First Shoshin-backed virtual currency exchange (VCE) platform xCoin to be implemented in all DA5 branches by end of 2020

June 02, 2020

First Shoshin’s portfolio platform xCoin will soon be implemented in all DA5 branches nationwide by the end of this year through its partnership with DA5, one of the country’s leading authorized direct agents of Western Union.

xCoin is a cloud-based trade, brokerage, and payment platform for crypto and foreign currencies that allows efficient and accurate real-time transactions and exchange. Its universal financial and blockchain platform enables businesses and consumers all over the world to buy, sell, or exchange cryptocurrency and transact using foreign currency. Built with a comprehensive and simple interface, xCoin simplifies the acceptance and usage of cryptocurrencies allowing it to interoperate and function seamlessly into all facets of society.

First Shoshin and DA5 are working together to re-engineer how over-the-counter financial services operate by modernizing how people access and use money transfer services. DA5 has been providing Filipinos a way to conveniently send and receive remittances since 2006, and First Shoshin is proud to join forces with DA5 to create an enhanced user experience not only for remitters but also cryptocurrency and forex traders. Together, First Shoshin and DA5 are filling a gap in the digital assets market by facilitating seamless trade and exchange of digital currencies for conventional money and vice versa.

Announced last March, the partnership also involves setting up a DA5 branch to be part of its $5M FinTech Hub project that aims to create a marketplace of financial services. Aside from collaborating on reinventing how OTCs can help scale real-time cross-border payments, both companies are also considering public safety and social distancing as they try to make over-the-counter facilities contactless where transactions are done with as minimal physical contact or interaction as possible.

Despite the current health crisis affecting the world, First Shoshin remains steadfast in its efforts to push FinTech progress as it recognizes the importance of effective access to a wide range of financial products and services for all Filipinos.

For inquiries, get in touch with the First Shoshin team at info@firstshoshin.com.