BloomX to allow trading of 'over 250 cryptocurrencies' for Philippine pesos

Cryptocurrency company BloomSolutions on Monday, March 8, announced a new trading platform that would allow Philippine residents to trade "over 250 cryptocurrencies" in exchange for Philippine pesos.

Called BloomX, the app is the result of a partnership between Singapore-based BloomSolutions and global cryptocurrency platform Binance.

“Binance is excited to provide technology and services to locally licensed companies like BloomSolutions that are actively building the cryptocurrency ecosystem in the Philippines,” says Colin Goltra, director of Southeast Asia growth for Binance.

BloomSolutions is licensed and regulated by the Bangko Sentral ng Pilipinas.

“This is not an app for professionals. We are aiming squarely at the average individual who wants to buy or sell smaller amounts of cryptocurrency, and are no longer satisfied with the limited offerings of other local providers” says Luis Buenaventura, founder and chief strategy officer of BloomSolutions. The app launches amid record highs in dollar value for Bitcoin and Ethereum this year.

BLOOMX. The BloomX Dashboard calculates the total real-time Philippine peso equivalent of all of a user’s holdings

BloomSolutions

Popular cryptocurrencies such as Bitcoin, Ethereum, and Litecoin will be supported on the trading platform, but BloomX will also have more niche offerings, such as the lending platform Aave, the Filipino-led crypto debit card Swipe, or video game currency SLP.

“There are now at least 50 cryptocurrencies with market caps of over $1 billion, and a hundred more with caps over $100 million. It doesn’t make sense anymore to only support 5 or 6 coins. Filipino customers want to diversify their crypto portfolios, and our platform allows them to do that in seconds, with just a couple of clicks," explains Buenaventura.

The app is currently in an invite-only alpha state until the second half of 2021, with the company saying they have more than a thousand customers at the moment, which will be given access to the app in small batches. – Rappler.com

Gelo Gonzales

Gelo Gonzales is Rappler’s technology editor. He covers consumer electronics, social media, emerging tech, and video games.

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