It has been a little over a year since NEM Philippines Head Emerson Fonseca expressed his excitement on a Facebook post regarding direct XEM-PHP exchange. The long wait is finally over. XEM-PHP has been listed on Virtual Currency Philippines Inc.’s cryptocurrency exchange platform, VHCEx.
With this listing, Filipinos can now convert their PHP into XEM without having to go through the usual circuitous route. This will save them the hassle and exorbitant fees, a point raised by Fonseca on the said social media post.
VHCEx, for its part, further expands its coin listing portfolio with this XEM-PHP inclusion. According to VHCEx CEO Jenn Lim, this is in line with the platform’s goal to enlist more cryptocurrencies that are high in demand in territories it primarily services. VHCEx operates mostly in Southeast Asia.
XEM is fast becoming one of the most valued cryptocurrencies, particularly in Southeast Asia. Just recently, it was named one of the top ten cryptocurrencies to invest in 2019 by the world’s largest cryptocurrency exchange aggregator, CoinSwitch.
Also notable is NEM Philippines’ aggressive promotion of blockchain technology wherever it operates. In the Philippines alone, NEM Philippines has helped launch blockchain certificate programs in different schools throughout the country. It also funded the country’s first blockchain research laboratory in Ateneo De Manila University.
Adding credence to this XEM-PHP pairing is the fact that VHCEx has been granted with a certificate of registration to operate an exchange in the country, which includes an E-money interchange (EMI) license by the Bangko Sentral ng Pilipinas (BSP). It shares this distinction with only a select few, six to be exact. This means VHCEx is allowed to “engage in crypto-to-fiat and fiat-to-crypto transactions and services.”
VHCEx continues to advocate for blockchain technology especially in the Philippines. “We intend to support local blockchain projects by actively onboarding them on our platform, ” Lim said in an interview with BitChikka during the signing ceremony. “This is our way to support the growth of the blockchain community in the Philippines.”
As of press time, coingecko.com reports a conversion rate of PHP 3.40 for NEM to PHP with a current circulating supply of 9 Billion coins and a total volume exchange of PHP 2,073,672, 604.