Finance ICO List Category
ICO BloomX Description:
BloomX is connecting neighborhood moneychangers across Asia to the Stellar decentralized exchange, and teaching people to use cryptocurrencies safely. Our Teller app will be used by moneychangers and remittance agents to buy/sell crypto over the counter, and our Wallet app will be used by end-customers to store their crypto and access other BloomX services.
The BloomX app store is an initiative developed by Bloom Technologies Pte. Ltd., a crypto-remittance pioneer with operations in Singapore, the Philippines, and Australia. The app store is intended for licensed Money Services Businesses (MSBs) around the world to create new service offerings or upgrade existing services with turn-key cryptocurrency solutions. These MSBs include money transfer operators, foreign currency exchange companies, and other non-bank financial institutions.
The primary launch applications on BloomX will include the following.
1. Crypto Foreign Exchange (CFX)
The CFX app will allow forex agents and their individual outlets to buy and sell major cryptocurrencies over the counter. CFX will provide an easy and secure interface into the Stellar decentralized exchange as the primary source of liquidity.
2. Multi-Cryptocurrency Wallet (MCW)
The MCW app will give end-users safe and guided access to their cryptocurrency holdings and is expected to be branded by the respective MSB. The wallet app will employ a hybrid security model, wherein each new customer will receive a custodial wallet initially. Over time, the customer will be encouraged to move their cryptocurrency funds out of the custodial wallet and into a more decentralized, non-custodial environment.
3. Remittance Agent Dashboard (RAD) app
The RAD app will allow money transfer operators to facilitate cryptocurrency-powered remittances to and from any supported country within the BloomX network. Currently, these countries include South Korea, Singapore, Hong Kong, Australia, the Philippines, Vietnam, and Indonesia. The RAD app has been commercially available since Q1 2016 and has facilitated over $125 ,000,000 in customer transactions.
The BX8 token will be used to pay for each business transaction on the network, and additionally acts as cashback for the end-customers. We've signed up three big institutional partners in the Philippines to pilot the platform as early as Q3 2018, and aim to expand to neighboring countries by 2019.
TRANSFORMING MONEY SERVICES WITH CRYPTOCURRENCIES