BLOX
BLOX BLOCKCHAIN SDN. BHD. is a privately held Malaysian fintech that issues MYRC, Malaysia's first Ringgit-pegged stablecoin. Operating across Ethereum, Arbitrum, Solana, and Base, it targets exchanges, individuals, and businesses for cross-border payments and blockchain adoption.
- Company typePrivate
- Founded-
- HeadquartersNot specified, Malaysia
- Headcount1–10
- GTM typeB2B and B2C
- OfferingSoftware
What BLOX does
BLOX BLOCKCHAIN SDN. BHD. (BLOX) is a privately held Malaysian fintech that issues MYRC, described as Malaysia's first stablecoin pegged 1:1 to the Malaysian Ringgit. The company is led by a founding team of CEO Ethan Chung, CTO Daenavan Thaiveegan, CPO Joey Ng, and CFO Ashwin Chockalingam, supported by a broader team of approximately seven to eight members including Special Projects, Product Engineering, Community & Business Development, and Compliance & Risk. BLOX targets three customer segments — cryptocurrency exchanges that require MYR-to-MYRC conversion infrastructure, individuals seeking cross-border transactions and DeFi access, and businesses looking to adopt blockchain technology — and positions itself as infrastructure for both Malaysian and global fintechs.
The core product is the MYRC stablecoin, deployed across four blockchain networks (Ethereum, Arbitrum, Solana, and Base) and backed 1:1 by Malaysian Ringgit held in secure trustee accounts with audits by certified Malaysian accountants. The BLOX Platform provides the underlying infrastructure for issuance, holding, management, and transfer of MYRC tokens, exposed to users through the BLOX App (iOS and Android) and a web interface at app.blox.my. The platform incorporates a multi-layer security framework including mandatory e-KYC verification, two-factor authentication with time-based one-time codes, TLS 1.3 encryption, role-based access controls, SIEM-based threat monitoring, a dedicated Incident Response Team, and 24/7 infrastructure surveillance with immutable versioned backups.
BLOX operates a product-led, self-serve go-to-market model in which users can sign up, complete e-KYC, and mint MYRC independently. As of the Transaction Fee Structure effective July 14, 2025, the company fully absorbs all Service Fees and charges users nothing, reserving the right to impose fees at its sole discretion. Enterprise and partnership inquiries are handled through direct contact channels (email, WhatsApp, Telegram), and the company has assembled a 14-partner ecosystem that includes infrastructure providers (AWS, BitGo, Universal Trustee), compliance vendors (LSEG Risk Intelligence, TRM Labs), Malaysian public-sector enablers (MDEC, Paynet Fintech Hub, Cradle, SIDEC), and exchange distribution (Sinegy, Qash).
BLOX firmographics
Firmographics- Name
- BLOX
- Legal name
- BLOX BLOCKCHAIN SDN. BHD.
- Website
- https://blox.my
- Company type
- Private
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- BLOX BLOCKCHAIN SDN. BHD. is a privately held Malaysian fintech that issues MYRC, Malaysia's first Ringgit-pegged stablecoin. Operating across Ethereum, Arbitrum, Solana, and Base, it targets exchanges, individuals, and businesses for cross-border payments and blockchain adoption.
- Ownership category
- akta.pro rank
BLOX industry classification
Industry- Product category
- Stablecoin Issuance
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Stablecoin Issuers (Fiat-Backed) (FSADADAA)
- akta.pro secondary industries
- On-Chain Payments & Stablecoin Infrastructure (Issuance, Rails, Treasury) (FSAGAMAD), Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL), Self-Custody Wallets (Consumer & Institutional) (FSADACAE)
Keywords
Where BLOX is headquartered
LocationHeadquarters
- HQ city
- Not specified
- HQ country
- Malaysia
- HQ region
- Asia
Offices1 record
Markets served
BLOX business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Infrastructure, Operations, Personnel, Marketing or Sales, Supply Chain
Revenue model
- Transaction Fees: Currently all transaction fees are fully absorbed by the company with no charges imposed on users. The company reserves the right to impose transaction fees in the future at its sole discretion. Fees may be calculated as fixed amount, percentage of transaction value, or other formula.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | No-fee model currently in effect |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels4 records
BLOX product offering
Product offeringCore offering
BLOX issues MYRC, a stablecoin backed 1:1 by the Malaysian Ringgit held in secure trustee accounts, available across Ethereum, Arbitrum, Solana, and Base blockchains. The BLOX Platform enables users to sign up, complete e-KYC, mint, earn, hold, manage, and transfer MYRC via a proprietary User Wallet accessible through web and mobile app. The platform serves exchanges, individuals, and businesses seeking MYR-to-MYRC conversion, cross-border transactions, and blockchain-based payment infrastructure.
Product overview
BLOX offers a unified stablecoin platform centered on MYRC, Malaysia's first Ringgit-backed stablecoin. The core product is the MYRC stablecoin itself, which is 1:1 backed by Malaysian Ringgit held in secure trustee accounts. This stablecoin is built on the BLOX Platform, which provides the infrastructure for issuance, holding, management, and transfer of MYRC tokens. Users interact with the platform through a proprietary User Wallet interface accessible via the BLOX App (mobile application). MYRC is designed to enable cross-border transactions and blockchain-based payments, and is available across multiple blockchain networks including Ethereum, Arbitrum, Solana, and Base.
Differentiator
Problem solved
Functional benefit
Brands
- MYRC: Malaysia's first Ringgit stablecoin, backed 1-to-1 by Malaysian Ringgit. A stablecoin designed to maintain a stable 1-to-1 value pegged to the Malaysian Ringgit, intended for use within the BLOX platform to support various digital asset operations and enable value transfer.
Products and services
- MYRC MYRC is Malaysia's first Ringgit stablecoin, backed 1:1 by the Malaysian Ringgit held in secure trustee accounts and audited by certified Malaysian accountants. It is designed for use on the BLOX Platform to support digital asset operations, value transfer, cross-border payments, and DeFi participation, and is available across multiple blockchain networks including Ethereum, Arbitrum, Solana, and Base.
- BLOX Platform BLOX Platform is the proprietary digital platform that enables users to access MYRC stablecoin services — including issuance, earning, holding, management, and transfer — via a User Wallet interface that interacts with designated blockchain networks. It is targeted at exchanges, individuals, and businesses seeking compliant Ringgit-denominated digital asset infrastructure.
- BLOX App BLOX App is the mobile and web application that enables users to onboard with e-KYC, access their BLOX account, and manage MYRC tokens for stablecoin services including minting, holding, earning, and transfer on supported blockchain networks.
Quantifiable outcome
- 100% backed 1:1 by MYR in secure trustee accounts
Companies that use BLOX
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles3 records
BLOX technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
BLOX partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered core and minor.
- AWScoreAmazon Web Services provides cloud infrastructure services supporting BLOX's platform operations and scalability requirements.
- BitGocoreDigital asset custody and security solutions provider supporting BLOX's infrastructure for secure token management.
- CradlecoreMalaysian tech startup accelerator program supporting BLOX's growth and development as a Malaysian fintech company.
- Paynet Fintech HubcoreMalaysian fintech hub fostering innovation and collaboration in the digital payments ecosystem.
- LSEG Risk IntelligencecoreLondon Stock Exchange Group's risk intelligence services supporting compliance and regulatory requirements.
- MDECcoreMalaysia Digital Economy Corporation supports Malaysian digital tech companies with resources, network, and market development.
- SIDECcoreStrategic partner contributing to the ecosystem development.
- SinegycoreMalaysian digital asset exchange enabling trading and conversion of MYRC for users.
- TRM LabscoreBlockchain intelligence and compliance platform providing AML/CTF monitoring and investigation capabilities.
- Universal TrusteecoreLicensed custodian providing secure trustee accounts holding MYR reserves backing MYRC tokens.
- QashminorPartner in the ecosystem supporting distribution and liquidity.
Scale indicators3 records
Recent moves5 records
Expansion highlights6 records
BLOX competitors and assessment
Company assessmentOthers
- BitGo: Institutional digital asset custody and infrastructure provider. Listed as a BLOX ecosystem partner, BitGo enables institutional custody infrastructure that BLOX leverages rather than competes with directly.
Direct peers
- Ripple (RLUSD): Issuer of RLUSD, a USD enterprise-focused stablecoin with regulatory positioning. Comparable as a recently launched, compliance-focused stablecoin targeting institutional and cross-border payment use cases.
- TrueUSD: Fiat-backed stablecoin issuer with third-party attestation and reserve transparency. Comparable in offering a transparent, audited fiat-backed stablecoin on multiple chains.
- Paxos: Regulated US-based issuer of multiple fiat-backed stablecoins including USDP. Comparable in being a regulated, fiat-backed stablecoin issuer with emphasis on compliance and reserve transparency.
- First Digital Labs: Hong Kong-based issuer of FDUSD, a USD-backed stablecoin. Comparable Asian-regulated stablecoin issuer with multi-chain deployment and emphasis on compliance framework similar to BLOX.
- StraitsX: Issuers of XSGD, the Singapore Dollar-pegged stablecoin. Direct analogue to BLOX's MYRC in the SE Asian national-currency stablecoin category, with similar regulatory positioning and fiat-backed structure.
Broad incumbents
- Tether: Issuer of USDT, the largest stablecoin by volume globally. Operates on the same blockchains as MYRC (Ethereum, Solana) and represents the dominant incumbent competing for the same on-chain stablecoin liquidity.
- Circle: Issuer of USDC, the second-largest USD stablecoin with strong regulatory positioning and multi-chain presence. Comparable in offering a regulated, reserve-backed stablecoin, but at vastly greater scale and USD denomination.
Emerging players
- MakerDAO: Decentralized protocol behind DAI stablecoin. Comparable as a multi-chain stablecoin issuer, but operates via crypto-collateralized rather than fiat-backed reserves, making it an adjacent rather than direct competitor.
- Ondo Finance: Issuer of tokenized US Treasuries and USD-yield products. Comparable as a regulated, tokenized-fiat-adjacent product, but focused on yield-bearing instruments rather than payments.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
BLOX social profiles
Digital presenceBLOX financial estimates
Financial estimateRevenue estimate
Valuation estimate
BLOX leadership team
Management profileNumber of profiles
Profiles8 records
BLOX funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
BLOX M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about BLOX
What does BLOX do?
BLOX issues MYRC, a stablecoin backed 1:1 by the Malaysian Ringgit held in secure trustee accounts, available across Ethereum, Arbitrum, Solana, and Base blockchains. The BLOX Platform enables users to sign up, complete e-KYC, mint, earn, hold, manage, and transfer MYRC via a proprietary User Wallet accessible through web and mobile app. The platform serves exchanges, individuals, and businesses seeking MYR-to-MYRC conversion, cross-border transactions, and blockchain-based payment infrastructure.
Is BLOX a public or private company?
BLOX is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was BLOX founded?
BLOX was founded in -1. It employs 1 to 10 people.
Where is BLOX based?
BLOX is headquartered in Not specified, Malaysia, in the Asia region.
How does BLOX make money?
One revenue line is on record: transaction Fees.
Who are BLOX's main competitors?
BitGo is listed as an others. Direct peers are Ripple (RLUSD), TrueUSD, Paxos, First Digital Labs and StraitsX. Broad incumbents are Tether and Circle. Emerging players are MakerDAO and Ondo Finance.
Does BLOX have an API?
No public API is recorded for BLOX.
What industry is BLOX in?
BLOX's product category is Stablecoin Issuance. Its primary akta.pro industry code is FSADADAA, Stablecoin Issuers (Fiat-Backed), with a secondary code of FSAGAMAD, On-Chain Payments & Stablecoin Infrastructure (Issuance, Rails, Treasury). Its NAICS code is 522320 and its SIC code is 6199.