WETH and SHIB, now available on PDAX

PDAX users now have an even wider access to the world’s top cryptocurrencies with the addition of Wrapped Ethereum (WETH) and Shiba Inu (SHIB). 

With these new tokens, there are now 36 cryptocurrencies which you can trade on the PDAX mobile app and on web.pdax.ph, offering more opportunities to expand one’s crypto portfolio. Read on to learn more about each new token below:

WETH is a “wrapped token” which is an industry term to refer to cryptocurrencies that can represent another token outside of its native blockchain. WETH for example, can represent one’s Ethereum (ETH) holdings which can be used on the Polygon blockchain, expanding its utilities to more decentralized applications (dApps) and taking advantage of faster speeds and lower gas fees–all while maintaining the market value of ETH. 

Market cap as of December 21, 2022: $325 million (on the Polygon blockchain only)

Contrary to popular perception, SHIB–the hugely successful dog-themed rival to Dogecoin (DOGE) also known as the “Dogecoin Killer”–is not just a “memecoin” as most people think, but has already undergone upgrades to integrate smart contract capability on its network to run its own dApps and deFi platforms. Aside from payment for network fees, SHIB can also be used to purchase its own line of non-fungible tokens (NFTs).

Market cap as of December 21, 2022: $4.96 billion. 

For network fees and trading and withdrawal limits on each token, please refer to the tables below. Please note that WETH and SHIB are all traded with PHPT pairs and converting from PHP to PHPT and vice-versa is free. 

Trading with these new cryptocurrencies is quick and convenient on the PDAX mobile app and on web.pdax.ph, which offers some of the lowest entry barriers in the Philippine market. Anyone wishing to trade in crypto can simply open an account and begin trading for as low as PHP200. 

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DISCLAIMER: The statements in this article do not constitute financial advice. PDAX does not guarantee the technical and financial integrity of the digital assets and their ecosystems. Any and all trading involving the digital assets are subject to the user’s risk and discretion and must be done after adequate and in-depth research and analysis.