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Philippines Crypto Wallet Service Provider Coins.ph Partners With the PBA

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Philippines Crypto Wallet Service Provider Coins.ph Partners With the PBA

Another digital currency firm is making moves into the sports world as the Philippines crypto wallet service provider Coins.ph announced the company has partnered with the Philippine Basketball Association (PBA). The deal is the PBA’s first crypto partnership during its 47th season and the Coins.ph brand will be showcased at the premier tournament during the Philippine Cup.

Philippine Basketball Association Partners With Crypto Firm Coins.ph

Over the last year, well known digital currency companies like FTX, Crypto.com, Grayscale Investments, and Blockchain.com have integrated the firms into the sports world through various partnerships and endeavors. On June 3, the regulated fiat and crypto service provider Coins.ph announced it has partnered with the Philippine Basketball Association (PBA).

The PBA was initiated in 1975 and is the second-oldest professional basketball league in the world following the National Basketball Association (NBA). The league is composed of 12 franchised teams and the PBA season’s most prestigious tournament is the Philippine Cup. PBA teams include Barangay Ginebra San Miguel, Meralco Bolts, Converge Fiberxers, Magnolia Hotshots, Blackwater Bossing, Phoenix Super LPG Fuel Masters, Terrafirma Dyip, TNT Tropang Giga, Rain or Shine Elasto Painters, San Miguel Beermen, NLEX Road Warriors, and Northport Batang Pier.

The upcoming 2022 Philippine Cup will be the first time since 2019 that fans can experience the full-arena experience at 100% capacity. Coins.ph detailed in its announcement that the company’s “brand presence [will be] featured throughout the Philippine Cup.” Coins.ph plans to engage with fans by offering “interactive experiences” and promoting cryptocurrency awareness. PBA fans will be able to win cryptocurrencies and Coins.ph will also be highlighted in television ads during the 2022 PBA season.

“Basketball plays a very important part in the Filipino culture and that makes it a perfect match for Coins.ph, a proudly home-grown fintech brand in the Philippines,” Wei Zhou, the CEO of Coins.ph explained in a statement sent to Bitcoin.com News. Zhou added that in recent times, the firm has seen interest in Web3 and digital currencies grow and the PBA’s prominence can help bolster crypto awareness. Zhou added:

We have seen a surge in engagement with Web3 in the Philippines and we believe that more and more Filipinos are joining the crypto community. The PBA is a great platform to educate Filipinos on the crypto-economy and we value this opportunity to expand crypto market adoption.

PBA Commissioner Says Coins.ph Gives ‘Fans the Opportunity to Engage in a New Way’

Founded in 2014, Coins.ph has raised roughly $40 million in capital funding and the most recent Series C saw a $30 million investment round led by Ribbit Capital. In addition to the partnership with the PBA, executives from Coins.ph and Xendit launched a non-fungible token (NFT) platform with $2 million in seed funding.

Coins.ph was once owned by the Indonesian tech company Gojek which purchased the startup for $95 million. According to a report published by Ka Kay Lum, the deputy editor and business journalist at the-ken.com’s SEA edition, several regional investors associated with Gojek and Coins.ph confirmed that the former CFO of Binance, Wei Zhou, purchased the company. Ka Kay Lum details that Coins.ph was sold “for double the amount” Gojek paid for the startup in 2019.

During the last year, celebrity athletes and the sports industry have been leveraged by crypto companies to gather more exposure. For instance, FTX obtained the name of the Miami Heat’s arena and Crypto.com acquired the name of the Los Angeles Lakers arena. Well known sports stars like LeBron James, Tom Brady, Francis Ngannou, and Kevin Durant have become partners with crypto firms. In terms of the deal between the PBA and Coins.ph, Willie O. Marcial, the PBA’s league commissioner, believes the partnership with Coins.ph will enhance the PBA’s growth.

“The PBA is the 1st professional basketball league in Asia and is already an institution in the country,” Marcial remarked during the partnership announcement. “It is still unparalleled when it comes to professional sports entertainment. And partnering with Coins.ph will surely take the PBA a step further as it continues to improve and strengthen its position as one of the best leagues in the region. Further, the PBA is all about growth and improvement. Having Coins.ph will give fans the opportunity to engage in a new way and at the same time learn about the crypto community.”

What do you think about Coins.ph partnering with the Philippine Basketball Association (PBA)? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Record Investment Outflows of $423 Million Led to Crypto Bloodbath

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Record Investment Outflows of $423 Million Led to Crypto Bloodbath

Last week saw record outflows of $423 million from crypto assets, according to CoinShares.

The report found that the outflows last weekend were likely responsible for bitcoin’s decline to $17,760. Analyst James Butterfill said: “The outflows were solely focussed on bitcoin, which saw net outflows for the week totaling US$453m.”

BTC outflows bring down institutional investments 

Therefore, if bitcoin is removed from the calculations, Ethereum contributed an inflow of around $11 million while other alts also added minor positive flows, aggregating inflows to the extent of $70 million. 

This was Ethereum’s first inflow after 11 consecutive negative sessions according to CoinShares.

In the past week, the BTC market has slid under the $20,000 level twice. Short-bitcoin saw inflows of $15 million due to the launch of the first U.S.-based short investment product in the week in question, the report noted.

[1/5] This week’s Digital Asset Fund Flows Report is now available! Written by @jbutterfill, the headline for this week is: Record US$423m outflows last week while Short-Bitcoin saw inflows of US$15m. Read on for the highlights -> pic.twitter.com/eIalnFhacv

— CoinShares 👩‍🚀 (@CoinSharesCo) June 27, 2022

Benefits of a crypto bear market

Similar wide margins were last seen in the previous negative peak, in terms of outflows, in Jan at $198 million.

However, in relative terms, Butterfill remarked that the week did not witness the largest negative flows against total assets under management (AuM). 

“This record occurred during the bear market in Feb 2018 where outflows representing 1.6% of AuM were witnessed, while the outflows last week were the third largest on record, representing 1.2% of AuM,” the report noted.

According to FTX CEO Sam Bankman-Fried, the Federal Reserve’s decision to aggressively increase interest rates was the main reason behind the market crash.

But despite the bearish sentiments, some crypto bosses are optimistic about the results of a market downturn. Charlie Silver, founder of Permission.io told Insider: ” There are hundreds of firms that are built on hype and not substance. It will be good for the industry to have them go away.”

“Bear markets are healthy because it resets valuations to reality and flushes out the bad actors. There are many cryptos that are true Ponzi schemes, that pay investors only with new investor money. When the new money dries up the project falls apart,” Silver added.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Uzbekistan warms up to Bitcoin mining, but there’s a catch

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Uzbekistan warms up to Bitcoin mining, but there’s a catch

The executive order spares all the mined assets from taxation and bans mining anonymous currencies.

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Uzbekistan warms up to Bitcoin mining, but there’s a catch

The National Agency of Prospective Projects (NAPP) in Uzbekistan announced its demands toward crypto mining operators. It would only allow the companies that use solar energy to mine Bitcoin (BTC) or other cryptocurrencies. 

The normative act on the government page, dated June 24, describes the confirmation of “Guidelines on the registration of the crypto assets mining,” and sets the finalization date on July 9. The second article of the document offers an uncompromising wording:

“Mining is being carried out only by the legal entity with the use of electric energy, provided by a solar photovoltaic power plant.”

As a further complication, the miners should own the solar photovoltaic power plant that they will use for energy.

The executive order also obliges any mining operator to obtain a certificate and register in the national registry of crypto mining companies. This procedure demands a brief list of documents, and should take no more than 20 days from submitting to the final decision to the licensing body. The certificates would be valid for one year after the registration.

Related: Go green or die? Bitcoin miners aim for carbon neutrality by mining near data centers

All the currency generated from mining activities would be spared taxation, though the mining farms would face the special tariffs on the consumed energy set by the Uzbekistan government. But, the trade operations with mined assets would have to be conducted only on the exchange platforms that are registered in Uzbekistan. The mining of anonymous cryptocurrencies would be prohibited.

In April 2022, the freshly-restructured NAPP became Uzbekistan’s exclusive crypto regulator with the mission to adopt a special crypto regulation regime in the country. This move came in a row of initiatives launched by the Uzbekistan President Shavkat Mirziyoyev to provide the regulatory framework for crypto. In September 2018, Mirziyoyev signed a law prohibiting local firms from launching their crypto exchanges in Uzbekistan. The law only offered legal status to crypto exchanges established by foreign legal entities.

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Celsius denies allegations on Alex Mashinsky trying to flee US

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Celsius denies allegations on Alex Mashinsky trying to flee US

Celsius CEO Alex Mashinsky wasn’t trying to leave the U.S. last week but has continued to work on recovering liquidity and operations, the company has claimed.

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Celsius denies allegations on Alex Mashinsky trying to flee US

Troubled crypto lending firm Celsius is putting their best foot forward to recover operations alongside CEO Alex Mashinsky, who currently stays in the United States, the company has claimed.

A spokesperson for Celsius has denied rumors that the company’s CEO tried to flee the U.S. last week amid the ongoing liquidity crisis of the Celsius Network.

The representative told Cointelegraph on Monday that the firm continues working on restoring liquidity, stating:

“All Celsius employees — including our CEO — are focused and hard at work in an effort to stabilize liquidity and operations. To that end, any reports that the Celsius CEO has attempted to leave the U.S. are false.”

Celsius’ statement came shortly after Mike Alfred, co-founder of the crypto analytics firm Digital Assets Data, took to Twitter on Sunday to claim that Mashinsky attempted to leave the country last week via Morristown Airport in New Jersey.

Citing an anonymous source, Alfred alleged that Celsius’s CEO was trying to go to Israel. “Unclear at this moment whether he was arrested or simply barred from leaving,” he added.

Alfred’s claims followed a massive GameStop-like “short squeeze” of Celsius, with Celsius’ native token Celsius (CEL) jumping 300% in one week by June 21. CEL price also abruptly rallied more than 600% on June 14, with analysts attributing the event to an exchange glitch or liquidation of short traders.

At the time of writing, CEL is trading at $0.741, down around 5% over the past 24 hours, according to CoinGecko. Celsius’ native token is still up more than 160% over the past 14 days.

Celsius Network token (CEL) 30-day price chart. Source: CoinGecko

Some industry observers in the crypto community have expressed skepticism about Alfred’s tweets about Mashinsky, with many considering his allegations as FUD.

If @Mashinsky attempted to leave the country this week, why are you reporting it now exactly when the CEL price is going down? Seems very coincidental Mike Alfud. And why no mainstream media or crypto media is reporting this? #CelShortSqueeze https://t.co/ynJbzWib9o

— Otis — #CelShortSqueeze ©️ ⚡️ (@otisa502) June 27, 2022

As previously reported by Cointelegraph, Celsius officially announced that it would be “pausing all withdrawals, swaps and transfers between accounts” on June 13. United States regulators subsequently started an investigation into Celsius as multiple accounts on the network were frozen.

Related: South Korean prosecutors ban Terraform Labs employees from exiting the country: Report

According to some analysts, Celsius’ liquidity issues should be attributed to shortcomings of the existing crypto lending model in general, as other lenders in the market have faced similar problems recently.

Celsius has been working hard to fix the consequences of the platform’s liquidity crisis, reportedly onboarding advisers and restructuring consultants to help the platform handle potential filing for bankruptcy. On June 18, Celsius’ lead investor BnkToTheFuture and its co-founder Simon Dixon offered to assist the network by deploying a recovery plan.

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