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.
“Our solution puts fiat currencies, equities, commodities, and non-financial assets on the Ethereum blockchain to facilitate peer to peer global remittance, currency exchange, and capital markets, explained Everex founder Alexi Lane.
The startup’s platform features a variety of benefits to its user base. These include direct global remittances, a peer-to-peer framework, decentralized exchange, no transaction fees for personal users, and settlement in seconds. Cryptocash can represent currencies such as the U.S. dollar, Thai baht, Philippines peso, Indian rupee, and more. These assets are digitized on the Ethereum blockchain to provide affordable remittances.
A Global Remittance Solution
Lane said the platform will cure the many problems associated with global remittance. Users can avoid long lines at currency exchanges, high fees, and lengthy delays by accessing the Everex network.
The startup said most of the popularized remittance networks of today are slow, cumbersome, and costly. These are typical experiences for expat and migrant workers who pay egregious fees while family members wait days for settlement.
Additionally, Lane detailed that it can also benefit FX trading services that handle trader deposits and withdrawals. Everex believes FX brokers can have a more efficient way of handling these operations by utilizing the company’s blockchain platform. In fact, Everex wants every individual and business to take advantage of its cryptocash solution.
“Everex is creating the environment where anyone may walk into a currency exchanger, bank branch or other authorized agent, and hand over cash in exchange for the equivalent amount in cryptocash. This is similar to a traveler’s check purchase — only the exchange agent will transfer cryptocash to the user wallet with the Everex transfer app, instead of handling a paper check,” Everex explains.
‘Forever Change The Way The World Does Business’
The blockchain startup hopes it can “forever change the way the world does business,” and believes its blockchain application will push forth this goal. The company says that with the combined technological breakthroughs of cryptocurrency, blockchain, and smart contracts there will be a shift in the way people interact with money.
The company has already launched its wallet app, which is free and available on Android. Everex has also developed several general Ethereum blockchain tools for anyone to use. These include the Ethereum custom token viewer Ethplorer.io and Chainy, which provides “aeon links, proof of existence, and blockchain record storage.”
Currently, the Everex wallet service is available to Thailand-based customers and expansion will follow soon. The company hopes its platform will provide better remittances worldwide, but will also face other decentralized competitors and centralized incumbents.
Will Everex and cryptocash let more people participate in the world financial system? Let us know in the comments below.
Images via Shutterstock, Twitter, and Everex websites.
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