March 3, 2021 – BloomSolutions has announced that it is launching “BloomX.app”, 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, Swipe’s SXP, and Axie Infinity’s 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 “truly modern cryptocurrency app” for the Filipino customer.
“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
But what is a “modern trading platform”? Luis describes it as one that reflects what the cryptocurrency markets actually look like in 2021. “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.”
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 “invite-only alpha” until the second half of 2021. Join the waitlist here.
BloomSolutions shared some screenshots of the app to BitPinas.
In the Dashboard, the user’s holdings are displayed, totaled in real-time PHP equivalent, as well as a comparison of the portfolio’s performance the previous day. There are “cards” that display the user’s 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 coin’s 7-day performance and other information including its market capitalization and official block explorers.
Finally, the Asset page shows the app’s 90-day price chart, plus an indication on when the user traded the asset. The overall value of the user’s balance is also compared against current market prices.
It is important to note that the BloomX app will not have “wallets” where users can store the cryptocurrencies. Once a customer buys a crypto, it will show in their “Balances” tab initially, but Luis is advising users to take out their cryptocurrencies immediately and transfer them to their own crypto wallets. ”We’re believers of ‘you should not keep your coins long term on an exchange’. We always advocate that you just take it out. Once you bought it, and it’s already a reasonable amount, take it out and hold it on your own.”
“The whole point of crypto is self-custody. We don’t actually want you to keep it here forever, but we do have the facility for you at least temporarily.”
This is BloomSolutions’ 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 yesterday’s episode of Bloomcast, a weekly show discussing crypto that’s 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 “mobile wallet” competing with Gcash, while PDAX is an order book platform. “It’s 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. It’s no longer just Bitcoin. There are so many cryptocurrencies out there so you have to be able to support it. We think we’re in a good spot to offer a service for this.”
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