As the new year begins, the local crypto community shared via the BitPinas Facebook page their 2025 expectations for local exchanges, including lower fees, faster listings, better support, advanced features, and increased transparency.
What’s the significance: These expectations highlight the need for local exchanges to prioritize accessibility, innovation, and user trust to remain competitive and drive mass adoption in 2025.
Lower fees
A common appeal from commenters is for local exchanges to lower their fees, making crypto more accessible to individuals in lower-income brackets looking to begin their web3 journey.
- “Lowering fees is crucial to making crypto more inclusive, especially for those in lower-income brackets who want to explore web3. Accessibility shouldn’t be a luxury, it’s key to driving mass adoption and empowering more people to participate in the decentralized economy,” a community member stressed.
In a recent Consensys and YouGov study, it was revealed that growing dissatisfaction with the financial system and interest in decentralization present significant opportunities for web3 adoption in the Philippines.
Human Support
Henry James Banayat, Executive Managing Director at Bitshares Labs, also commented noting that support on local crypto platforms should be handled by real people with decision-making authority, not just bots, to build trust in exchanges.
- “(I) hope local crypto exchanges prioritize building a better and more responsive customer support system alongside robust consumer protection. While regulatory compliance ensures customer protection, it is equally important to address the frustrations that arise when mistakes—often minor and solvable—are met with dismissive automated replies and powerless live agents. Oh well, just wishful thinking,” he wrote.
In June, it can be remembered that Maya Crypto faced a week-long downtime due to a vendor system issue; moreover, the lack of timely communication highlighted challenges in customer support.
Error Accountability
A commenter emphasized that platforms should own up to their mistakes and compensate users instead of attributing issues to technical errors.
- This sentiment aligns with the recent Maya incident, where a pricing glitch caused USDC to be sold at ₱1 per token, resulting in significant user profits; in response, Maya sought repayments while addressing the error linked to a third-party vendor system.
- Accordingly, Maya faced backlash from users after demanding the return of crypto profits gained during the pricing glitch, sparking a divided community debate on whether the platform or the traders should bear responsibility.
Access to DEXs
Some comments expressed hope that local companies would explore ventures to help Filipino users maximize the use of decentralized exchanges (DEXes).
- “I wish a local company (would) start a venture (on) how to maximize DEXes for Filipino users,” Boanerges Genove, or The Resistance Trader, stated.
Decentralized exchanges (DEXs) are blockchain-based platforms that enable peer-to-peer cryptocurrency trading without a central authority, using smart contracts for secure and transparent transactions.
- Local crypto platforms can be classified as centralized exchanges (CEXs); CEXs are cryptocurrency trading platforms managed by a central authority, which facilitates transactions, maintains user accounts, and provides services like order matching and custody of funds.
Crypto in the Countryside
Ownly CEO Ismael Jerusalem also commented suggesting that local exchanges should increase crypto-related initiatives and activities in rural areas.
- “More crypto related activations in the countryside,” he stated.
In 2024, while numerous events were held in Metro Manila, it’s worth noting that several significant events also took place in the provinces, although most of these were organized by various local communities and had participation from local exchanges.
Some of these events are:
- The YGG Roadtrip – It is a nationwide initiative by YGG Pilipinas, aiming to connect Filipino gamers with web3 technology. The event travelled to six locations in over four months visiting Batangas, Cebu, Bacolod, Davao, Baguio and Quezon City.
- Solana Ecosystem Call – It is a monthly meetup of Solana builders and enthusiasts, it has events in Baguio, Bicol, Bacolod, Cebu, and others.
- University Tour Baguio – It is a three-day University Road Show in Baguio City by CoinEx.
- BitPinas Davao Crypto Community Meetup – The event, held on July 25, 2024, gathered crypto enthusiasts for discussions on blockchain and crypto education.
- Blockchain Campus Conference 2024 – It was held in Davao City, bringing together students, educators, and industry leaders for two days (Day 1, Day 2) of learning and discussion about the future of blockchain technology.
The bottom line: The demand for lower fees and faster token listings reflects the growing need for better access to decentralized finance, while the focus on improved support and accountability emphasizes the importance of user-centered services in the evolving crypto space.
Worth reading: In response to user concerns, local exchanges like Coins.ph, PDAX, and GCrypto shared their efforts to upgrade systems, enhance customer support, and partner with reliable services to manage increasing demand and ensure smooth operations.
This article is published on BitPinas: Wishlist! What PH Community Expects From Local Crypto Exchanges
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