Broxus, Everscale’s lead infrastructure developer, has announced the upcoming release of a Philippine blockchain remittance service to be hosted on the Everscale network. As the most scalable blockchain in existence, Everscale has the unique ability to adopt such a broad user base without the load slowing the network or driving up transaction costs.
The service is the result of a new partnership between Broxus and DA5, one of the Philippines’ largest money transfer services, and marks the first step in Everscale’s planned launch of a variety of products and platforms tailored to Filipino and Asian audiences, including local cryptocurrency ATMs.
Since the beginning of 2022, Everscale has made significant strides in the Asian digital currency market. Earlier this year, the network hosted the EVERPOINT conference in Bali to celebrate its two-year anniversary and to recognize its rising position in the Asian market. Following this conference, the network’s native EVER currency was listed on two of the world’s largest exchanges, Huobi and KuCoin, each with a huge user base in Asia.
Everscale has an unparalleled engineering foundation that enables it to scale to any network load, regardless of size, without the load impacting network processing times or transaction fees. Because it is the fastest blockchain currently in existence and one of the cheapest, with fractional transaction fees, Everscale is the ideal blockchain for stablecoin adoption, for both private companies and governments, in the form of CBDCs.
The Everscale network has built a sizeable community, thanks in large part to its technical advantages and the elite DeFi offerings available in its ecosystem. The Broxus development team has been key in building this ecosystem and launching its Lynchpin platforms. Broxus’ flagship platforms and products include Octus Bridge, a cross-chain bridge platform that allows users to transfer liquidity to and from almost any major blockchain network quickly and at low cost, and FlatQube DEX, which offers users a range of yield farming and staking opportunities in addition to swaps and EVER Wallet, Everscale’s most popular wallet, facilitating the use of all platforms in the ecosystem.
Now, the opportunities inherent in the network are crystallizing in the form of a new tier of releases targeting the Filipino and Asian markets. The campaign was made possible through a partnership with DA5, one of the largest money transfer services in the Philippines. DA5 has been operating in the Philippines for over 15 years as one of Western Union’s leading Authorized Direct Agents. DA5 has spearheaded the borderless payments revolution in the country and is eyeing a new dawn of economic opportunity for Filipinos with this partnership thanks to the benefits of digital currencies and DeFi.
The first rollout of the campaign will be the release of Everscale’s new stablecoin pegged to the Philippine peso. The Philippine economy is one of the most impressive in the world and is inseparable from the global financial world. Despite this, it is clearly underserved in terms of its digital financial offerings. Following the release of the stablecoin, users in the Philippines will be able to trade fiat directly for their digital counterpart at industry-low fees, and gain direct access to the many opportunities and benefits of DeFi.
Once the stablecoin is launched, it will be followed by a full launch of crypto and DeFi products and platforms, including QR-based transaction support. One of the most significant releases to follow will be the launch of crypto ATMs, where users can exchange fiat for digital currencies and vice versa.
The ATMs are made possible by the experts at ATM Direct. ATM directis the software and hardware division of Evercash banka fintech company focused on building a seamless crypto-fiat gateway for international cryptocurrency integrations and founding partner of the Everscale DeFi Alliance.
The DA5 team along with the CEO, CTO and founder of Broxus
Raymond Babst, CEO of DA5, was asked to comment on the launch of the peso-pegged stablecoin, saying, “The partnership between DA5 and Everscale will redefine how traditional remittances are conducted in the Philippines. Using cutting-edge blockchain technology, DA5 will finally be able to offer Filipinos a more secure way to send money to the Philippines at a fraction of the cost that banks and traditional remittance companies are currently charging. We’re also excited to be the first to offer crypto ATMs nationwide to complement our 2,500+ branch network locations nationwide by the end of the year.”
Commenting on the stablecoin release and Everscale’s future plans in the region, ATMDirect CEO Alex Shternshis said, “ATMDirect will build an ATM network in the Philippines to support the launch of the newly launched crypto-peso. Our company will provide both withdrawal and deposit services on our own ATM network as well as integration services with existing ATM networks in the Philippines. This will provide new and long overdue opportunities for residents in the region.”
Raymond Blast, CEO of DA5, and Sergey Shashev, founder of Broxus, officially form a partnership
Everscale’s technological superiority has seen it rise to the ranks of the largest blockchains in Asia, and it intends to further consolidate its position by developing localized ecosystems in a number of Asian and other countries. Representatives from the network will deliver keynote speeches at the Global Blockchain Summit, which will be held in October this year. Leading up to the event, Everscale will continue to expand and develop its Asian and Filipino offerings.
Speaking on Everscale’s future plans, Broxus founder Sergey Shashev said: “The Everscale network has the most advanced technology of any blockchain in existence and is therefore able to handle the interstate movement of capital and goods for all participating countries with unprecedented efficiency. That’s why 11 states are considering Everscale’s technology as the basis for their CBDCs.”
About DA5
Founded in 2006, Direct Agent 5, Inc. is a company formed to serve the Overseas Foreign Workers (OFWs) working with established businesses primarily engaged in the following areas: Pawn Shops, Currency Exchange, Malls and Super Market. The company achieved synergies across its holdings by combining the geographic strength of its own diversified networks with the extensive clientele of international and local money transfer companies. On November 27, 2006, the company processed its first international money transfer service transaction.
On December 15, 2021, DA5 signed an agreement with Impero Consortium Management Corporation to become a technical due diligence partner of The OBFTS (Offshore Blockchain and Fintech Solutions) Group of Authority Freeport Area of Bataan (AFAB) serves in the Philippines. DA5 is pioneering the advancement of blockchain technology across the ASEAN region. This supports the government’s push to make the Philippines a safe haven for blockchain companies engaged in business development such as tokenization and alternative finance.
Over the years the company has introduced new products and services to existing and potential partners. That DA5 The family remains committed to providing worthwhile service in hopes of a strengthened Filipino community.
About Everscale
Everscale is a new and unique blockchain design that proposes a scalable decentralized world computer combined with a distributed operating system. Everscale is built on a platform called Ever OS, capable of processing millions of transactions per second, with Turing-complete smart contracts and decentralized user interfaces.
Everscale presents some new and unique features such as dynamic multithreading, soft majority consensus and distributed programming that allow it to be scalable, fast and secure at the same time. It is governed by a decentralized community based on meritocratic principles via soft majority voting protocol.
Everscale has powerful developer tools such as B. Solidity and C++ compilers, SDK and API, client libraries ported to 20+ languages and platforms, and a set of decentralized browsers and wallets that power many applications in DeFi, NFT, tokenization and governance support domains.
Website: Everscale
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