To power its soon-to-launch fintech marketplace for Filipinos, cryptocurrency Frenetic has selected BLOX as its blockchain backbone. In addition, BLOX has the added regulatory benefit of being registered in the United States as a decentralized autonomous organization (DAO).
While the move will make Frenetic’s upcoming marketplace the first cryptocurrency and fintech platform powered by the blockchain in the Philippines, the milestone is most significant for what it ultimately means to Filipinos.
“Since BLOX provides a blockchain — an immutable digital ledger — and the organization itself is a US-registered DAO, the additional security it will bring to our marketplace is immeasurable. Now Filipinos will be able to transact with more confidence than ever before,” said Ron Benito, the founder and CEO of Frenetic.
The transactions powered by BLOX and its native token, BLX, will be diverse, since Frenetic holds a Virtual Asset Services Provider (VASP) license from the Bangko Sentral ng Pilipinas.
Filipinos will be able to exchange the Philippine Peso to popular cryptocurrencies, trade the Philippine Peso to foreign fiat currencies and vice versa, and engage in other fintech transactions — all backed by the BLX blockchain.
Since BLOX will operate in the background, users will not need to do anything to enjoy the additional security benefits offered by the blockchain. As the underlying infrastructure, BLOX will process and verify marketplace transactions on an automatic and near-instantaneous basis.
BLOX provides Frenetic with another major benefit: transparency. Not only will transactions be more secure with this blockchain, but they will also be made more transparent through BLOX’s Explorer. This feature provides an open, publicly accessible log of all marketplace transactions processed via the blockchain.
“We put a lot of thought into making the BLOX Explorer as easy to navigate as possible. It’s important for users to be able to easily examine transactions on the blockchain, should they elect to do so. Since the blockchain is an open book, Filipinos can transact with the utmost confidence in the integrity of the systems,” said Jay Anonuevo, one of the co-founders of BLOX.