XLD Finance and Yield Guild Games partner to enable play-to-earn gamers to pay bills with crypto
- XLD Finance is a stablecoin-based ecosystem driving financial inclusion through real-world financial services. XLD’s roadmap includes the development of both Web 2.0 and Web 3.0 projects such as its own stablecoin, a DeFi wallet, early wage access, and a simplified crypto onramp & offramp platform for crypto natives and the financially underserved.
- XLD’s first project, xSpend, allows users to immediately use their GameFi tokens or stablecoins to pay for necessities and utilities.
- As part of its pre-launch activities, XLD Finance is providing early access to Filipino members of the leading play-to-earn gaming guild, Yield Guild Games (YGG). The partnership gives YGG members a first look at the XLD Finance platform ahead of its launch in December and genesis NFT release in January.
Manila, Philippines, 6 December 2021 — XLD Finance has formed a partnership with Yield Guild Games (YGG) to pursue long-term projects that drive financial inclusion and the adoption of decentralized finance (DeFi) in emerging markets such as the Philippines.
Yesterday, at the YGG Pilipinas Managers Meetup, an exclusive event hosted by YGG to recognize the contributions of its Community Managers, guild members were given a first look at XLD’s platform, xSpend, which allows users to spend their GameFi tokens and stablecoins to pay 350+ billers and utilities including mobile prepaid, power, water, and internet services. xSpend will first launch in the Philippines and will roll out globally in 2022.
“Currently, when they need to pay bills, our guild members go through a lengthy process to cash out their cryptocurrency earnings. This can involve high fees and put them at risk of unsuccessful transactions. XLD Finance is helping to solve those problems which is very important for the expansion of the play-to-earn movement more broadly,” said Gabby Dizon, co-founder of YGG. Dizon has also invested in XLD Finance and is an advisor to the team.
Play-to-earn gaming continues to surge in popularity. The opportunity to earn US$8 to US$40 a day proved compelling in emerging markets like the Philippines and Vietnam where national minimum wages hover at US$200 a month. Data shared by Axie Infinity creator, Sky Mavis, revealed that over 25% of its 2.6 Million daily active users are unbanked.
“The vast majority of these player earnings are fueling real life necessities,” added YGG Pilipinas Country Manager, Luis Buenaventura, who hosted the end of year event for YGG’s Filipino cohort. “Over ¾ of our Filipino community prioritize their family’s utility bills with their play-to-earn income, and take pride in the fact that they can contribute to the household expenses.”
xSpend is directly integrated with popular wallets associated with play-to-earn games and other Web 3 applications, including Metamask and Ronin. The platform simply requires users to connect their crypto wallet, choose the token they want to spend, select the biller for the transaction, and input account details. At launch, users can transact with USD Tether (USDT), USD Coin (USDC), DAI and Smooth Love Potion (SLP) to pay companies including Globe, PLDT, Smart, Maynilad, Manila Water, LUELCO, and NEECO.
“YGG has been pivotal in the growth of blockchain-based gaming communities. Through their efforts, we see that the play-to-earn model provides meaningful income to those who are typically unbanked and financially underserved in emerging markets,” said Ian Estrada, CEO of XLD Finance. “While play-to-earn and its participants are here to stay, financial services in emerging markets still have a long way to go. The XLD ecosystem will accelerate this process of inclusion through DeFi and Web 3.0.”
XLD revealed that its ecosystem roadmap details the development of both Web 2.0 and Web 3.0 financial solutions including its own stablecoin, a non-custodial DeFi wallet, and early wage access. Its next project is already in progress with xMoney, a play-to-earn exchange that simplifies the offramping of GameFi tokens from a crypto wallet to mobile wallets, bank accounts, and even cash pickups.
About Yield Guild Games
Yield Guild Games (https://yieldguild.io/) is a decentralized gaming guild that pools investor funds to purchase yield-generating NFTs, and leverages players’ time and effort to optimise its community-owned assets for maximum utility and return. By merging NFTs and decentralized finance (DeFi), YGG’s mission is to create value for its members by developing the content and economy of virtual worlds and blockchain-based games.
A short documentary released in May 2021, Play-to-Earn: NFT Gaming in the Philippines, reveals the story of a rural community that earned an income through play-to-earn gaming amid the COVID-19 pandemic. The documentary, which was produced as a collaboration between Yield Guild Games, Delphi Digital and Emfarsis Consulting, demonstrates how NFTs and cryptocurrencies are providing transformative economic opportunities for people young and old in developing nations where jobs are lacking and crisis relief has been limited.
About XLD Finance
XLD Finance is a stablecoin-based ecosystem driving financial inclusion through real-world financial services. XLD’s roadmap includes the development of both Web 2.0 and Web 3.0 projects such as its own stablecoin, a DeFi wallet, early wage access, and a simplified crypto onramp & offramp platform for crypto natives and the financially underserved.
For media enquiries, please contact:
For XLD Finance, contact:
Country Director (Philippines) & Head of Strategy
For Yield Guild Games, contact:
Director, Emfarsis Consulting