BLOX

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).

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

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

• Ringgit stablecoin issuer
• Multi-chain stablecoin platform
• Digital asset payments
• Cross-border blockchain payments
• Compliant stablecoin infrastructure

Headquarters

HQ city

Not specified

HQ country

Malaysia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Infrastructure, Operations, Personnel, Marketing or Sales, Supply Chain

Revenue model

1. 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

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core 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

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• AWScoreTechnology or IntegrationAmazon Web Services provides cloud infrastructure services supporting BLOX's platform operations and scalability requirements.
• BitGocoreTechnology or IntegrationDigital asset custody and security solutions provider supporting BLOX's infrastructure for secure token management.
• CradlecoreStrategic or Co-development PartnerMalaysian tech startup accelerator program supporting BLOX's growth and development as a Malaysian fintech company.
• Paynet Fintech HubcoreStrategic or Co-development PartnerMalaysian fintech hub fostering innovation and collaboration in the digital payments ecosystem.
• LSEG Risk IntelligencecoreTechnology or IntegrationLondon Stock Exchange Group's risk intelligence services supporting compliance and regulatory requirements.
• MDECcoreStrategic or Co-development PartnerMalaysia Digital Economy Corporation supports Malaysian digital tech companies with resources, network, and market development.
• SIDECcoreStrategic or Co-development PartnerStrategic partner contributing to the ecosystem development.
• SinegycoreChannel Partner/ Reseller/ DistributorMalaysian digital asset exchange enabling trading and conversion of MYRC for users.
• TRM LabscoreTechnology or IntegrationBlockchain intelligence and compliance platform providing AML/CTF monitoring and investigation capabilities.
• Universal TrusteecoreTechnology or IntegrationLicensed custodian providing secure trustee accounts holding MYR reserves backing MYRC tokens.
• QashminorChannel Partner/ Reseller/ DistributorPartner in the ecosystem supporting distribution and liquidity.

Scale indicators3 records

Recent moves5 records

Expansion highlights6 records

Others

• 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

• Xx.com/blox_malaysia
• Facebookfacebook.com/profile
• LinkedInlinkedin.com/company/bloxmy
• Instagraminstagram.com/blox.my

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BLOX