In the developing world, converting $100 in cash into crypto is challenging for the average customer.
Over-the-counter (OTC) brokerages, order book exchanges, and wallet apps are popular channels for those who are more comfortable with technology, but they are a struggle when dealing with small amounts of physical cash.
Meanwhile, local forex outlets or moneychangers are safe, familiar, regulated and, highly liquid. They are perfect street-level conduits into the cryptocurrency world for the average consumer. With new regulations offering clarity around virtual currencies, it is now possible for these Money Service Businesses (MSBs) to participate in the new economy.
BloomX is pioneering this strategy in the Philippines with BloomX Teller, a crypto-fiat exchange platform for licensed moneychangers and FX companies. With the Teller app, MSBs can extend their service offerings and open new retail channels by dealing with cryptocurrencies in a compliant fashion.