Manila, June 15, 2018 – The Philippines Central Bank – Bangko Sentral ng Pilipinas (BSP) and the Philippines Security and Exchange Commission (SEC) have recently announced that a license for cryptocurrency trading has been granted to GOW Distributed Exchange. The license will be the first of its kind and will provide the exchange with the authority to offer trading services in fiat currency and cryptocurrency in the Philippines.
About Blockchain and Crypotocurrency Exchange
Following the three modern industrial revolutions marked by the invention of steam engine, electric power, and the Internet, Blockchain technology is considered by Klaus Schwab, the founder and executive chairman of the World Economic Forum, as “The key technology of the Fourth Industrial Evolution” and will bring great influence and changes to the future society.
Cryptocurrency is a major product of the rapid development of the Blockchain industry. Statistically, in 2017, the market cap of global digital assets increased by 46 times to 813.8 billion US dollars from 17.6 billion US dollars at the beginning of the year. The value is expected to exceed its first trillion US dollars mark in 2018. Although the United States has formulated strict legal requirements for digital assets, while China and some other countries have prohibited ICO financing for Blockchain projects, in the long run, cryptocurrencies still have a broad prospect of development and more detailed rules and regulations are needed internationally. The Philippines Government has cleared foreseen the great potential of developing a regulated and scalable cryptocurrency exchange in the country and has therefore decided to cooperate with GOW to solve various problems for Filipinos worldwide.
GOW – Global Overseas Workers
GOW stands for Global Overseas Workers. In today’s world where one third of the population is without a bank account, there is a real need to ensure that those left behind are financially included in the world’s economy. The world economy is sustained through global trade and its people, the overseas workers globally. There were over 10 million Overseas Filipino Workers (OFWs) contributing inward remittance of USD $30 billion which is equivalent to 10% of the Philippines economy in 2017.
Solving Real World Problem with Blockchain and Crypotocurrency
The goal of GOW Distributed Exchange is to lower the cost of overseas remittance via the application of cryptocurrency and Blockchain technology, which is also a GDP loss recovery for the beneficiary country economy. With the license granted by the Bangko Sentral ng Pilipinas (BSP), GOW is able to develop a settlement and clearing mechanism for inward and outward remittances for the Philippines through Cryptocurrency and Fiat Currency transfers, in partnership with GOW’s existing 10,000 branch location partners. GOW believe in a world where everyone has access to premium financial services, not only the privileged few.
Multi-payment Channels
GOW is expected to providing trading services in multiple major cryptocurrencies in the market as well as fiat currencies including PHP, USD, and CNY. A number of payment methods will be provided right after the platform goes live in July, including debit and credit cards, wire transfer, and third party payment service providers. A detailed schedule will be announced on the official website soon.
Unique Hybrid Infrastructure to ensure Efficiency and Security
GOW Distributed Exchange will adopt a hybrid infrastructure designed to combine the advantages of traditional centralized exchange (fast trade execution, price and time matching) with those of a decentralized exchange (wallet security, liquidity bridging) by combining a centralized liquidity pool and trading engine together with decentralized transaction settlement.
GOW Token
To facilitate the exchange liquidity as well as effective oversea remittance via the GOW platform, GOW Token will be issued and traded in the distributed exchange. The token will be built on the Ethereum ERC-20 Blockchain. Total token volume will be 1,000,000,000 with no future tokens offered. Public offering will take up to 40% of total tokens. Public tokens subscribed at 100 ETH and above (seed subscribers) will vest 16.7% each month from issuance onwards over a period of 6 months to ensure market stability. Details of the public offering will be announced later on the official website.
Highest Ethical Standard
With the aforementioned license, GOW will maintain the highest standard required for anti-money laundering and know your customer (AML / KYC), quality control, accountability and transparency to the cryptocurrency market – offering high quality listings and an equally esteemed, AML / KYC cleared investor pool.
About GOW
GOW is building an Ecosystem that links the cryptocurrency trading market with the traditional financial market. GOW Exchange is a Regulated Distributed Exchange, licensed by the Philippines Central Bank – Bangko Sentral ng Pilipinas (BSP) and Philippines Security and Exchange Commission (SEC). The core members of the team have rich experience in global financial and the Internet industry. The exchange itself technically combines the advantages of centralized exchange and decentralized exchange. Via existing banking network, we provide exchange services in Philippine legal fiat currency and various cryptocurrencies in a safe and private manner. With our unique resources, qualifications, and advantages, GOW will focus on the functionality and user experience of the exchange and its ecological layout. We aim to provide the best cryptocurrency trading services for the Blockchain industry around the globe.
For more details, visit: http://www.gow.com/
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