Blockchain-based digital wallet Coins.ph introduced three new cryptocurrency tokens: USDC, Chainlink, and Kyber Network Crystal (KNC). Customers can start buying, selling, and storing these tokens directly using the Coins.ph app.
“This is the first of many additions and enhancements we will release for this year,” said Nauman Mustafa, CEO of Coins.ph. “The goal of Coins is to make access to cryptocurrencies easy and convenient, and we hope to achieve that goal by expanding our users’ selection of tokens on the platform.”
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.
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.
To start using these new tokens, customers simply need to download the latest version of the Coins.ph app available at the Google Play Store, 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 themselves of these cryptocurrency services.
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. Kyber Network Crystal (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,” said Loi Luu, co-founder and CEO, Kyber Network. “With KNC, Coins.ph users can also participate in Kyber’s governance through the KyberDAO.”