CEO
BLOX
Blox issues MYRC, a stablecoin pegged to the Malaysian Ringgit, facilitating fast and secure digital transactions. This Ringgit-backed digital asset offers individuals and businesses a reliable payment solution with near-instant settlements and low transaction fees.
- Blockchain & Cryptocurrency
- Financial Technology
- Software Only
Updated 5 months ago
Funding
Funding rounds are not available yet.
Founders
Product
Problem
Traditional financial systems in Malaysia can be slow, costly, and lack transparency, especially for digital transactions and cross-border payments. Existing cryptocurrency solutions introduce volatility risk, hindering their adoption for everyday use and business operations.
Solution
Blox provides MYRC, a stablecoin pegged 1:1 to the Malaysian Ringgit (MYR), designed to facilitate secure and efficient digital transactions. MYRC combines the stability of fiat currency with the benefits of blockchain technology, offering near-instant settlements and reduced transaction fees. The circulating supply of MYRC is fully backed by MYR reserves held in licensed financial institutions and is monitored via a public Ethereum blockchain ledger. Independent third-party attestations are conducted monthly to ensure transparency and maintain the 1:1 peg, providing users with a reliable digital payment solution.
Target Audience
MYRC targets individuals and businesses in Malaysia seeking a stable, efficient, and transparent digital payment solution, as well as cryptocurrency exchanges looking to facilitate MYR-based trading pairs.
Features
- 1:1 peg to the Malaysian Ringgit (MYR), ensuring price stability
- Fully backed by MYR reserves held in secure, licensed bank accounts
- Transparency through an open transaction ledger on the Ethereum blockchain
- Monthly attestations by an independent accounting firm, verifying reserve assets
- Fast and cost-effective digital transactions, reducing reliance on traditional intermediaries
- Seamless conversion between MYR and MYRC via the Blox platform
- Integration with DeFi platforms, enabling access to decentralized finance opportunities
- 24/7 availability on the Arbitrum network