Finblox Chief: PH, with Malaysia & Vietnam, Highest Crypto Adoption Rate Around the Globe

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Editing by Nathaniel Cajuday

  • Finblox conducted its second summit featuring discussions on the Finblox ecosystem and the launch of new products.
  • The event had an AMA session with the founders, where Finblox CEO Peter Hoang expressed that the Philippines, alongside Vietnam and Malaysia, have the highest crypto adoption rates due to the pre-existing efforts of crypto firms as well as the p2e and NFT craze.
  • Finblox also introduced its new product, FinLaunch, a mobile-first web3 launchpad that will allow startups to launch their blockchain projects efficiently.

The Philippines, alongside Vietnam and Malaysia, have the highest crypto adoption rates due to the pre-existing efforts of crypto firms as well as the play-to-earn and non-fungible token (NFT) craze.

This was the answer of  Peter Hoang, the CEO of Finblox, regarding web3 adoption in the country considering the current market, as he, together with Finblox CTO Dmitriy Paunin, hosted an “Ask Me Anything” (AMA) session during the firm’s second annual summit on May 8, 2022. 

“The Philippines have a great potential to be a capital of web3 adoption,” he claimed.

Second Annual Summit

The recently concluded second annual summit of crypto savings platform Finblox at the Shangri-La Hotel in Bonifacio Global City gave the team a platform to discuss the Finblox ecosystem, launch new products, and answer questions from the audience.

Peter Hoang and Dmitriy Paunin of Finblox

For Hoang, he was excited for the event because of connecting with his firm’s key stakeholders through the summit, where he emphasized their commitment to building strong relationships with their community by engaging with influencers, media, FinBlox power users, and members of the crypto community in the Philippines. He also noted their eagerness to provide more perks and benefits to their community members in the future.

“These community activities are just some of the perks and benefits of being a Finbloxer. We look forward to meeting the Filipino fans and community members of the Finblox ecosystem again in the future,” the Finblox team wrote in a statement.

The summit’s AMA session with Hoang and Paunin also answered inquiries from attendees regarding their newly launched products and the state of the Southeast Asian crypto market.

At the end of the event, Luis Buenaventura, Yield Guild Games’ (YGG’s) country manager, was interviewed by Finblox’s Growth Lead, Geoff Mabasa, where he shared his thoughts on the country’s creator ecosystem, as well as some successful creator content case studies.

“Especially when the markets are rough, that’s when we need content creators who have been there a while to reassure people like, ‘hey you know what? It will be fine, we’re gonna make it,’” Buenaventura noted. 

FinLaunch

One of the highlights of the day was Finblox’s newest product, called “FinLaunch.” 

It is the platform’s own launchpad and the world’s first known mobile-first web3 launchpad that enables startups and entrepreneurs to efficiently and promptly launch their blockchain projects.

Starting on May 12, 2023, Android and iOS device users will be able to access FinLaunch.

They also noted the launch of their Finblox Token (FBX).

What is Finblox?

Finblox is a crypto savings platform for emerging markets backed by venture capital fund Sequoia Crypto Fund and global crypto venture capital firm Dragonfly. In 2021, the firm was backed by the former executives of Coins.ph, raising over $1 million. 

Last year, it was able to close a seed funding round, raising a total of $3.9 million. The funds are meant to simplify crypto wealth building in over 100 markets. 

In May 2022, Hoang discussed the barriers to financial inclusion in the country and why crypto is placed to make a huge impact in the lives of under-served communities.

However, Finblox also became one of the victims of the Do Kwon-led Terra Luna Crash. It was when Three Arrows Capital, one of the investors of Finblox, confirmed losses from the Terra Luna collapse and and deployed assets, including unlocked tokens from prior investments to crypto startups, to pay off its debts.

Finblox afterwards announced that it would impose its first monthly withdrawal limit of $1,500 to manage the impact of 3AC on its liquidity and put the staking rewards distribution on hold. At one point, Finblox had to impose a limit on monthly withdrawals during the contagion. It gradually increased this limit beginning around July 2022.

This article is published on BitPinas: Finblox Chief: PH, with Malaysia & Vietnam, Highest Crypto Adoption Rate Around the Globe

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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