Coins.ph and YGG Partner on Low-Cost Token Transfers for Filipino Gamers 

POPULAR POST

My Journey from Classroom to Crypto

Editor's Note: I "met" TP online. Whether it was on Twitter or a Discord group, I am remiss for details. But such a meeting...

The Largest Web3 Game by DAU, Pixels, Announces Chapter...

The Largest Web3 Game, Pixels, Announces Chapter 2 and Sets Foundation For Creating an Ecosystem of Games

Klaytn and Finschia unveil Kaia blockchain in the Philippines

Klaytn and Finschia unveil Kaia blockchain in the Philippines

Ragnarok: Monster World teases Nyang Kit NFT Mint

In April, Ragnarok: Monster World joined the Ronin movement. Ragnarok is more than a game: it’s a billion-dollar transmedia IP that has amassed over...

CryptoBilis presents ‘Bitcoin Pizza Day 2024’ in collaboration with...

An event to bring to-gather all fragmented cryptocurrency communities in the Philippines under one roof.

Olympus acceleration platform opens global launchpad for Filipino Web3...

The DFINITY Foundation (DFINITY), a Swiss not-for-profit research and development organization and key contributor to the Internet Computer Protocol (ICP) blockchain, has announced the launch of the Olympus, the first decentralized, on-chain global acceleration platform. 

With the YGG token now available on the Ronin network, Yield Guild Games (YGG) has announced today a partnership with cryptocurrency exchange Coins.ph to make it faster, easier and cheaper to transfer YGG tokens to Ronin. In particular, YGG community members who have earned YGG tokens as a reward for participating in YGG’s Guild Advancement Program (GAP) will be able to transfer their tokens from Polygon through to Ronin at significantly reduced cost. There are currently over 92,700 members of YGG Pilipinas, YGG’s community in the Philippines, who stand to benefit from this solution.

“Fostering web3 adoption has driven us to be a pioneer among exchanges around the world by delivering gamer-centric solutions for our 18 million users. In 2022, we launched Coins Arcade and became the first in the Philippines to list YGG. We have also been the first to list other top-traded gaming tokens such as RON, AXS and PIXEL. By partnering with YGG, we continue to support the gaming community, reflecting our shared mission to improve the experience of gamers when moving in, out and around crypto,” said Wei Zhou, CEO of Coins.ph. 

“Today, we are proud to be the first exchange in the Philippines to support YGG on the Ronin Network and will continue to collaborate with guilds, games and the broader gaming ecosystem to empower gamers in the Philippines and beyond as we expand globally this year,” Zhou added.

Moving tokens across multiple blockchains can be a costly endeavor due to high gas fees. For GAP participants wishing to move their YGG tokens from the Polygon network to the Ronin network, as a first step, they must transfer their tokens to the Ethereum network via the Polygon bridge. Bridging those tokens could take 45 minutes and cost more than PHP 1,600 in gas fees based on Etherscan estimates. As a second step, the user must bridge from Ethereum to Ronin, which could cost another PHP 165 in gas fees. Gas fees can also increase further as more users conduct transactions in these blockchains.

With YGG now available on Ronin, users will only need to transfer their YGG once to the exchange and will only pay once for gas fees. Filipino YGG holders who want to transfer their YGG tokens from Polygon to Ronin now have the option to avoid double bridging. They can move their YGG from Polygon directly to Coins.ph through the Polygon network before moving it to their Ronin wallet using the Coins.ph Ronin integration. This method prevents the long waiting times and expensive gas fees from the Ethereum network. 

The YGG and Coins.ph partnership will also bring about events intended to reward Coins.ph users who deposit and hold YGG tokens. All users on Coins.ph who hold the token for a month are eligible for rewards. The exchange will also run two trading competitions, one for all users and another for VIPs, rewarding top performers with YGG tokens. Coins.ph will also roll out a promo that will allow users to save on gas fees for Ronin withdrawals.

Exclusive merchandise will be given away in commemoration of the partnership. Plans for an airdrop campaign are also underway. More details will be posted on the YGG and Coins.ph social media channels.

“Our community has been contributing their skills and passion to the Ronin ecosystem since the early days, and this partnership with Coins.ph allows our players to gain better access to the ecosystem and participate in it more meaningfully. We are very happy to have the support of Coins.ph as we continue to create more opportunities for Filipinos across the country,” said Mench Dizon, YGG Pilipinas Country Head.

Activity from web3 gamers in the Philippines has been steadily increasing since the start of 2024. For the past three years, the Philippines has been the country with the greatest web3 gaming interest according to CoinGecko. Many Filipino web3 gamers play games such as Axie Infinity and Pixels, which are on the Ronin network. As reported by the aforementioned games, 40% of the entire Axie Infinity player population and 30% of the Pixels population come from the Philippines. This partnership between YGG and Coins.ph has been designed to directly address the concerns of the Filipino player base.

Subscribe to our newsletter

Its easy to be smart about crypto, allow us to send you weekly updates on digital assets, crypto, NFTs and fintech.

WANT TO KNOW MORE?

The Largest Web3 Game by DAU, Pixels, Announces Chapter 2 and...

The Largest Web3 Game, Pixels, Announces Chapter 2 and Sets Foundation For Creating an Ecosystem of Games

Klaytn and Finschia unveil Kaia blockchain in the Philippines

Klaytn and Finschia unveil Kaia blockchain in the Philippines

CryptoBilis presents ‘Bitcoin Pizza Day 2024’ in collaboration with Satoshi Labs...

An event to bring to-gather all fragmented cryptocurrency communities in the Philippines under one roof.

Olympus acceleration platform opens global launchpad for Filipino Web3 startups 

The DFINITY Foundation (DFINITY), a Swiss not-for-profit research and development organization and key contributor to the Internet Computer Protocol (ICP) blockchain, has announced the launch of the Olympus, the first decentralized, on-chain global acceleration platform.