Monat: Oktober 2023

• Coins.ph and Circle say the partnership aims at improving the remittance landscape in the Philippines.
• The companies target cheap and near-instant remittances enabled by the USDC stablecoin.

Philippine fintech company Coins.ph and Circle, the issuer of the USDC stablecoin, have announced a strategic partnership targeted at promoting USDC-denominated remittances in the Philippines.

The companies want to drive further adoption of crypto remittances via the stablecoin for the more than 18 million Filipinos that use Coins.ph, per details in a press release published on Wednesday. The Philippines is the world’s fourth largest destination for remittances.

Circle co-founder and CEO Jeremy Allaire commented on the “broad commercial partnership” via a post on X, stating:

Today through a broad commercial partnership with @coinsph, @circle will bring $USDC distribution and remittances to their 18 Million Filipino users. Digital dollars and low-cost, instant dollar remittance continues to be unlocked in emerging markets. https://t.co/xb9gLfHx6n

— Jeremy Allaire (@jerallaire) October 11, 2023

Low-cost, near-instant USDC-denominated remittances

Coins.ph, a crypto exchange and wallet provider, says the partnership will bring not just secure, but low-cost and near-instant cross-border remittances to the people. USDC is a fiat-backed stablecoin redeemable that’s 1:1 for US dollars.

According to the Philippines central bank Bangko Sentral Ng Pilipinas, remittance inflows stood at a whopping $36.1 billion in 2022. But while these transfers play a crucial role in the country’s economic growth, the impact of huge fees and transaction delays related to conventional payment channels has been huge.

A recent World Bank report indicated that the average remittance fee via traditional rails was $200, or roughly 5.7% in 2022. USDC will greatly reduce the costs, with Coins.ph and Circle eyeing the United Nations’ target of 3% or lower for migrant remittances costs.

The use of USDC also promises financial inclusion to more people, including the 44% of the Philippine adult population that remains unbanked.

“By making cross-border transactions near real-time and dramatically reducing transaction costs, we support the United Nations’ Sustainable Development Goal of reducing to less than 3 percent the transaction cost of migrant remittances by 2023. Together, we’re making critical steps toward increasing economic opportunity and prosperity in the Philippines,” Raagulan Pathy, Circle’s VP for Asia Pacific, said in a statement.

The post Circle and Coins.ph partner for USDC remittances in the Philippines appeared first on CoinJournal.

• WOO Network repurchases 20 Million WOO Tokens from 3AC.
• Woo has also cancelled shares purchased by the Three Arrows Capital (3AC).
• The 20 Million tokens were sent to a burn address.

Taiwan-based liquidity provider, WOO Network, has finalized a pivotal agreement with Three Arrows Capital (3AC) liquidators, marking a significant step in their mission to regain control of their financial future.

Three Arrows Capital’s filing for bankruptcy in July 2021 was triggered by a financial meltdown driven by excessive leverage. This crisis coincided with the tumultuous collapse of the $60 billion Terra Luna ecosystem, in which 3AC held substantial investments.

In a move that clears the uncertainty surrounding 3AC’s involvement, WOO Network has repurchased shares and tokens initially sold to the bankrupt hedge fund during its 2021 Series A fundraising.

20M WOO Network tokens sent to burn address

Besides repurchasing the 20 million WOO Tokens worth approximately $3.4 million at current market prices, as part of the agreement, WOO Network has cancelled the shares acquired by 3AC in the 2021 Series A round.

WOO Network raised $30 million during its Series A fundraise, though the specific investment amount from 3AC remains undisclosed.

Interestingly, the repurchased tokens have been securely sent to a burn address, ensuring they are permanently removed from circulation and inaccessible.

WOO Network price resilience

Despite market turbulence that has seen the WOO token’s price halve over the past six months, it remains 10% higher than its value at this time last year. Presently trading at around $0.1673, the WOO Network token is focused on moving forward, leaving the disruptive impact of 3AC’s bankruptcy behind.

The token and shares repurchase underscores WOO Network’s commitment to securing its financial future and rebuilding amid the volatile cryptocurrency landscape. Jack Tan, the co-founder of WOO Network, affirmed the company’s dedication to its mission, emphasizing that this agreement has helped remove the spectre of 3AC’s fallout.

The post WOO Network buys back shares and 20M tokens from bankrupt 3AC appeared first on CoinJournal.