• BSP approves pilot for PHPC, a Peso-backed stablecoin, in collaboration with Coins.ph.
• Sandbox testing to evaluate PHPC’s real-world performance and impact on local fiat ecosystem.
• Transition to real-world usage subject to final evaluations and approvals by central bank.

The digital currencies landscape in the Philippines is set for a major shift after the country’s central bank, Bangko Sentral ng Pilipinas (BSP), granted approval for the commencement of a pilot program for a Philippine Peso-backed stablecoin (PHPC).

BHP’s move signals a progressive step towards exploring the potential of blockchain technology and stablecoins in the nation’s financial ecosystem.

Sandbox testing to evaluate PHPC’s viability

The pilot program, conducted within the framework of BSP’s Regulatory Sandbox, will see the collaboration between the central bank and crypto wallet provider Coins.ph.

#ICYMI: #CoinsPH has been granted @bangkosentral (BSP) approval to pilot PHPC, a Philippine Peso stablecoin

Learn more about this milestone and the pilot here: https://t.co/zpQQvr7Pv9 pic.twitter.com/a2jWB8mSeJ

— Coins.ph (@coinsph) May 9, 2024

The primary objective of the pilot program is to assess the real-world performance of the PHPC and its potential impact on the local fiat ecosystem.

Under the terms of the pilot, Coins.ph will maintain cash reserves in pesos equivalent to the circulating supply of PHPC within the sandbox environment, ensuring a stable 1:1 pegging of the digital currency to the Philippine peso.

BSP’s choice Coins.ph is strategic. Being a licensed crypto service provider in the Philippines, Coins.ph dominates Philippines crypto space, especially after its partnership with Circle in 2023 for USDC remittances in the Philippines. It was the first to add BRC-20-support in the Philippines.

The sandbox testing phase is designed to explore various use cases for PHPC, including domestic and cross-border payments, trading with other virtual assets, hedging against market volatility, and providing collateral and liquidity in decentralized finance (DeFi) applications.

These trials will provide valuable insights into PHPC’s practicality and effectiveness in facilitating financial transactions and promoting financial inclusion in the Philippines.

Transitioning from sandbox to real-world usage

While the pilot program marks an important milestone in the development of PHPC, its transition from a sandbox environment to real-world usage is contingent upon the results of the testing phase and final evaluations by the central bank.

According to local regulations, the duration of the testing period can range from three to 12 months, depending on the complexity of the project. However, no official deadline has been disclosed for the conclusion of the stablecoin experiment.

The current initiative to launch a Peso-backed stablecoin builds upon previous efforts to introduce stablecoins pegged to the Philippine peso, such as the PHX launched by UnionBank in 2019. UnionBank’s PHX, aimed at driving greater financial inclusion, is also redeemable for pesos and implemented on the bank’s i2i platform.

The emergence of PHPC and other stablecoin projects reflects the growing recognition of digital currencies as viable tools for enhancing financial services and expanding access to digital payments in the Philippines.

Victoria, Seychelles, May 13th, 2024, Chainwire

Bitget Wallet, a prominent Web3 wallet, recently unveiled its new airdrop platform, GetDrop. This platform is designed to offer exclusive airdrop campaigns tailored for high-quality projects. Bitget Wallet collaborates with both potential and popular project teams in the industry to provide airdrop rewards to active wallet users, thereby aiding in the growth of project data and enhancing brand influence.

GetDrop is a premier launch featured in the Bitget Wallet Earning Center. It is a newly initiated incentive program for Bitget Wallet’s users and BWB points/BWB token holders. It serves as an exceptional gateway for Bitget Wallet’s ecosystem partner projects to connect with and engage an active, high-quality Bitget Wallet user base. Each campaign is orchestrated to cater to the specific needs of project teams, highlighting their unique product features and key objectives.

The initial campaign of the GetDrop platform focuses on meme coins, in collaboration with nine meme coin projects: MANEKI, ROOST, QUACK, MOEW, FOMO, MUMU, EPIK, APU, and CATGPT, offering a total reward pool of $130,000 worth of tokens. Users can participate by signing up at Bitget Wallet’s Earning Center and completing tasks such as social media interactions and Swap transactions. Additionally, Bitget Wallet is planning its second phase of GetDrop centered around the recent hot topic of SocialFi, launching an exclusive UXLINK airdrop campaign. This is based on the largest Web3 social infrastructure project within the Telegram ecosystem, where users can share in 100,000 rare UXLINK NFTs upon completing tasks.

In the Bitget Wallet Earning Center, there are multiple airdrop sections, including the Web3 exploration incentive platform Task2Get, high-quality project subscription platform Launchpad, new coin fair distribution platform Fair Launchpool, and the social earning platform Invite2Get. These aim to provide users with rewarding and diverse earning and airdrop activities. Not only does Bitget Wallet offer high-quality trading services for users to potentially profit in the market, but it also continuously plans and carries out varied and rewarding activities, allowing users to potentially earn while exploring and experiencing various mainnet ecosystems.

Unlike other sections, GetDrop is a new incentive plan mainly aimed at active users in the Bitget Wallet community and BWB and BWB Points holders. The GetDrop section will launch highly customized airdrop campaigns in conjunction with high-quality ecosystem projects, serving as an excellent bridge linking Bitget Wallet’s quality ecosystem partner projects with active community users and BWB holders.

Since its inception in 2018, Bitget Wallet has won the trust of over 20 million users worldwide, becoming one of the world’s top ten most popular crypto wallets. Currently, Bitget Wallet supports over 100 mainnets and hundreds of EVM-compatible chains, providing comprehensive functions like a wallet, Swap, intelligent market data, Launchpad, inscription center, and token earning center. This comprehensive support enables users to complete all on-chain interactions within the wallet, bringing sustained user participation and active interaction to ecosystem projects.

GetDrop is committed to continued and extensive collaboration with industry-leading partners. This initiative fosters user-project interactions, enhances project visibility, attracts active user participation, and partners with projects to deliver more benefits to users, aiding them in navigating the vibrant Web3 landscape.

About Bitget Wallet

Bitget Wallet is Asia’s largest and a leading global Web3 wallet with over 20 million users worldwide. It offers a comprehensive range of features, including asset management, intelligent market data, swap trading, launchpad, inscribing, and DApp browsing. Currently, it supports more than 100 major blockchains, hundreds of EVM-compatible chains, and over 250,000 cryptocurrencies. Bitget Wallet enhances liquidity by aggregating it across hundreds of top DEXs and cross-chain bridges, facilitating seamless trading on nearly 50 blockchains.

For more information, users can visit:

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• Tim Draper’s VC firm Draper Associates led the $3.5 million seed round for Zest Protocol.
• Binance Labs, Trust Machines and Bitcoin Frontier Fund among key participants.

Billionaire Tim Draper has led a $3.5 million seed round investment in the on-chain Bitcoin lending platform Zest Protocol.

Other than the billionaire’s venture capital firm Draper Associates, the round also attracted the participation of Binance Labs, Trust Machines and Flow Traders.

Bitcoin Frontier Fund, Gravity Fund, Primal Capital, Hyperithm, Miton Crypto, Tykhe Block Ventures, Elixir Capital also participated.

Per details published in a blog post on Monday, Zest will use the funds to expand its decentralised, peer-to-peer lending business.

On the platform, users can lend their Bitcoin (BTC) or borrow against it. With this, users have an opportunity to generate yield or passive income without having to sell their Bitcoin.

Growing the Bitcoin DeFi ecosystem

To bring the product to the community, Zest Protocol has tapped into Bitcoin layer 2 network Stacks. The project leverages Stacks’ Nakamoto upgrade to allow for asset bridging asset, unlocking access to DeFi on Bitcoin.

Tycho Onnasch, founder of Zest Protocol, commented:

“Unlike on Ethereum, the creation of basic DeFi primitives such as liquidity pools isn’t possible on Bitcoin L1. The Stacks sBTC upgrade is set to be a watershed moment for Bitcoin DeFi, which is what it was designed for from the beginning.”

Users with sBTC can fund their Zest Protocol balances with sBTC to gain access to lending or other yield-generating features.

• Digital assets investment products saw $130 million in inflows, the first after four weeks of outflows.
• Bitcoin remains above $62k and saw inflows of $144 million this past week.

As Bitcoin shows fresh resilience above $62,000, latest market data reveals that digital asset investment products recorded inflows for the first time in over a month last week.

On Monday, digital assets manager CoinShares published its weekly report on crypto investment products.

The details showed the industry saw $130 million in inflows for the week ending May 10. It’s the first time the metric reads positive since the first week of April – a run of four weeks of outflows.

Notably, Bitcoin saw inflows of $144 million, while short-Bitcoin ETPs recorded outflows of $5.1 million.

The majority of the inflows were seen in the US, with $135 million. Hong Kong saw $19 million in inflows. Elsewhere, Canada and Germany recorded outflows of $20 million and $15 million respectively.

ETP volumes remain low

While the week saw inflows overall, CoinShares’s head of research James Butterfill wrote in the company blog that ETP volumes have continued to decline.

For instance, the market saw ETP volumes of $8 billion last week, while it averaged $17 billion in April.

“These volumes highlight ETP investors are participating less in the crypto ecosystem at present, representing 22% of total volumes on global trusted exchanges relative to 31% last month,” Butterfill noted.

• Juliano steps down as dYdX CEO, Crnkovic-Rubsamen takes over.
• The transition marks Juliano’s move to Chairman and President roles.
• dYdX experiences surge in activity amid market rebound.

In a significant leadership transition within the crypto space, Antonio Juliano, the founder and long-time CEO of dYdX, has announced his decision to step down from his role.

After seven years of steering the decentralized exchange, Juliano is pivoting to the position of Chairman & President, handing over the reins to Ivo Crnkovic-Rubsamen, the former chief strategy officer of the exchange.

Julioano’s stepping down as dYdX CEO

Juliano’s departure from the CEO position was revealed through a post on May 13, where he shared his intentions to shift his focus towards broader strategic initiatives within the company.

In his statement on X, Juliano expressed confidence in Crnkovic-Rubsamen’s capabilities, emphasizing his preparedness to lead dYdX into its next phase of growth.

Crnkovic-Rubsamen, a seasoned trader with a background in finance, has been an integral part of dYdX since 2022, bringing a wealth of experience to his new role.

Reflecting on his decision, Juliano highlighted his belief in nurturing leadership within the organization, stating, “As I realized I did not need to be CEO, I worked to shepherd other leaders at the company on their own leadership journeys, until one of them was ready to run the company himself.” This move underscores Juliano’s commitment to fostering talent within dYdX and ensuring a smooth transition of leadership.

Despite stepping down as CEO, Juliano’s future plans remain uncertain. He hinted at exploring new opportunities but admitted to having no concrete plans for his next career move.

Before founding dYdX, Juliano held positions as a software engineer at notable tech companies such as Coinbase, Uber, and MongoDB, indicating a diverse background that could lead him in various directions.

dYdX witnesses a surge in activity

The leadership transition comes at a pivotal moment for dYdX, as the decentralized exchange experiences a surge in activity amid a broader rebound in the crypto markets.

Data from DefiLlama reveals impressive metrics for dYdX, with a market capitalization exceeding $1.1 billion and over $465 million in total value locked. Furthermore, the exchange’s annualized revenue stands at $35.4 million, underscoring its financial viability and market relevance.

Recent developments within the dYdX ecosystem, including the launch of its layer-1 blockchain in October 2023 and the v4 upgrade in January, have fueled heightened trading activity. These advancements, coupled with the innovative use of the DYDX token for network transactions, have positioned dYdX as a leading player in the decentralized finance (DeFi) space.

As Ivo Crnkovic-Rubsamen assumes the role of CEO, he inherits a thriving platform poised for further expansion and innovation.

With Juliano’s continued involvement as Chairman & President, dYdX remains well-positioned to navigate the evolving landscape of decentralized finance and capitalize on emerging opportunities in the crypto space.

Three groundbreaking cryptocurrencies are reshaping the digital landscape. Jupiter (JUP) pioneers zero-fee trading with Jupiter Mobile and is poised to revolutionize crypto markets globally. Meanwhile, Milei Moneda ($MEDA) emerges as a blend of humor, politics, and DeFi, offering a rebellious take on finance with deflationary tokens and community governance. Finally, Dogwifhat (WIF), supported by optimism and creative marketing, defies market trends with its innovative approach.

Read on to explore more about the future price trajectories of these three cryptocurrencies.

Economize Like Milei: Invest in $MEDA

Jupiter Mobile Launch Ignites Optimism for JUP

Jupiter’s recent launch of Jupiter Mobile is a breakthrough point for the platform. It is a groundbreaking step in creating a more accessible and innovative platform for digital asset trading.

With this crucial step, Jupiter is entering the world crypto market with zero-fee trading at the heart of its platform. This development will grab the attention of millions of users worldwide and be a revolutionary step in the crypto industry.

Moreover, Jupiter Exchange will be easy to use for transactions with a simple interface and allow liquidity through its zero-fee model. Based on the growing optimism around the coin, some analysts expect JUP to reach $1.85 by June, which is why several experts are predicting it could be one of the best coins to invest in.

Milei Moneda: DeFi Rebellion with Explosive Profit Potential

Milei Moneda is both the founder of a new movement and the symbol of the mix of politics, humor, and blockchain. This project was inspired by Javier Milei and adopts Mileinomics, which features economic freedom and decentralized finance.

Since it has a deflationary token model, the coolest NFTs, and community governance in operation, $MEDA is a form of rebellion that goes beyond financial gains.

Moreover, smart contracts, locked liquidity, and a thriving ecosystem are at the heart of the Milei Moneda vision, and investors are invited to partake in the transformative experience by investing in $MEDA while it’s still in its public presale at a DeFI coin price of $0.015.

On May 21, 2024, $MEDA will officially launch on Uniswap at $0.020, a 33% profit potential for new investors, a projection that is convincing a number of experts that this could be one of the best altcoins to invest in now.

Dogwifhat’s Promising Surge Amidst Creative Marketing

Dogwifhat is riding a wave of optimism in the crypto market. Shooting up 16% in just a week is a clear signal of positive market sentiment. While April was marked with a price correction, WIF managed to overcome it, breaking down the downtrend and creating a possible reversal.

Interestingly, the venture capital firm Stratos is backing the meme coin with a strong community and is optimistic it will continue to grow over time and bring higher returns for investors.

Experts believe creative marketing tactics have helped the cryptocurrency gain momentum, and a positive market sentiment after the Bitcoin halving may boost its further growth. Analysts predict a  $4.72 altcoin price for WIF in the next few weeks, making it a good crypto to buy.

Got $MEDA curiosity? Visit the site or talk to the project team on Telegram for the inside scoop.

• Alexey Pertsev, Tornado Cash developer, found guilty of laundering $1.2B in the Netherlands.
• Despite Tornado Cash being non-custodial, Pertsev sentenced to over 5 years in prison.
• Verdict sparks debate on accountability of open-source developers in crypto space.

Alexey Pertsev, the founder of the cryptocurrency mixing protocol Tornado Cash, has been convicted of money laundering by Dutch judges at ‘s-Hertogenbosch court on May 14.

The ruling comes after Pertsev’s arrest in the Netherlands in August 2022. It marks a pivotal moment in the intersection of cryptocurrency technology and legal accountability.

Five years and four months in prison

Despite Tornado Cash being a non-custodial crypto mixing protocol, wherein funds passing through the platform are not held or controlled by it, Pertsev has been sentenced to five years and four months in prison for allegedly laundering a staggering $1.2 billion worth of illicit assets.

Tornado Cash gained notoriety for its ability to enhance privacy and fungibility in cryptocurrency transactions by obfuscating the origin of funds. However, its association with illicit activities led to its blacklisting by the United States government, precipitating Pertsev’s legal woes.

Despite the defence’s argument that Pertsev cannot be held accountable for the actions of Tornado Cash users due to the protocol’s decentralized nature, the court’s decision underscores the increasing scrutiny faced by developers in the crypto space.

The Tornado cash developer has a 14-days appeal window

Pertsev’s legal representatives now have 14 days to appeal the court ruling, as stakeholders across the cryptocurrency ecosystem closely monitor the outcome of this landmark case.

The verdict not only has immediate ramifications for Pertsev, but also serves as a cautionary tale for developers navigating the complex legal landscape of decentralized technologies. It raises pertinent questions about the responsibility and liability of open-source code developers in the realm of decentralized finance.

While developers typically have no direct control over the use of their code, this verdict sets a precedent that could have far-reaching implications for the broader developer community.

• Christopher Giancarlo, former CFTC chief has joined Paxos board.
• Giancarlo’s advocacy for blockchain innovation aligns with Paxos’ mission for regulated solutions.
• Paxos aims to drive financial sector innovation with Giancarlo’s guidance on board.

J. Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission (CFTC), has been appointed to the board of directors for Paxos, the firm that issues PayPal’s (PYUSD) stablecoin.

Giancarlo’s extensive experience in regulatory matters and advocacy for blockchain technology is expected to significantly contribute to Paxos’ strategic initiatives and further strengthen its position in the rapidly evolving digital asset market.

CryptoDad to help advance Paxos crypto advocacy and regulation

The appointment of J. Christopher Giancarlo, widely known as “CryptoDad,” to the Paxos board underscores the growing convergence between traditional finance and the burgeoning cryptocurrency sector.

With a distinguished career in regulatory oversight, including his tenure as chairman of the CFTC, Giancarlo brings a wealth of expertise to Paxos. His advocacy for blockchain technology and commitment to fostering innovation in the financial sector align well with Paxos’ mission.

Giancarlo’s involvement in the regulatory landscape has been instrumental in shaping the dialogue surrounding cryptocurrencies and blockchain technology. As the author of “CryptoDad: The Fight for the Future of Money,” he has been a vocal proponent of embracing digital innovation while ensuring appropriate regulatory safeguards are in place.

Giancarlo’s contributions to the Digital Dollar Project further demonstrate his dedication to exploring the potential of central bank digital currencies (CBDCs) and their implications for the future of finance.

Charles Cascarilla, the CEO and co-founder of Paxos, expressed enthusiasm about CryptoDad’s appointment, highlighting the alignment of their vision for advancing regulated digital asset innovation. Giancarlo himself remarked on Paxos’ leadership in regulated solutions and emphasized his honour in joining the board.

Paxos’ expansion

Paxos, renowned for its regulated stablecoins and infrastructure solutions, stands at the forefront of bridging traditional financial markets with the emerging digital asset ecosystem.

The addition of Giancarlo to Paxos’ board signals a strategic move to leverage his insights and network within the regulatory landscape.

With Paxos’ recent expansion to integrate the Solana blockchain and its ongoing efforts to enhance market infrastructure, Giancarlo’s expertise will be invaluable in navigating regulatory complexities and driving sustainable growth.

• State of Wisconsin Investment Board (SWIB) has disclosed it bought almost $100 million of BlackRock’s Bitcoin ETF $IBIT.
• The state pension disclosed the holdings in a 13F on Tuesday.
• Senior ETF analyst Eric Balchunas says these filings suggest more firms are set to buy spot Bitcoin ETFs.

A state pension has acquired a position in the spot Bitcoin ETF space, marking what a leading ETF expert says could be the beginning of a massive adoption curve.

State of Wisconsin Investment Board buys $IBIT

On Tuesday, the State of Wisconsin Investment Board disclosed it holds nearly $100 million in BlackRock’s iShares Bitcoin Trust ($IBIT). Particularly, the state’s filing showed it bought 2.4 million shares of $IBIT worth $99 million in the first quarter.

The details were part of the investment board’s 13F filing, which is a quarterly report that investment managers file with the US Securities and Exchange Commission (SEC).

13Fs disclose an investment asset manager’s US equity holdings where the assets in question are $100 million or more.

JUST IN: State of Wisconsin Investment Board discloses it holds almost $100 million of BlackRock’s spot #Bitcoin ETF. pic.twitter.com/Jdv4uKSi9J

— Bitcoin Magazine (@BitcoinMagazine) May 14, 2024

The Wisconsin Investment Board, which manages a retirement system and state investment fund among other smaller funds, also disclosed holdings in Grayscale’s Bitcoin Trust ($GBTC) ETF.

The spot Bitcoin ETF market continues to see massive institutional adoption as the sector resumes inflows after a slight lull in recent weeks. $IBIT has led with staggering numbers since its debut.

Eric Balchunas, a senior ETF analyst at Bloomberg, noted that the Wisconsin state pension manager’s move is a big one. Notably, big firms usually do not file their 13Fs so early after an ETF’s launch.

Commenting on today’s news, the ETF analyst noted:

“Normally you don’t get these big fish institutions in the 13Fs for a year or so (when the ETF gets more liquidity) but as we’ve seen these are no ordinary launches. Good sign, expect more, as institutions tend to move in herds.”

On Monday, hedge fund Bracebridge Capital filed with the SEC to reveal it holds $262 million of Ark Invest’s spot Bitcoin ETF ARKB,  and $81 million of BlackRock’s $IBIT.

Wolverine Asset Management disclosed it holds Fidelity’s $FBTC, revealing an impressive 874,000 shares.

Other recent big fish disclosures of spot Bitcoin ETF holdings include BNY Mellon, BNP Paribas and Switzerland’s largest bank UBS Group AG.