Local Crypto Exchange Coins.ph Now Supports Bitcoin’s BRC-20 | BitPinas

Local crypto exchange Coins.ph recently announced that it now supports BRC_20 tokens. In a statement, the firm wrote that it is “the first Philippine exchange to bring BRC-20 token services to the local market, marking a significant milestone in the country’s digital asset landscape.”

BRC-20 in Coins.ph

According to Coins.ph, the integration and offer of BRC-20 inscription services is in line with it’s vision to provide Filipinos with greater access to digital asset services.

“This move signifies that Coins.ph is committed to being at the forefront of digital asset innovation…BRC-20 has seen significant growth in activity since it launched earlier this year,” said Wei Zhou, Coins.ph CEO. 

He also added that with this move, the firm aims to allow its users to participate in opportunities “whether it be through tokens like $ORDI which we recently listed, or other product offerings enabled by BRC-20.”

ORDI is a cryptocurrency that operates on the Bitcoin blockchain. It is a BRC-20 native utility token that is used to facilitate transactions within the platform. The current price of ORDI is $67.63 with a 24-hour trading volume of $634,763,765.

According to the announcement, in addition to listing $ORDI, Coins.ph intends to further expand the range of BRC-20 tokens available on its platform, as these have significant traction in the market due to their unique features and innovative use cases.

“The introduction of BRC-20 inscription services represents a notable advancement in extending Bitcoin’s capabilities beyond its initial purpose as a digital currency. Coins.ph plans to pave the way for novel opportunities in digital asset ownership and management through the launch of BRC-20 services and the goal to expand on additional inscription services in the near future,” the statement read.

What are BRC-20 tokens?

BRC-20 is a technical standard for minting and managing fungible tokens—interchangeable and have equal value— on Bitcoin blockchain. 

It is a new token standard for Bitcoin that uses ordinal inscriptions to represent and manage tokens. This innovation enables seamless token creation and transfer without the need for complex smart contracts. It also enhances efficiency and reduces cost.

It is similar to the ERC-20 token standard used on the Ethereum blockchain, but on Bitcoin.

Read: What are the ERC-20 Tokens Supported by Coins.ph

Recent Coins.ph News

This month, Coins.ph has raised its standard daily cash-in limits: Level 2 accounts (ID and selfie verified) now have a limit of ₱500,000, and Level 3 accounts (requiring proof of address and proof of income) now have a limit of ₱10 million.

It also launched the Digital Asset Exchange Alliance (DAEA) with Coinhako, Indodax, and Bitkub. The alliance aims to strengthen regulatory compliance, share protocols, promote financial literacy, and uphold consumer protection and responsible trading practices.

Moreover, the platform also introduced a recovery procedure to help users reclaim assets involved in blockchain transactions. This feature allows users to recover assets sent with incorrect destination tags, transactions on unsupported networks, and deposits made with unsupported tokens.

In November, its TradeDesk service surpassed a trading volume of over $1 billion year to date. The service specializes in providing over-the-counter trading services for high-net-worth individuals and institutional clients.

Inversely, Coins.ph also experienced a data breach that affected a small percentage of users. Also, in October, a potential security breach occurred, which resulted in the theft of approximately $6 million worth of XRP. Chainalysis has identified and labeled the compromised funds. The exchange has not issued an official statement regarding the incident.

This article is published on BitPinas: Local Crypto Exchange Coins.ph Now Supports Bitcoin’s BRC-20

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