• CaptainRevil

Withdrawing Your Dapper Balance to USDC to PHP (For NBA Top Shot Collectors In The Philippines)

Updated: Jul 11, 2021

11 April 2021, By CaptainRevil

Before we begin, I would like to take this opportunity to greet all my fellow TS Collectors in the Philippines; you are awesome! And of course to our TS muse @LilNoobie for lending her blog space and helping make this happen.

Disclaimer: Below is a basic guide to safely transfer/withdraw your money from Dapper to your preferred cryptowallet. We are not held liable for any mistakes you make in the process. Please always do your own research.

Let’s continue…

Important! Make sure the crypto wallet you are using supports exchanges for USDC.

For this example, we will be using Binance as our crypto wallet to transfer the Dapper Balance to, and to transfer to your Philippine bank account from.

1. Register and create an account at Binance.com

The steps are pretty straight forward; you just need your email address and a strong password to begin with. Then, confirm your registration via the email you receive from Binance. For superior security, make sure you enable the following 2FA (Two-Factor Authentication):

  • 2FA (email based)

  • 2FA (mobile number based)

  • 2FA (Google Authenticator based)

Apple App Store Link

Google Play Store Link

Further, I advise you to go through all the levels of the KYC process in order for you to maximize your withdrawal limit amongst other perks.

KYC for Binance has three levels:

1. Providing your basic identity,

2. Verifying your identity by providing a government issued ID, and

3. Verifying your address by providing proof of billing showing your registered address.

2. Transfer your Dapper balance to your USDC Token address

Your USDC Token address should be the same as your ETH address since USDC is a stablecoin derived using the Ethereum network. Note: not all crypto wallets support ERC20 Tokens. Since you are in the Philippines, chances are you are using Coins.ph which does not support ERC20. Do not use Coins.ph as your transfer wallet straight from Dapper; you will not recover the transaction and you will lose your money. Only use Coins.ph if you are transferring BTC/ETH/BCH/XRP.

Under the Fiat/Crypto tab in Binance, search USDC and click deposit. You will then be redirected to a page where your USDC address will be shown. Use the address under ERC20.

Copy the address and paste it to the Dapper website as your withdrawal address. To do this, click on Withdraw Balance, choose USDC, and paste under Crypto wallet address.

The previous guide on the Dapper website saying that you can transfer to your Ethereum Wallet can be misleading to non-US citizens because the guide assumes that your ETH wallet supports USDC. So as mentioned before, make sure your cryptowallet supports USDC at the Exchange. (Update: as of this writing – Dapper has updated the withdrawal window from previous versions and have provided much clearer instructions noting the need for “USDC Supported Ethereum Wallet”).

3. Convert USDC Token to crypto or fiat that supports exchange for PHP.

Once you have received the USDC in your Binance Wallet, which can take time since this is manually reviewed by Dapper compliance team, check which crypto/fiat-to-PHP exchange your crypto wallet supports. Binance does not support USDC to PHP. So, you'd need to convert your USDC to another stablecoin (1:1) that does. For example, you can convert USDC to USDT.

To convert your crypto to PHP, you can take two routes:

4. Route #1: Withdraw your money via P2P and deposit it directly to your bank account, GCash, or Paymaya - RECOMMENDED Once you have converted your USDC to USDT, you then need to sell it via P2P and deposit it to your account (assuming that you have already added your Bank account, GCash or Paymaya information).

5. Route #2: Withdraw your money via transfer to another crypto wallet, convert to PHP, and transfer to your account - NOT RECOMMENDED due to gas and conversion fees you may incur Convert your USDC to BTC/ETH and transfer to another wallet (e.g. Coins.ph). Then, convert the BTC/ETH to PHP and cash out to your preferred bank account, GCash or {aymaya.

And there you have it! You can now safely withdraw your Dapper balance to your crypto wallet that supports USDC and then to PHP.

For a video tutorial you may also watch this video prepared by my fellow TS Collector @jericsantos below. Thank you and safe withdrawing!

If you have any questions, please visit the tl-filipino Discord channel and folks may be able to help.

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