a big part of Twitter’s future, noting that it is the de facto currency of the internet.

Bitcoin’s 30-day realized correlation with XRP was 0.75 at the time of writing, indicating the assets’ likelihood of moving in tandem. BTC’s price is up over 7% in the past 24 hours, trading over $40,400 at the time of writing.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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