GCash’s GCrypto platform has recently expanded its cryptocurrency offerings by including $XTZ, the native token of the Tezos blockchain, among its trading options. This addition enriches the GCrypto feature within the GCash app, allowing users to trade $XTZ alongside 28 other cryptocurrencies directly from their e-wallets.
The integration of $XTZ into GCrypto was facilitated by PDAX, a virtual asset service provider licensed by the Bangko Sentral ng Pilipinas (BSP). The BSP introduced $XTZ to its application in early 2023. PDAX plays a crucial role in powering the GCrypto trading feature, enhancing the digital trading experience for GCash users.
Understanding $XTZ and the Tezos Blockchain
$XTZ, also known as tez, is the cryptocurrency unit native to the Tezos blockchain, recognized for its economic relevance and innovative features. Tezos stands out as an open-source, decentralized blockchain that supports Smart Rollups, enabling it to process up to one million transactions per second. This high transaction capacity does not compromise its environmental responsibility, as Tezos operates on a proof-of-stake consensus mechanism. This approach reduces energy consumption and allows $XTZ holders to stake their tokens, participate in block creation, receive rewards, and propose changes to the blockchain’s operation, including adjustments to gas fees and block times.
Tezos’ Impact on the Philippine Crypto Scene
Tezos has made a notable impact on the Philippine crypto and NFT community. Its adoption by NFT artists and enthusiasts highlights its prominence in the local scene. Crypto Art Philippines founder Jopet Arias and GCrypto chief Luis Buenaventura acknowledged that the listing of $XTZ on GCash was met with enthusiasm.
The Tezos ecosystem in the Philippines has been vibrant, with several key events underscoring its community engagement and support for local talent. “Tezmas 2023,” an NFT minting competition, and the Philippine-themed “Tezos Kultura” event celebrated the country’s heritage and creativity. Additionally, “Ani ng Sining, Bunga ng Galinh” and the Women of Web3 NFT Community Minting Event, among others, have fostered inclusivity and diversity, showcasing the contributions of women and artists in the evolving web3 space.
These initiatives reflect Tezos Philippines’ commitment to leveraging blockchain technology for cultural expression and empowerment, further solidifying the blockchain’s role in the digital finance revolution and the broader tech ecosystem.
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