In the recent past, Bangko Sentral ng Pilipinas (BSP) seems to have set the ball rolling regarding the cryptocurrency. The Philippines’ central bank has allowed various cryptocurrency exchanges to convert Cryptocurrencies into Philippine peso. One of those exchanges, which got an approval to operate is UDAX United Digital Asset Exchange.
The Chinese – based exchange platform is hitting the Philippines’ domestic virtual currency market, which is reportedly expanding rapidly. Reports have it that in the last few months, Cryptocurrency activity has surged in the Philippines. The volume of trading in the first half of 2018 has jumped to an average of $40 million from jumped to an average of $40 million the same period last year.
The company is confident about the growing market that is now “ripe for the taking.”
According to the local partner of UDAX, Butch Tabligan, the move is one of the significant milestones among many other, which are set to come. The main reason as to why they chose the Philippines is because the market has proven reliable plus the availability of global collaboration.
Tabligan adds, “Our operation is global with local base presence. Our aim is to get regulated and compliant with each and every crypto-friendly country worldwide.” Additionally, the number of takers of Cryptocurrencies and Cryptocurrencies in the Philippines is increasing by the day.
How will the cryptocurrency traders access the blockchain-related projects?
According to Tabligan, cryptocurrency traders will use AceClub to carry out any cryptocurrency –related business. This is a free online community which will give its members a reliable access to one or several genuine blockchain-related projects. Given that every project has impending threats before it can be fully operation UDAX will be taking the responsibility of providing continuing education to its AceClub community members.
UDAX is also engaging other advisers, who will ensure they are running the business in the right direction. Its primary goal is to be different from other exchanges. Meanwhile, the company is said to be at an advanced stage of negotiating with one of the international credit card providers for a debit card. The company will also be seeking other means of securing the current blockchain technology.