A successful blockchain remittance pilot has seen over 100 participating migrant workers transfer money to Myanmar, their homeland, instantly.
Everex, an Asian blockchain startup focused on financial inclusion in the region facilitated transactions totaling over 850,000 Thai baht (approx. $24,000), using its wallet over a blockchain.
The Thailand-based Fintech startup revealed that the successful pilot used the Ethereum blockchain, adding that the remittance transactions incurred no transaction fees for both sending value and currency conversion. Furthermore, transfers went through in under a minute, the Thailand-based blockchain remittance startup noted.
“Overall, the average transaction took less than a minute and recorded savings of over 7% in remittance cost and currency exchange rates,” Everex revealed.
Ultimately, recipients had to use money-changers in Myanmar to switch from “Cryptocash”, its digital token, to local fiat cash. However, the startup underlined that the lack of a centralized entity sees successful cross-border remittance with significantly low costs and near-instantaneous transfers – a far cry from traditional remittance operators.
Cryptocash sees national currencies transacted over the Ethereum blockchain with