BloomX to Connect Foreign Exchanges With Asian Customers on Stellar DEX
BloomX Aims To Be A Safe-Haven For 650 Million Asian Crypto Enthusiasts
Bloom Technologies last week launched its private token sale for BloomX, a platform that connects real-world foreign exchange dealers and their customers with the Stellar DEX.
Bloom has been building practical crypto solutions for over two years now, and until very recently, they did it behind the scenes. We’ve worked with remittance businesses from Seoul to Sydney, reducing their cost of transfer using crypto-based settlement. This allowed them to be more competitive, passing those savings on to their customers. Predominantly, those customers are migrant workers in the service industry who were manning minimum wage jobs on temporary contracts.
Bloom Technologies has been providing crypto solutions to the money services industry for several years and has already powered over $125,000,000 in transactions through their platform.
Their CTO Ramon Tayag explains that Stellar is a perfect fit for the activity that will occur on the platform. Every exchange of currency or payment these MSBs execute on the network adds to the total liquidity in the network. Combined with the Stellar Decentralized Exchange, the benefits that will accrue to the businesses and end-users is immense.
What Does The Future Hold For BloomX
Later in 2018, BloomX is being launched with two major partners: Palawan Pawnshop and Czarina Foreign Exchange. Together, the two companies operate a network of 3,000 outlets around the country and specialize in dealing with low-value cash transactions. In Southeast Asia, where banking has still not reached more than 30% of the adult population, this is critical to success. Before the end of next year, BloomX will be powering forex dealers all over Southeast Asia and reaching a population larger than that of the United States.
Bloom Technologies Founder and CEO Israel Keys says,
“We’re building a bridge for the Asian underbanked to safely transition from the cash in their pockets over to the new crypto economy. It will be one of the most profound shifts Asia has ever seen.”
More About BloomX
BloomX is connecting neighborhood moneychangers across Asia to the Stellar decentralized exchange and teaching people to use cryptocurrencies safely. Their Teller app will be used by moneychangers and remittance agents to buy/sell crypto over the counter, and the Wallet app will be used by end-customers to store their crypto and access other BloomX services.
The BX8 token will be used to pay for each business transaction on the network, and additionally acts as cashback for the end-customers. They have signed up three big institutional partners in the Philippines to pilot the platform as early as Q3 2018, and aim to expand to neighboring countries by 2019.