Xurpas launches blockchain project

MANILA, Philippines — Listed technology firm Xurpas Inc. has launched the first of several major projects leveraging on blockchain technology.

The blockchain project will be undertaken by ODX Pte. Ltd., a subsidiary incorporated in Singapore, the company said in a disclosure yesterday.

According to Xurpas, ODX will allow consumers in emerging markets to access the internet for free, through sponsored data packages.

ODX plans to sell up to $100 million worth of tokens and currently has initial downpayments on allocations totaling over $50 million.

Proceeds from the sale will be used to build the ODX infrastructure, as well as for business development with internet service providers, publishers and other partners.

Xurpas said the tokens are not available for sale to citizens or residents of the Philippines, US or China.

“We have always kept an eye out for disruptive, game-changing technologies. Two decades ago, the mobile internet was an example of this, and today it is the blockchain” Xurpas chairman and CEO Nix Nolledo said.

“We have been studying the technology and believe that our existing businesses will benefit significantly from the scalability, efficiency and security of the blockchain, while making it possible to introduce new business models that would not have been possible otherwise,” added Nolledo.

ODX is the first of several blockchain projects that Xurpas will launch within the year.

Xurpas posted a net loss of 77.93 million in the first quarter, coming from earnings of 103.24 million in the same period last year, due lower revenues.