Updated on October 30, 2019 – Bloom said Bitcoin OTCs at Palawan Pawnshops are currently on hold.
Updated on July 11, 2019 at the request of the BSP, coursed through Bloom Solutions, to highlight Bloom as the one responsible for the service. Also removed one of the branches.
(Makati City, Philippines) June 3, 2019 – BloomX (Bloom Solutions) confirms to BitPinas that they are rolling out its Bitcoin Teller App across 10 Palawan Pawnshop branches in 2 batches this June. When completed, it adds more ways to buy bitcoin in the Philippines. More importantly, it adds physical locations in Cebu and Boracay.
These are the Palawan Pawnshop Metro Manila branches where you can trade bitcoin with cash:
Buy Bitcoin at Palawan Pawnshop Metro Manila Branches:
- 816 Pasay Road, Makati
- 2364 Osmena Cor. Angono St. Poblacion Makati City
- Ground Flr, St. Francis Square, J. Vargas Ave., Mandaluyong
- Unit 6, 2nd Flr, Intrepid Plaza, 188 E. Rodriguez Jr. Ave., Quezon City
- 1409 A. Mabini St., Ermita, Manila
- Southwest Phase LRT UN Station, Ermita, Manila
The above branches will go live with bitcoin over-the-counter on June 4, 2019. Some of the locations above already have the bitcoin OTC in operation for some time now.
Where to Buy Bitcoin in Cebu
These are the Palawan Pawnshop branches in Cebu where you can trade bitcoin with cash. This will be available by June 11, 2019.
Trade Bitcoin at these Palawan Pawnshop / Palawan Express Branches in Boracay
- Unit 2 Blk 2 Phase 3 D’Mall, Balabag Boracay, Malay, Aklan
- Sitio Ambolong, Manoc-manoc Boracay, Malay, Aklan
The above branches in Boracay will accept bitcoin for cash by June 11, 2019.
This bitcoin over-the-counter is powered by Bloom Solutions (BloomX)’s Teller and Wallet App. While brokerages, order book exchanges, and wallet apps have become popular channels to purchase cryptocurrencies, Bloom said there is still struggle for the average customer when dealing with small amounts of physical cash.
In creating the teller app, Bloom Solutions is leveraging on “the most obvious street-level manifestation of currency conversion: the neighborhood money changer”. Money changers are on the ground, in the grassroots, in areas outside the metro. They deal not just with large amounts of cash but with small amounts as well. When exchanging for bitcoins, they will not require a lot from the customer other than their IDs and bitcoin wallet address.
BloomX (Bloom Solutions) is a virtual currency exchange license holder in the Philippines.
This article first appeared on BitPinas: You Can Soon Buy Bitcoin With Pesos at 11 Palawan Pawnshop Branches