The BloomX app store is an initiative developed by Bloom Technologies Pte. Ltd., a crypto-remittance pioneer with operations in Singapore, the Philippines, and Australia. The app store is intended for licensed Money Services Businesses (MSBs) around the world to create new service offerings or upgrade existing services with turn-key cryptocurrency solutions. These MSBs include money transfer operators, foreign currency exchange companies, and other non-bank financial institutions.
The primary launch applications on BloomX will include the following.
- Crypto Foreign Exchange (CFX) The CFX app will allow forex agents and their individual outlets to buy and sell major cryptocurrencies over the counter. CFX will provide an easy and secure interface into the Stellar decentralized exchange as the primary source of liquidity.
- Multi-Cryptocurrency Wallet (MCW) The MCW app will give end-users safe and guided access to their cryptocurrency holdings and is expected to be branded by the respective MSB. The wallet app will employ a hybrid security model, wherein each new customer will receive a custodial wallet initially. Over time, the customer will be encouraged to move their cryptocurrency funds out of the custodial wallet and into a more decentralized, non-custodial environment.
- Remittance Agent Dashboard (RAD) app The RAD app will allow money transfer operators to facilitate cryptocurrency-powered remittances to and from any supported country within the BloomX network. Currently, these countries include South Korea, Singapore, Hong Kong, Australia, the Philippines, Vietnam, and Indonesia. The RAD app has been commercially available since Q1 2016 and has facilitated over $125 ,000,000 in customer transactions.
The BloomX platform will launch with these three apps in Q4 2018. In Q3 2019, the BloomX app store will be opened to third-party developers who wish to create additional apps and services for MSBs, fostering a marketplace for enhanced financial services and compliant tools.
All commercial transactions on the three flagship apps, and on the app store, will be paid for with BX8, which is a new token issued by Bloom Technologies specifically for use within the BloomX ecosystem.
The token will be issued on the Stellar blockchain