Coexstar will leverage the BLX blockchain to accelerate product development on its cryptocurrency marketplace in the Philippines.

July 18, 2022

Founded in 2019, Coexstar enables Filipinos to buy popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin. While Coexstar to date has largely operated as a traditional fin-tech marketplace, pooling together buyers, sellers, and traders who want to make deals, the platform is now evolving, much like the cryptocurrencies it sells.

Coexstar has chosen the blockchain BLX to serve as the technology backbone for its popular marketplace. BLX is a global blockchain like Ethereum, but more advanced, cost efficient and easier to manage - it is registered in the United States as a decentralized autonomous organization (DAO).

According to Coexstar founder Seungchan Lee, he chose BLX over other global blockchains to enhance the Coexstar platform for this exact reason: It’s simple yet advanced.

“There are of course dozens of blockchains available for any organization to use. What attracted us to BLX was its user friendliness and accessibility. Such factors are crucial in developing web3 technologies for the specific customizations and use cases in emerging markets - which we are now excited to incorporate into the Coexstar marketplace,” said Lee, a native Korean who added that he is proud to contribute to the growing innovation ecosystem in the Philippines.

While the exact implementations of BLX on Coexstar will be soon announced, Lee said that one of the driving forces of these forthcoming blockchain-backed features and functionalities will be to increase cryptocurrency adoption among Filipinos.

“The switch to mobile money has accelerated over the last two years. We hope this evolution extends into digital currencies, which can give Filipinos more avenues to transact, save, invest, and more. Through cryptocurrencies, Filipinos will be able to participate in the economic upswell that web3 promises to bring,” said Lee.

Bullish for BLX

Coexstar is part of a groundswell of enterprises in the Philippines choosing BLX as its blockchain technology. Earlier this month, Emil Banno, the CEO and founder of JCash, committed to using BLX for any ventures in the country backed by his consortium of Japanese investors. In June, fin-tech marketplace Frenetic also chose BLX as its own upcoming fin-tech marketplace.

According to BLOX Co-founder Jay Anonuevo, these business leaders and investors are just the first salvo in a coming wave of individuals and enterprises who will announce usage of BLX as their preferred blockchain.

“A blockchain is only as good as the products and services that are built atop of it. I’m proud that we’ve created something at BLX that innovators and entrepreneurs find useful for their products and services. Together, we can translate the idea of blockchain into actual use cases that make a difference for a wide variety of Filipinos,” said Anonuevo, a strong believer and supporter of the Web3 revolution.

The team at BLOX is eager to partner with other enterprises globally who want to develop blockchain-backed products. Earlier this year, BLX raised US12.5 million to support expansion in its home base of the Philippines, as well as across Asia Pacific and indeed the world.