March 10, 2021 — BloomSolutions, a local virtual asset service provider licensed by the Bangko Sentral ng Pilipinas, said it has entered an agreement with global crypto exchange Binance to leverage its core technology, infrastructure, and liquidity, to allow Philippine residents to access and trade over 250 cryptocurrencies in exchange for Philippine peso (PHP) in the recently launched “BloomX” crypto trading platform.
The BloomX app allows anyone to easily trade cryptocurrencies for Philippine pesos and vice versa. Among the 250 cryptocurrencies supported are the major ones like Bitcoin and Ethereum, as well as popular tokens like Aave, SXP, and SLP. (Read More: Philippines Gets New Crypto Trading Platform With BloomX App)
Previously, co-founder Luis Buenaventura said BloomX app’s “exchange page” is powered by a deep order book exchange though only the buy/sell form is shown to the user for simplicity. Binance is revealed to be this deep order book exchange in the recent episode of BloomCast, a weekly crypto webshow hosted by the BloomSolutions founders. Every time a user places an order to buy a crypto on BloomX, the order is then placed in Binance. This ensures users that orders will always be executed.
According to Colin Goltra, Director of Southeast Asia Growth for Binance, the exchange is excited to provide technology and services to locally licensed companies like BloomSolutions that are actively building the crypto ecosystem in the Philippines.
“The Philippines is a very high-growth cryptocurrency market and we want to accelerate its growth by providing tools to innovative teams like Bloom. The Bloom team has an excellent presence in the local community and we think that BloomX is going to be a great fit with the Filipino consumer.” – Colin Goltra, Binance
The announcement, in a way, serves as an answer to queries on social media. When the BloomX app was first announced last week, some readers have asked if there’s any incentive for using the new app versus more highly liquid exchanges like, specifically, Binance.
By leveraging the technology of Binance, buying crypto on BloomX means buying from Binance itself, albeit in a relatively easier process than placing an order in a sophisticated order book. Luis said the app is made this way because its target users are not the more sophisticated ones.
“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.” – Luis Buenaventura
Luis also said it doesn’t make sense to only support 5 or 6 coins in a trading app. “Filipino customers want to diversify their crypto portfolios, and our platform allows them to do that in seconds, with just a couple of clicks.”
The BloomX app is now in alpha and those interested to try the app can join the waitlist here. The app will remain in alpha and invite-only until the end of 2021.
This article is published on BitPinas: BloomX Enters Tech Agreement with Binance to Offer 250 Cryptocurrencies to Filipinos