(Quezon City, Philippines) June 20, 2019 – PSulit cryptocurrency hub in the Philippines has partnered with BSP-licensed BloomX to bring bitcoin trading at PSulit’s Eastwood branch and to its other branches in the future. The partnership enables more physical locations where traders can buy bitcoin personally and at competitive rates.
Bitcoin’s value has increased in the last 6 months and users in the Philippines have been looking for alternative ways to buy bitcoin at rates more competitive than online cryptocurrency exchange services. PSulit’s location in Eastwood serves as a physical touchpoint for accessing digital assets such as bitcoin. Despite an increasing number of users comfortable with exchanging electronic money (e-Peso) with cryptocurrency using apps, PSulit bridges the gap between a Filipino’s paper bills and bitcoin on their digital wallets. More importantly, PSulit provides a way for users who want to purchase a significant amount of digital asset with a physical location where they can safely convert their fiat to cryptocurrency.
“We are happy to have BloomX as one of our OTC partners at PSulit. The partnership will pave the way for BloomX to reach more customers that would like to buy and sell cryptocurrency. PSulit believes that our collaboration with BloomX will be a fruitful one,” said Paulo Del Puerto, Chief Technology Officer of PSulit.
In a heavily regulated financial industry, PSulit provides a way to make it physically possible for traders to buy digital assets in a safe and legal environment as well as provide a real-world location where online cryptocurrency businesses can connect with their users. The first over-the-counter trading desk is set up at PSulit’s Eastwood Branch at Unit 121 2nd Flr, Eastwood Fashion Mall, Eastwood Cyberpark City, Bagumbayan, Quezon City.
While cryptocurrency over-the-counter (OTC) trading is familiar to experienced crypto traders, PSulit expects an influx of beginner traders who want to buy bitcoins physically with fiat. With the current bull market, PSulit’s hub in Eastwood is a large enough space to accommodate OTC trading between multiple clients. The branch is open daily during mall hours.
BloomX’s white-labeled point-of-sale and wallet tools allow traditional players with a safe and compliant platform without fear of getting hacked or scammed. BloomX’s cryptocurrency teller app fits PSulit’s business perfectly. PSulit provides the hub and the physical location where traders have been going to these past years to trade their cash for bitcoins while BloomX’s technology will allow for faster and more efficient sale of digital assets, monitoring of real-time prices, creation and security of KYC info and adjustment of profit margins.
“As bitcoin’s price continues to rise this quarter, BloomX is thrilled to be powering Bitcoin Trading with PSulit in Eastwood and providing safe, secure, and compliant cryptocurrency exchange to enthusiasts and investors in North Metro Manila,” said Luis Buenaventura, Chief Strategy Officer of BloomX
PSulit has been servicing cryptocurrency traders for years now and its Eastwood branch is an all-in-one money changer, bills payment, and crypto over-the-counter location. PSulit is a safe, familiar, regulated, and highly liquid physical remittance outlet. It is a subsidiary of 8Ventures, whose other portfolio include First Tree Ventures and Secuna.
Virtual Currency Exchange-licensed BloomX helps Money Service Businesses to become more competitive and open a whole new line of business with cryptocurrencies. In a heavily regulated financial sector, BloomX foregoes building a new customer-facing brand in favor of leveraging “the most obvious street-level manifestation of currency conversion: the neighborhood money changer”.
This article first appeared on BitPinas: PSulit and BloomX Partnership Aims to Increase Bitcoin OTC Transactions