Bitspark, a blockchain-based bankless money transfer solution, will launch a PHP pegged cryptocurrency for money transfers dubbed “peg.PHP.” The first company to use peg.PHP will reportedly be an Australian-founded technology start-up based in Cambodia, Okra Solar.
Okra Solar, which provides off-grid solar solutions for remote regions, will deploy peg.PHP through Bitspark’s payment network in the Philippines. The press release claims that this will be the first time when stablecoins will be used for bill payments. Customers will also be able to pay their bills with the stablecoin in the form of a cash deposit at one of the shops in Bitspark’s network.
George Harrap, co-founder and CEO of Bitspark said that with the launch of peg.PHP, the company intends to improve the money transfer ecosystem, including bill payments. “There are more than 180 official currencies today and blockchain technology can unlock currencies that were previously gridlocked into isolated or illiquid markets,” Harrap said.