Following the success of its PayFi x Bitget Wallet event in Siargao, cryptocurrency platform Bitget expressed plans to expand its initiative across the Philippines, starting with Palawan, La Union, Dumaguete and Boracay.
In addition to the expansion to other tourist spots in the country, Bitget Wallet noted that it will also return to Siargao soon to add more merchants and strengthen local involvement.
Event Success
Held March 12–16, the firm noted that the Siargao event drew “overwhelming participation” from local merchants, entrepreneurs and residents.
Bitget also noted that the PayFi x Bitget Wallet event led to five businesses in hospitality, retail and food and beverage starting to accept crypto payments.
- The firm stressed that the onboarding of these businesses will make it easier for locals and tourists to pay without high fees or relying on traditional banks.
- Moreover, the crypto platform pointed out that beyond getting businesses to accept crypto, the event also drew interest from local entrepreneurs, freelancers and digital nomads, which Bitget noted as people who “recognize cryptocurrency’s potential to streamline cross-border transactions and mitigate currency exchange challenges.”
“As a hotspot for global tourism, Siargao’s embrace of crypto payments highlights the critical role of education in driving adoption. Bitget Wallet will continue to prioritize its PayFi focus in upcoming initiatives. Central to the event was the theme of financial inclusion, addressing the challenges faced by underserved communities with limited access to traditional banking. By offering accessible digital payments, the event demonstrates that crypto-powered financial solutions can drive real-world change.”
Bitget
Its PayFi Event in Siargao aimed to promote blockchain payments in the tourism and freelance sectors. The event featured activities like the Kamustahan sa Siargao forum, Salt & Sun Market for local vendors, and Siesta sa Siargao for tourists.
PayFi Vision and PayFi Flywheel
The media release also highlighted the launch of PayFi Vision and the introduction of the PayFi Flywheel in February.
- PayFi envisions transforming crypto into a practical financial tool by integrating earning, sending and spending into a seamless on-chain ecosystem, while the PayFi Flywheel maximizes financial productivity by using DeFi yields for everyday expenses.
- According to its announcement, Bitget Wallet’s PayFi Flywheel turns crypto wallets into active financial tools, allowing users to earn real-time yields on deposits like stablecoins, which can be used for daily expenses such as shopping or subscriptions.
Recent Bitget News
- Bitget’s Chief Legal Officer Hon Ng recently announced that the company is dedicated to expanding its regulatory compliance, noting that Bitget currently holds more than eight licenses in key countries and is actively pursuing additional licenses.
- In March, Bitget Wallet launched a $1 million $BGB on-chain staking pool, offering a fixed 5% annual percentage yield (APY). The initiative aims to strengthen $BGB’s presence in the decentralized finance ecosystem by giving users a secure and autonomous way to earn passive income while retaining full control over their assets.
- In February, Bitget released its proof-of-reserves report for the month, showing a significant increase in reserve ratios to 186%, up from its initial 100% commitment. The update highlighted Bitget’s financial stability, with substantial reserves in bitcoin (322%), ethereum (173%) and stablecoins like USDT (138%) and USDC (121%).
- In the same month, Bitget Wallet also upgraded its security with a new feature that lets users review and revoke risky DApp and token approvals.
This article is published on BitPinas: Bitget to Expand PayFi Initiative
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