• The Philippines has the potential for mainstream adoption of cryptocurrency and blockchain technology, according to Donald Lim, founder of the Blockchain Council of the Philippines.
• 40% of players in the blockchain game Axie Infinity come from the Philippines, which introduced Web3 concepts such as crypto wallets.
• A supportive government means that blockchain projects have opportunity to flourish in the country.
The Potential for Crypto Adoption in Philippines
Donald Lim, founder of the Blockchain Council of the Philippines (BCP), believes that his country has all the ingredients for mainstream crypto and blockchain adoption. He organized an event called Philippine Blockchain Week and found an entire ecosystem looking to “find their place in the world”. Lim believes that with a young population with a median age of 25 years old, and a supportive government, there is great potential for blockchain projects to succeed within the country.
Web3 Concepts Introduced by Axie Infinity
In 2021 play-to-earn (P2E) blockchain game Axie Infinity became popular in the Philippines with estimates showing 40% of its player base coming from this developing nation. This introduced many Web3 concepts into the country such as creating crypto wallets. As a result international organizations have expressed interest in setting up their projects within this market due to its demographics and supportive government stance on crypto and blockchain technologies.
Crypto Wallet Service Pouch
Cointelegraph spoke with Ethan Rose, founder of Pouch — a wallet service that supports Bitcoin Lightning Network in Philippines — who said it had managed to onboard 25 merchants over two months since launching last March 2021. This demonstrates increasing merchant acceptance for cryptocurrencies within this nation which signals greater potential for mass adoption sooner than later.
Investment Opportunities
Lim also believes there is potential investment opportunities arising from this nation due to more people being able to access capital through cryptocurrency investments or tokenized securities offerings which could lead to more financial freedom among Filipinos if done correctly.
Conclusion
The combination of these factors suggest that cryptocurrency adoption could be ‘snowballing’ within this nation leading us closer towards mainstream adoption not just in this country but around Asia as well as globally too!