Bitcoin adoption within the international remittance market is starting to show its first real signs of life. According to the founder and CTO of BloomSolutions, Luis Buenaventura, bitcoin powered remittances now account for 20% of the Asian remittance corridor between South Korea and the Philippines. “$35-40M a year is bitcoin, probably more than that,” he told BNC during an interview. According to the world bank, US$215 million passed through the corridor last year.
“We know that it’s 20% because we’re closely involved with all of the players.”
– Luis Buenaventura, Founder and CTO, BloomSolutions, Inc.
BloomSolutions’ flagship product is a retail platform leveraging bitcoin for cheaper international remittance. The business model has quickly become a nascent niche payment sector, and there are several companies vying for a chunk of the new market in the Philippines. Payphil, Sentbe, and SCI’s Rebit all compete directly with BloomSolution, while established bitcoin exchange businesses in the area, like Korbit and Coinplug, are also active in the market.
Korbits CEO and Founder, Tony Lyu, has seen strong demand for cross-border