Philippines’ number one Finance App GCash opens new possibilities on blockchain with Axie Infinity team up. It is no doubt that the largest one finance app cashless ecosystem in the Philippines, team up with the number one Web3 title, GCash and Axie Infinity respectively, to greatly improve the on-chain gaming community experience by opening a direct on-ramp and off-ramp portal in the GCash app GCrypto feature.
What is blockchain?
To briefly explain what is blockchain, it is highly sophisticated and secured system of transaction in bitcoin or other types of cryptocurrency, that is being properly recorded over a multiple network of computers, for a full forensic view. Blockchain gives another layer of security for apps in the cryptoworld.
What is Web 3.0 and how does it work?
In reference to PC article posted in February 2022, “Web 3.0 promises a decentralized internet built on the blockchain. Here’s what that collection of buzzwords means for how you may access the web in the years to come.”
So hand in hand, combining the technology of blockchain and Web 3.0 lets it open a lot of possibilities for business in the cryptoworld making it easier and faster for a deployment scenario.
What is Cryptocurrency?
As defined by Britannica Money, Cryptocurrencies are digital assets that rely on an encrypted network to execute, verify, and record transactions, independent of a centralized authority such as a government or bank.
What is Axie Infinity?
Axie Infinity is a game where you collect, own and breed axies, digital pets that can battle monsters or other players in strategic card battles. You can also explore the infinite universe.
That is wy this partnership is a landmark for the Filipino Web3 gaming community because now you safely transfer cryptocurrency from the Axie ecosystem to GCash GCrypto. They can also easily convert these in-game currencies into fiat money or Philippine pesos all within the same app. Users can also use GCrypto as a conversion portal for the other games in Sky Mavis’ Ronin ecosystem, including Pixels.
This initiative ensures compliance with the most rigorous industry governance practices and implements new measures to make the user experience even safer and more secure. “This collaboration is another step ahead in our mission to transform the potential of blockchain technology and to democratize it even more, going beyond the purchase, sale, and maintenance of cryptocurrencies in the GCash app. By working together with Axie Infinity and its Ronin ecosystem, we will continue to achieve our mission to remove the financial and technical barriers of crypto gaming while putting our user’s safety as a top priority,” GCash head of GCrypto Luis Buenaventura said.
Filipinos have dominated Axie’s user base, play and earn comprising up to 50% of the total users. Similarly, Pixel’s Filipino user base has also seen an increase, making the Philippines the largest geography for the game which has over 170,000 daily active users. There are also Axie Infinity Scholars where they develop their skills in the play and earn category.
Aside from these games, Ronin also has Katana DEX, a decentralized exchange for trading of in-game tokens (like AXS and SLP) directly on the blockchain that is currently used by Axie, Pixels, and other games on the network. Recently, Sky Mavis relaunched Axie Infinity Classic and launched its merch store to introduce more people to Axie Infinity and onboard a new generation to Web3.
“The Philippines is the beating heart of Web3 gaming. GCash has over 80 million installs in PH and we’re ecstatic to bring economic freedom to this massive community. This partnership will make it even easier to onboard everyday people to our movement,” said Jeff Zirlin, Co-Founder and Chief Growth Officer at Sky Mavis.
