December 2, 2020 — BloomX announced that it recently crossed Php 1 million traded with Filipino Axie Infinity players and community since launching its cash-in /cash-out service last week.
BloomX, a licensed virtual exchange (VCE) in the Philippines, has begun offering a direct SLP to PHP buy and sell service via Facebook Messenger – skipping multiple steps that a player needs in order to cash out money earned through the game.
In Axie Infinity, there are three cryptocurrencies essential to a player:
- The game is built on the Ethereum blockchain, so every activity with tokens involved gets converted into and from ETH.
- SLP is earned through playing the game and is required to breed new Axies.
- AXS is the governance token of Axie Infinity withs tons of present and future utilities as mentioned in the whitepaper.
In a recent Bloomcast, a weekly show hosted by BloomX, Co-founder Luis Buenaventura said that while they initially thought majority of the trades will be cash-outs (converting crypto earned from the game to pesos,) they were surprised that there were more cash-in than cash-outs. 10 days of data revealed that cash-in or buying volume far exceeds cash-outs, with a ratio of 70/30.
“This tells me that there’s a healthy number of new players entering the space and they are making their initial investments in order to get started,” Mr. Buenaventura said. In Axie Infinity, the player needs 3 Axies to start. The number of matches one can perform depends on the number of Axies in the player’s account.
“I expect that the ratio will equalize or start to favor cash-outs as more players find out about us and see that we’re a better alternative than the Coins.ph route,” he said in an interview with BitPinas.
The majority of our trades, Mr. Buenaventura said, are customers buying ETH and AXS. The average transaction size is less than Php 5,000.
It’s clear that blockchain gaming has become a way to onboard people into cryptocurrency. Mr. Buenaventura said the fast way to onboard anyone into crypto is to show them a clear path to profitability. He noted how this was the case every 3 – 4 years during a Bitcoin bull run, with the ICOs of 2017, and excitement around decentralized finance (DeFi) early this year. “Blockchain gaming is just a smaller version of that line of thinking, and it’s incredibly effective.”
BloomX plans to continue improving their service and to help prioritize, Mr. Buenaventura encouraged blockchain gamers to send feedback. “Obviously we’re very grateful that the community has found our trading service useful. The Bloom team is working really hard to build the best possible service that we can for blockchain gamers, and the most valuable thing you can currently give us is strong feedback about what you need. So when you chat with us at fb.com/bloomxorg, be sure to let us know what other things you will find useful.”
This article is published on BitPinas: BSP-Licensed BloomX Records Php 1 Million Traded with PH Axie Infinity Players