TO power its soon-to-launch cryptocurrency and fintech marketplace for Filipinos, Frenetic Inc. (Frenetic) has selected Blox as its blockchain backbone. In addition to its innovative technology and applications, Blox has the added regulatory benefit of being registered in the United States as a decentralized autonomous organization (DAO).
While the move would 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 would bring to our marketplace is immeasurable,” said Ron Benito, founder and chief executive of Frenetic. “Now, Filipinos would be able to transact with more confidence than ever before.”
These transactions powered by Blox and its native token, BLX, would be diverse, since Frenetic holds a Virtual Asset Services Provider license from the Bangko Sentral ng Pilipinas.
Filipinos would 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 would operate in the background, users would not need to do anything to enjoy the additional security benefits offered by the blockchain. As the underlying infrastructure, Blox would process and verify marketplace transactions on an automatic and near-instantaneous basis, ensuring unprecedented security to all of Frenetic’s stakeholders.
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Blox provides Frenetic with another major benefit: transparency. Not only would transactions be more secure with this blockchain, but they would 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, a functionality which is just as important for Filipinos.
“We put a lot of thought into making the Blox Explorer as easy to navigate as possible,” said Jay Añonuevo, one of the co-founders of Blox. “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 could transact with the utmost confidence in the integrity of the systems.”
