Bitget, a cryptocurrency exchange platform, has entered Forbes’ World’s Most Trustworthy Crypto Exchanges and Marketplaces list at 8th spot, after expanding services into the Philippines for digital assets conversion into pesos.
Bitget said Forbes praised the firm’s transparency and risk protection to investors as it maintains reserves for 100 percent of its assets and a $600-million users protection fund.
Last month, Bitget announced the launch of Bitget Tokens and Wallet that will allow Filipinos to access Bitget Pay and Bitget Card. Through these tools, users can pay for dining, travel, fuel, and shopping and avail of discounts at select partner merchants.
“These developments align with the Philippines’ increasing adoption of digital payment solutions, providing an added choice for consumers who want to explore cryptocurrency as part of their financial habits,” Bitget Philippines country manager Jose Mendoza said.
Like stocks, cryptocurrency values increase along with changes in the investment instrument’s supply and demand from the market.
To provide better returns to investors trading cryptocurrencies or digital tokens, Bitget said it recently reduced token supply to 1.2 billion from 2 billion. The burned tokens amounted to about $5 billion.
“This permanently removed a portion of tokens from circulation, making the remaining supply more scarce. Many crypto companies burn tokens to keep up with the demand, resulting in the token price growing over time,” Bitget said in a statement last month.
Established in 2018, Bitget said its users surged by 400 percent last year, bringing total users to over 8 million in more than 100 countries.
The firm added spot trading volume climbed to $600 billion from $160 billion.
“Bitget is working toward partnering with both local and international merchants to bring these services to a wide range of our consumers, blending the benefits of cryptocurrency with practical use cases,” Mendoza said.
To help accelerate cryptocurrency adoption in the Philippines, Bitget said it provides “round-the-clock Tagalog customer support and extensive educational initiatives.”
Department of Finance Secretary Ralph Recto said he expects more Filipinos to participate in cryptocurrency activities as the government establishes comprehensive regulations on the digital assets, integrating insights from the US.
“Many Filipinos have invested in cryptocurrencies worth around P6 trillion,” he said.
Recto said accessible digital platforms, such as e-wallets, in the Philippines and its young population have strengthened interest in cryptocurrencies.
“I expect more crypto investments, especially with the digital economy. Ninety million Filipinos have e-wallets, and the population has a median age of 25 and they’re interested in crypto,” he said.