Updated on October 30, 2019 – Bloom said Bitcoin OTCs at Palawan Pawnshops are currently on hold.
Updated on July 11, 2019 to highlight Bloom as the one responsible for the service, as per the request of the BSP.
December 4, 2018. Palawan Pawnshop starts its bitcoin over-the-counter service in the Philippines through its partnership with BloomX.
BloomX announces on social media that bitcoin can be bought and sold at two Palawan Pawnshop – Palawan Express Padala outlets.
Palawan Pawnshops That Accepts Bitcoin:
- 133 D. Angono St., Poblacion, Makati
- 816 Pasay Road, Makati
Palawan Pawnshop has over 2,500 outlets in the Philippines.
BitPinas staff has spoken to Luis Buenaventura, founder of BloomSolutions/BloomX/Bx8.io, on Telegram who said that the process will be similar to any normal foreign exchange transaction.
“You would just go there and fill up a form the same way as you would for any normal foreign exchange transaction.”
On September 12, 2018, BloomX’s Twitter account first teased a collaboration with Palawan Pawnshop about new services that will roll out soon.
On October 8, 2018, Bloom’s Facebook account posted pictures of training sessions for Palawan Pawnshop’s key branch managers for the pilot rollout of Bloom’s Teller App. This Teller App is at the heart of Bloom’s strategy to leverage what Mr. Buenaventura said in a Medium post as the most obvious street-level manifestation of currency conversion: the neighborhood money changer. Why not create their own customer-facing brand? He said building up a new customer-facing brand is a long and expensive road in the financial sector, one of the most heavily regulated industry in the world. Furthermore, he said:
“What is needed are physical manifestations to bridge the gap between the paper bills in our pockets and the intangible digital assets in our crypto wallets.”
Here’s a representation of the process of buying over the counter through Bloom’s app:
BloomX aims to create white-labeled point-of-sale and wallet tools intended for money changers to engage in buying and selling of cryptocurrencies over the counter. Using the teller app, money changers can monitor prices in real time, adjust profit margins, do KYC, create customer profiles, and buy and sell cryptocurrencies.
Bloom Solutions is a virtual currency exchange license holder in the Philippines, allowing it to legally convert fiat money (pesos) into cryptocurrency and vice versa. Please check this post for a list of other bitcoin over-the-counter in the Philippines