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Manila Bulletin devider Technews devider Coins.ph and YGG announce partnership for Web3 access to the country

Coins.ph and YGG announce partnership for Web3 access to the country

Published Mar 26, 2024 04:31 am

The partnership between Coins and YGG would allow faster and cheaper transfer of YGG tokens to Ronin using Polygon.

Of course, this includes members of the YGG community who have earned YGG tokens as a reward for participating in YGG’s Guild Advancement Program (GAP).

“Fostering web3 adoption has driven us to be a pioneer among exchanges around the world by delivering gamer-centric solutions for our 18 million users. In 2022, we launched Coins Arcade and became the first in the Philippines to list YGG. We have also been the first to list other top-traded gaming tokens such as RON, AXS and PIXEL. By partnering with YGG, we continue to support the gaming community, reflecting our shared mission to improve the experience of gamers when moving in, out and around crypto,” said Wei Zhou, CEO of Coins.ph. 

“Today, we are proud to be the first exchange in the Philippines to support YGG on the Ronin Network and will continue to collaborate with guilds, games and the broader gaming ecosystem to empower gamers in the Philippines and beyond as we expand globally this year,” Zhou added.

For GAP participants wishing to move their YGG tokens from the Polygon network to the Ronin network, as a first step, they must transfer their tokens to the Ethereum network via the Polygon bridge. Bridging those tokens could take 45 minutes and cost more than P1,600 in gas fees based on Etherscan estimates. As a second step, the user must bridge from Ethereum to Ronin, which could cost another P165 in gas fees. Gas fees can also increase further as more users conduct transactions in these blockchains.

With YGG now available on Ronin, users will only need to transfer their YGG once to the exchange and will only pay once for gas fees. Filipino YGG holders who want to transfer their YGG tokens from Polygon to Ronin now have the option to avoid double bridging. They can move their YGG from Polygon directly to Coins.ph through the Polygon network before moving it to their Ronin wallet using the Coins.ph Ronin integration. This method prevents the long waiting times and expensive gas fees from the Ethereum network. 

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