Before the start of the COVID-19 pandemic last year, the adoption of digital payments and cryptocurrencies in the Philippines has been sluggish. With businesses implementing physical distancing and digital transactions in preparation for what would be the “new normal,” consumers start embracing cashless payments in their everyday lives.
A recent study conducted by Visa Philippines shows 7 out of 10 Filipinos are already using contactless payment methods more often than they did two (02) years ago. Digital payments in Southeast Asia are projected to surpass US$1 trillion by 2025, and eCommerce would spur the wider take-up of non-cash payments, and the emerging weapon of choice seems to be eWallets.
Moreover, with monumental growth in users, providers, and exchanges, cryptocurrencies have opened new opportunities, evolved industries, and diversified the investment mindset everywhere.
Official launched last 20 January 2021, EPX complements the flourishing use and accessibility of cryptocurrency in the Philippine digital payments landscape as it aims to offer consumers a decentralized cryptocurrency for peer-to-peer transfers and as a viable investment asset for Filipinos.
EPX has a total supply of 1,000,000 and halving occurs every two years. At present, one EPX is valued at PHP1.00 and is projected to grow at least threefold up to 1 EPX=20 PHP by 2023.
Modeled after international cryptocurrency BLX, XVII International Corp. sought to partner with The BLOX Group to create EPX, a decentralized cryptocurrency asset unique to the Philippines and exclusively for the benefit of its citizens.
Cloudchain, a Filipino-grown Blockchain and now a product of XVII International Corp., will record all EPX transactions both payments and exchanges. EPX is also backed by a Japanese investment group, making it a truly global collaboration in creating the Philippines’ first global decentralized cryptocurrency accessible to all.
No need to invest in expensive mining rigs, as an EPX coin can be mined by anyone in seconds using cheap and sustainable power solutions. All you need is your personal computer, a stable internet connection, and a browser, and you’re all set to mining EPX.
Once a user mines a minimum of 10,000 EPX coins, he will be able to withdraw at any selected DA5 branch authorized to operate as a virtual currency exchange to convert their EPX coins to its PHP equivalent, depending on its market value at the time. The bigger picture includes EPX used for digital payments whether for peer-to-peer transfers or e-commerce, business and government-related payments, and exchanges.
EPX aims to promote efficiency, transparency, and accountability in all financial transactions, as well as broaden financial inclusion to empower and enrich our citizens. Users benefit from faster transactions, lower fees, greater transparency, as well as lower barriers to participate in the crypto investment space.
More information about the EPX cryptocurrency may be obtained from epx.io.