The company provides both a white-label Teller app for the dealers, and a white-label multi-currency Wallet app for their customers. Bloom Technologies has been providing crypto solutions to the money services industry for several years, and has already powered over $125,000,000 in transactions through their platform.
As the popularity of cryptocurrencies continues to grow, the prevalence of scams in emerging markets are reaching a fever-pitch. One popular pyramid scheme in the Philippines managed to raise over $18,000,000 from investors before the perpetrators were arrested.
Their promise to reinvest their members’ funds into Bitcoin is a common strategy; the Securities and Exchange Commission listed fourteen such scams in a recent Warning to the Public.
Luis Buenaventura, founder and Chief Strategy Officer of Bloom Technologies, says:
“The way to combat scams is with customer education. If people are armed with a reasonable amount of knowledge about crypto, they will be able to make informed decisions and avoid getting scammed. The problem right now is that there’s nothing but hype out there, and no one is talking about the fundamentals.”
As part of its new network, Bloom is releasing two new flagship applications: a Teller app and a Wallet app. The Teller app will allow neighborhood foreign exchange dealers to buy and sell cryptocurrency in a compliant way, sourcing liquidity from the Stellar decentralized exchange and Bloom’s own trusted marketmakers.
The Wallet app meanwhile will help customers manage their holdings safely, and teach them about the fundamentals of cryptocurrencies, personal security, and wealth management.
Both applications are being developed on top of the Stellar blockchain.
Bloom Technologies CTO Ramon Tayag explains that Stellar is “a perfect fit for the activity that will occur on the platform. Every exchange of currency or payment these MSBs execute on the network adds to the total liquidity in the network. Combined with the Stellar Decentralized Exchange, the benefits that will accrue to the businesses and end-users is immense.”
BloomX is launching in 2018 with two major partners: Palawan Pawnshop and Czarina Foreign Exchange. Together, the two companies operate a network of 3,000 outlets around the country, and specialize in dealing with low-value cash transactions. In Southeast Asia, where banking has still not reached more than 30% of the adult population, this is critical to success.
By 2019, BloomX will be powering forex dealers all over Southeast Asia, and reaching a population larger than that of the United States. Bloom Technologies Founder and CEO Israel Keys says,
“We’re building a bridge for the Asian underbanked to safely transition from the cash in their pockets over to the new crypto economy. It will be one of the most profound shifts Asia has ever seen.”