Technology Featured Southeast Asia

Decentralized autonomous organization BLOX raises US$12m to support globalisation

Philippines – BLOX, a decentralized public chain registered as a Decentralized Autonomous Organization (DAO) LLC in Wyoming, USA, has recently completed a seed round of US$12.5 million, to support BLOX’s operations, development, and marketing.

BLOX’s seed round itself showcased some of the blockchain’s capabilities. The consortium of angel investors bought into the organization via DAO stakes that came in either BTC or ETH totalling close to US$12.5 million as of current exchange rates and gave them ownership and voting power over the DAO’s direction. The round was oversubscribed, but would-be investors are encouraged to consider BLOX’s series A, set for completion by year’s end.

BLOX current capabilities now banking functionalities such as peer-to-peer instant global transfers, fiat and crypto exchanges, card issuance, point-of-sale transactions, and extends to decentralized finance projects, as well as NFTs and smart contracts, which can be executed at a fraction of the gas fees of other blockchains. 

Jay Anonuevo, one of the co-founders of BLOX, is proud of the organization’s progress to date, he said, with blockchain, it’s easy to fall into the trap of technology for the sake of technology. Since Anonuevo is originally from Southeast Asia (Manila, Philippines) and now based in Silicon Valley, he is also keenly interested in globalizing the technology. 

“Fortunately, we have steered our product development with users in mind, and the end result reflects this focus. Now individuals and businesses can use and create blockchain-based applications more efficiently and easily,” Anonuevo said.

Anonuevo further added that BLOX’s current functionalities can enable a central bank’s digital currency (CBDC) and that BLOX is pursuing US licensing that would make it the first blockchain bank in the world, capable of storing and transacting with both fiat and crypto.

As another example of this relevance, Anonuevo pointed to the recently launched BLOXWeb, a decentralized, blockchain-based internet. BLOXWeb enables users to freely surf the net, free from any censorship or state suppression. This unfiltered access to information is of course an important right in the current world climate, where many states are controlling what information their citizens can consume. 

“The response we’ve gotten from investors and the community is inspiring. It shows us that they truly see BLOX as a foundational technology capable of competing with – and surpassing – some of the household names in the space. We’re going to show how BLOX can empower use cases for blockchain all over the globe,” Anonuevo adds.

Anonuevo continued, “APAC is still one of the fastest-growing regions in the world. We believe that BLOX can serve as the backbone for many of the new technologies defining digital life here, including everything from fintech and e-commerce to connectivity and communications,” said Anonuevo.

Meanwhile, such transactions are facilitated by five global nodes across Europe, Asia, Africa, South America, and North America and by proof-of-stake miners who have collectively mined more than 33 million out of the total supply of 84 million BLX coins (its native token) set to be distributed by 2088. The BLX coin has also been approved on COEX STAR, a virtual assets exchange in the Philippines, set for listing sometime later this 2022.