Philippines Gets New Crypto Trading Platform With BloomX App

(Update: BloomX Enters Tech Agreement with Binance to Offer 250 Cryptocurrencies to Filipinos)
March 3, 2021 – BloomSolutions has announced that it is launching โBloomX.appโ, a new cryptocurrency trading platform for Filipinos. The app will allow Philippine residents to securely trade over 250 cryptocurrencies in exchange for PHP. Among the cryptocurrencies that can be traded are popular ones like Bitcoin and Ethereum, the DeFi token Aave, Swipeโs SXP, and Axie Infinityโs SLP. Those interested to try the app can join the waitlist here.
A virtual asset service provider licensed by the Bangko Sentral ng Pilipinas, BloomSolutions said it has recognized the need for a โtruly modern cryptocurrency appโ for the Filipino customer.
โThis 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.โ – Luis Buenaventura
But what is a โmodern trading platformโ? Luis describes it as one that reflects what the cryptocurrency markets actually look like in 2021. โThere are now at least 50 cryptocurrencies with market caps of over $1 billion, and a hundred more with caps over $100 million. It doesnโt 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.โ
Those interested to be the first users to try the BloomX app can join the waiting list beginning March 2, 2021 at 6pm. On March 8, BloomSolutions will begin allowing customers on the app in small batches, depending on their place on the waitlist. The app will remain in โinvite-only alphaโ until the second half of 2021. Join the waitlist here.
BloomSolutions shared some screenshots of the app to BitPinas.
In the Dashboard, the userโs holdings are displayed, totaled in real-time PHP equivalent, as well as a comparison of the portfolioโs performance the previous day. There are โcardsโ that display the userโs assets.
Luis said in an interview that the market rate comes from Binance.
The Exchange page is powered by a deep order book exchange but is simply a buy/sell form. It also shows the coinโs 7-day performance and other information including its market capitalization and official block explorers.
Finally, the Asset page shows the appโs 90-day price chart, plus an indication on when the user traded the asset. The overall value of the userโs balance is also compared against current market prices.
It is important to note that the BloomX app will not have โwalletsโ where users can store the cryptocurrencies. Once a customer buys a crypto, it will show in their โBalancesโ tab initially, but Luis is advising users to take out their cryptocurrencies immediately and transfer them to their own crypto wallets. โWeโre believers of โyou should not keep your coins long term on an exchangeโ. We always advocate that you just take it out. Once you bought it, and itโs already a reasonable amount, take it out and hold it on your own.โ
โThe whole point of crypto is self-custody. We donโt actually want you to keep it here forever, but we do have the facility for you at least temporarily.โ
This is BloomSolutionsโ first consumer-level product after spending years catering to businesses and corporate clients. In previous years, while its competitors in the crypto industry have developed retail and customer facing apps, the company focused on complementing the existing remittance network, providing these businesses with the tools in the backend needed to take advantage of cryptocurrency and blockchain.
When Luis was asked about the change of direction in yesterdayโs episode of Bloomcast, a weekly show discussing crypto thatโs hosted by the Bloom founders, he said this was born out of their observation that the local industry has changed and there is no longer a market leader or a go-to place to buy crypto for Philippines. He cited Coins.ph now transitioning to become more of a โmobile walletโ competing with Gcash, while PDAX is an order book platform. โItโs the simplicity of Coins.ph from before with way more cryptocurrencies. [Our app] understands that the cryptocurrency community of the Philippines is very different from what it once was. Itโs no longer just Bitcoin. There are so many cryptocurrencies out there so you have to be able to support it. We think weโre in a good spot to offer a service for this.โ
Users wanting to try the BloomX app can join the waitlist here.
This article is first published on BitPinas: Philippines Gets New Crypto Trading Platform With BloomX App