A Filipino-owned financial technology company, Smart Asset Management (SAM) Digital Technology, becomes successful in establishing a Filipino cryptocurrency coin in Probit and Hotbit trading platforms.
SAM founder and Chairman Rommel Santos announced that SAM subscribers in the Philippines, as well as holders of the new crypto coin, can now buy, trade or sell their coins.
Also referred to as SAMK, SAMKoin was introduced to the public in February. A few days after its official pre-order, the digital currency acquired more than 15,000 new SAM members from different parts of the world.
SAMKoin is a utility token that uses blockchain technology and proof of authority (POA) protocol in its transactions. This protocol consumes less computing power and is more environmentally friendly than other protocols, staying true to the digital company’s principle of putting value in nature.
The SAM ecosystem is composed of subscribers of the financial company who can access different traditional and digital businesses and enterprises.
‘The conventional method of the entrepreneurial journey through sharing economy is now fully understood. You should be proud that SAMKoin is a utility coin that gets recognition from those two important sources,’ Santos stated. These include the Austrac of Australia, the Securities and Exchange Commission and the Bangko Sentral ng Pilipinas (BSP).
In addition, Santos indicated that one of the main edges of the SAMKoin is its ‘complimenting system with complimenting ecosystem.’
This means that the SAM ecosystem offers 17 conventional businesses that have their niche market. Some of these include agriculture, logistics, remittance, petroleum, delivery services and more.
Furthermore, he enumerated the uses of the SAMKoin which are the following:
- Buying SAMPD Subscription
- Buying Members Acceleration Program
- Trading on global exchanges
- Converting redeemable points to SAMKOINs
- Visa Card transfer, cashing out or selling
- Merchant payment
- Utility/household bill payment
- Community utilization.
Due to the COVID-19 pandemic, many people in the Philippines have been resorting to digital transactions. This provides the financial technology sector with new opportunities at a time like this.
‘The potential of the digital technologies right now is actually 10 years ahead of the conventional technology that has long been in place. So, I think, people need to look at the digital side of everything. What I suggest is that they enhance the digital services that they are offering to people. Because, right now, it’s about adaptation,’ Santos concluded.
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