A new startup called Everex, a financial inclusion blockchain remittance company, aims to nourish the 3.5 billion under-banked globally. The platform uses the Ethereum blockchain to create “cryptocash” assets, which are pegged to units of fiat currency and tethered to the peer-to-peer network.
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Everex Introduces Cryptocash
Everex is focused on building a platform that performs cross-border transactions with real-time settlement and blockchain security. Currently, there is a vast number of underbanked global citizens worldwide. Many of these people don’t have access to traditional financial services. This sets up a barrier to entry for saving, starting businesses, and buying homes. Everex claims it is working with money-service businesses (MSBs), currency exchanges, and banks to solve this problem.