Plugging Into The Global Monetary Network
LNX provides businesses and entities with the ability to send and receive payments instantly from anyone in the world, instantly, and without chargebacks. LNX is a set of open standards and open source software, which speed up the process for busineses greatly. Its release date is Aug 15, 2022.
LNX, which is spearheaded by BloomX, a Filipino crypto exchange. BloomX provides software integration services. Through these services, busineses do not need to have a deep understanding or the technical know-how to send and receive payments on this network.
When asked to talk about this project, Ramon Tayag expounded. "There has never been, in any time in history, something like Bitcoin and Lightning Network. These allow anyone in the world with an Internet connection and a mobile phone, to not be discriminated against from participating in the modern economy. While tens of millions of people have caught on this fact, it is my hope that businesses open themselves to more business -- existing types and even new ones I can't dream of -- by connecting themselves to this global monetary network."
When we asked what impact it would have for Filipinos, he said one word: "Remittances". When asked to clarify, he replied, "with roughly 10 million, or 10% of Filipinos working abroad, you have a lot of payments. $30 billion of it a year. These people can pay up to 7%, even 10% or more, sometimes. With Bitcoin more and more available around the world, it's ridiculous to spend 1 hour for every 10 hours of your precious work life just to pay the remittance fees. You've got more and more businesses that make it easier for OFWs (Overseas Filipino Workers) to send Bitcoin straight from their bank account, such as CashApp and Strike. You've got millions of people who know what Bitcoin is and what it can do. You've got countries onboarding onto this network. Now is the time for busineses to join in. Contact us. We will provide the tools. If you've got a team that can do it themselves, that's great -- download the software and get working. Every entity on that network makes it better for all of us."
Ramon Tayag spearheads LNX and is the CTO of BloomX, a crypto exchange in the Philippines. BloomX has a retail app, bloomx.app, which makes it easy for your every day Filipino to buy and sell crypto currencies. LNX is his dream to make it easier for businesses to join the global monetary network that is Bitcoin and Lightning Network.