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Everscale Teams Up With DA5 To Launch Philippine Blockchain Remittance Service

6 mins
Updated by Petar Jovanovic
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Leading Everscale infrastructure developers, Broxus have announced the upcoming release of a Philippine blockchain remittance service to be hosted on the Everscale network. Everscale, as the most scalable blockchain in existence, has the unique capability of taking on such a wide userbase without the load slowing down 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 remittance services, and marks the first step in Everscale’s planned rollout of a plethora of products and platforms tailored to the Philippine and Asian audience, including local crypto ATMs. 

Since the start of 2022, Everscale has been making significant inroads in the Asian digital currency market. In the spring of this year, the network hosted the EVERPOINT Conference in Bali, celebrating its two-year anniversary and acknowledging its ascendent position in the Asian market. On the heels of that conference, the network’s native EVER currency was listed on two of the biggest exchanges in the world, Huobi, and KuCoin, each with massive userbases in Asia. 

Everscale has an unparalleled technical foundation that allows it to scale to any network load, no matter the size, without the load affecting the network’s processing times or transaction fees. As it is the fastest blockchain currently in existence and among the cheapest, with fractional transaction fees, Everscale is the ideal blockchain for launching stablecoins, both for private businesses and governments, in the form of CBDCs. 

The Everscale network has built up a sizable community, thanks in large part to its technical advantages and the elite DeFi offerings that are available in its ecosystem. The Broxus development team has been key to building that 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 nearly any major blockchain network quickly and at fractional costs, and FlatQube DEX, which in addition to swaps, provides users with a number of yield farming and staking opportunities and EVER Wallet, Everscale’s most popular wallet that facilitates the use of all platforms in the ecosystem. 

Now, the possibilities inherent in the network are crystallizing in the form of a new stage of releases targeted at the Philippine and Asian markets. The campaign has been made possible thanks to a partnership with DA5, one of the largest money remittance services in the Philippines. DA5 has been in operation in the Philippines for over 15 years as one of the leading authorized Direct Agents of Western Union. DA5 has led the borderless payment revolution in the country and, with this partnership, has its eyes set on a new dawn of economic possibilities for Filipinos, 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 formidable in the world and inextricably linked to global finance. Despite this, it has been markedly underserved in terms of its digital finance offerings. Following the release of the stablecoin, users in the Philippines will be able to directly swap fiat for its digital counterpart at industry-low fees and be provided with a direct inroad to the many opportunities and advantages of DeFi. 

Once the stablecoin is launched, a full rollout of crypto and DeFi products and platforms will follow, including QR-based transaction support. One of the most significant releases to follow will be the introduction of crypto ATMs, where users can exchange fiat for digital currencies and vice versa.

The ATMs will be made possible by the experts from ATM Direct. ATM Direct, is the software and hardware division of Evercash Bank, a fintech business focused on building a seamless crypto-fiat gateway for international cryptocurrency integrations, and a founding partner of the Everscale DeFi Alliance.

The DA5 team, together with the CEO, CTO, and Founder of Broxus

Reached for comment on the launch of the Peso-pegged stablecoin, DA5 CEO Raymond Babst offered, “The partnership between DA5 and Everscale will redefine the way traditional remittance will be done in the Philippines. With the use of cutting-edge blockchain technology, DA5 will finally be able to offer Filipinos a more secure way of sending money to the Philippines at a fraction of the cost of what banks and traditional remittance companies are currently charging. We are also excited to be the first to offer Crypto ATMs nationwide to complement our more than 2500 branch network locations throughout the country by year-end”.

On the release of the stablecoin and Everscale’s future plans in the region, ATMDirect CEO Alex Shternshis had this to say: “ATMDirect will be starting an ATM network in the Philippines to support the adoption 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 area.”

DA5 CEO Raymond Blast and Broxus Founder Sergey Shashev officially establish a partnership

Everscale’s technological superiority has seen it rise to join the ranks of the biggest blockchains in Asia, and it is looking to further solidify its position by developing localized ecosystems in a number of Asian and other countries. Representatives of the network will be giving keynote addresses at the Global Blockchain Summit to be held in October of this year. In the runup to the event, Everscale will continue to roll out and develop its Asian and Philippine offerings. 

Commenting on Everscale’s future plans, Sergey Shashev, Founder of Broxus, said, “The Everscale network features the most advanced technology of any blockchain in existence and is therefore capable of bringing unprecedented efficiency to interstate capital and goods flows for all countries involved. This is 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 established to cater to the Overseas Foreign Workers (OFW’s) partnered with well-established companies primarily engaged in the following businesses: pawnshops, money changing, shopping malls, and food shops. The company achieved a synergy throughout its holdings by pairing the location strength of its own diversified networks with the expansive clientele of International and local money transfer companies. On November 27, 2006, the company processed its first international money transfer service transaction.

Last December 15, 2021, DA5 signed an agreement with the Impero Consortium Management Corporation becoming the technical due diligence partner that serves “The OBFTS (Offshore Blockchain and Fintech Solutions) Group” of the Authority Freeport Area of Bataan (AFAB) in the Philippines. DA5 is pioneering in promoting blockchain technology throughout the ASEAN region. This is in support of the government’s push to make the Philippines a safe haven for blockchain companies that are engaged in business development such as Tokenization and Alternative Financing.  

Throughout the years, the company has launched new products and services for existing and potential partners. The DA5 family continues to strive to deliver worthwhile services in hopes of an empowered Filipino community.

About Everscale

Everscale is a new and unique blockchain design that proposes a scalable decentralized world computer paired with a distributed operating system. Everscale is based 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 properties, such as dynamic multithreading, soft majority consensus, and distributed programming, which enable it to be scalable, fast, and secure at the same time. It is governed by a decentralized community founded upon meritocratic principles via the Soft Majority Voting protocol.

Everscale has powerful developer tools, such as compilers for Solidity and C++, SDK and API, client libraries ported to more than 20 languages and platforms, and a range of decentralized browsers and wallets empowering many applications in DeFi, NFT, tokenization, and governance domains.

Website: Everscale

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