Bitspark, a platform for bankless money transfers based on blockchain technology, has launched peg.PHP, a cryptocurrency pegged to the Philippines Peso (PHP), according to a report by The Blockchainland.
George Harrap, co-founder and CEO of Bitspark, stated that the launch of peg.PHP emphasized its commitment to using blockchain to improve the money transfer ecosystem, including bill payments.
“There are more than 180 official currencies today and blockchain technology can unlock currencies that were previously gridlocked into isolated or illiquid markets,” Harrap said.
Okra Solar, a provider of solar energy solutions in remote regions, is piloting the use of Bitspark’s payment network in the Philippines, marking the first use of stablecoins for utility payments.
Afnan Hannan, co-founder of Okra Solar, said, “Bitspark’s payment platform will be a real game-changer for remote communities that are being connected to our energy solutions. With the peso option, our customers will just be making a familiar PHP transaction but digitally.”
Most Okra clients live in remote communities and cannot afford the fixed fees that traditional mobile money operators charge on small transactions. Now, Okra’s customers can pay their power bills in PHP via the Bitspark App. peg.PHP will run in the background of the transaction, reducing transaction costs to virtually zero and avoiding the need to physically send out cash collection agents from the mainland.
peg.PHP began listing on Sparkdex — Bitspark’s decentralized exchange (DEX) — and Bitshares’ connected DEX.
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