First Shoshin teams up with Bloom to bring Bitcoin and cryptocurrency over the counter in its soon-to-rise Fintech Hub
July 10, 2020
Philippine Bitcoin pioneer Bloom is joining First Shoshin Holdings, Inc.’s soon-to-rise FinTech Hub along EDSA Makati that aims to provide better and greater financial access to Filipinos. Bloom combines blockchains and cryptocurrencies with compliance tools to create a modern remittance network. With this partnership, Bloom will further expand its reach to millions of Filipinos and be part of the biggest FinTech marketplace along with other financial services providers like banks, cryptocurrency exchange providers, and money transfers operators like Western Union.
Since its mission is to use cryptocurrency and blockchain to solve real-world problems, Bloom’s natural focus is remittances. First Shoshin is glad to partner up with a company who shares the same vision about helping people move money more effectively. Bloom is showing Filipinos, particularly OFWs, the advantages of using cryptocurrency like Bitcoin as a transfer mechanism to make sending money to loved ones a lot quicker and more cost-effective.
“Bloom has long believed that cryptocurrencies and blockchain technology will help pave the way for financial inclusion and greater access for the average Filipino. With this partnership, we aim to build a safe and secure way for the Philippines to access cryptocurrencies, thus opening up new opportunities for Pinoys to compete on a global scale,” says Bloom Chief Strategic Officer and Founder Mr. Luis Buenaventura.
The usual remittance transaction takes a lot of time and money. The main advantages with cryptocurrency transfers are the fees and the speed. “Sending fiat to another country through a money transfer service or bank wire isn’t always a smooth ride. But convert that to cryptocurrency, people can send money to anyone, anywhere in mere seconds. We’re creating better alternatives for Filipinos, and with Bloom, people can experience over-the-counter remittance in a whole new, better way,” says First Shoshin Chairman Mr. Jack Ponce-Enrile,.
Mr. Ponce-Enrile also shared that the vision for their FinTech Hub is not about competition but creating an integrated financial services space where Filipinos are offered better alternatives. A first of its kind, the hub will support fintech businesses and foster the country’s fintech industry by creating a spread of financial services that addresses a wide spectrum of financial needs, all under one roof.
The FinTech hub aims to be a one-stop shop where Filipinos can perform financial transactions on-the-go, and will implement an open floor model where financial providers are arranged in a “counterless” and “tellerless” environment, thereby modernizing how we experience over-the-counter financial services especially during a COVID-challenged world where social distancing and health and safety measures are of paramount importance.
Strategically located along EDSA Makati, the FinTech Hub is central to business districts with high foot traffic such as Rockwell, outer BGC, and Makati. First Shoshin has invested $5M USD for the development of the project which is set to open in Q3 of 2020.
Bloom is a Manila-based financial technology startup and is a virtual currency exchange license holder, allowing it to legally convert fiat money (pesos) into cryptocurrency and vice versa. Bloom provides modern blockchain solutions to money transfer businesses around the world. It was incorporated in October 2015 and has seen exciting growth in its first year of operation, attracting both investors and business customers alike with its cost-saving platform.
About First Shoshin Holdings, Inc.
First Shoshin Holdings, Inc. supports organizations that have made it their mission to solve real-world problems. They invest not only in great products but also in the people and their ability to design, create, implement, and execute large scale “problem solving” socially impactful solutions. They are focused on companies that develop innovative consumer solutions with a special interest in emerging tech. First Shoshin ventures include Jojo,Gameworx, Cloudchain, xCoin, and other fast-growing technology ventures. To know more about the company, visit their website. For partnership and investment inquiries, reach out at email@example.com.