The Philippines can position itself as the Asian blockchain capital: Ditto CME’s Donald Lim on CoinGeek Backstage
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When Axie Infinity launched, millions of Filipinos set up their Web3 wallets and started playing, and the country quickly became the biggest hub for games to make money. This was without any government initiatives to learn about Web3 or any pressure from regulators. For Dito CME Chief Operating Officer Donald Lim, this proves that the Philippines has what it takes to become the blockchain capital of Asia.
Speaking to CoinGeek’s Claire Celdran on the sidelines of the first BSV Blockchain Meetup in Manila, Lim pointed out that the Philippines has recorded numbers that prove it is the leader in Web3 in Asia.
“Look at all the numbers. We could really position ourselves as the blockchain capital of Asia. Think about that – 100 million inhabitants, which is very young and tech-savvy. For example, when Axie launched here, you saw that everyone just started to create their MetaMask wallets and play; we didn’t even have to teach them,” said Lim.
“[The time] is very ripe for the next generation to really take ownership of the blockchain revolution. We just have to push the right buttons, he added.
However, the rapid introduction presents new risks. Lim believes regulators must monitor the market to ensure fraudsters do not gain a foothold. Investors also need to be educated so that they don’t end up “blindly investing and then experiencing rug pulls, [and ultimately] lose all their money.”
Dito is one of the organizers of the upcoming Philippine Blockchain Week, which starts on November 28.
Lim noted that his research indicated that the Philippines was the only major player in the blockchain industry without its dedicated blockchain week, falling behind peers such as South Korea and Singapore. He expects thousands of attendees and representatives from hundreds of Web3, blockchain, metaverse and digital asset firms based in and serving the Philippines.
As he has previously stated, the event is “for anyone who wants to immerse themselves in Web3. We want to show how this technology is inclusive and beneficial for everyone.”
“[We want] industry to see how massive the Philippine ecosystem really is. We believe we can make our mark in Asia as the blockchain capital,” Lim told CoinGeek.
Dito CME is a major provider of information technology services in the Philippines. As Lim revealed, it has been targeting to break into telecommunications, an industry dominated by just two players in the Philippines.
“We think there is an opportunity for a third player to come in. […] Our first belief is that the internet can be faster and cheaper,” he said.
Lim believes there is a big opportunity for the telecom industry to integrate blockchain.
“[What we’re hoping for] is that every industry will learn to use and maximize it so that they can use it to advance their business. I call it “building on the principles of blockchain,” Lim said.
Lim has long argued that the Philippines has what it takes to dominate the new world of Web3. In September, COO Dito stated: “The Philippines has the numbers to become a blockchain hub. Our population is 110 million, with a median age of 25. We also have the highest Internet penetration and the highest NFT penetration rate of any digital population. »
The country is also home to a thriving digital asset industry. According to Chainalysis, the Philippines ranks second globally for adoption, just below neighboring Vietnam. Other Southeast Asian countries Malaysia and Indonesia also ranked in the top 20, proving that the region is the world’s blockchain epicenter.
Watch: Philippine Fintech Festival Highlights: Designing a digital economy that is anti-fragile
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