There’s a $500 billion remittance market, and Bitcoin startups wish in on it

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At usually over 6 years old, Seoul-based KakaoTalk has some-more than 170 million purebred users on a flagship discuss app, and enjoys scarcely 93% marketplace invasion in South Korea. But when a $2.9 billion association done a first-ever abroad investment this spring, it was a startling one: a 40% interest in Satoshi Citadel Industries (SCI), a Manila-based Bitcoin startup with no tie to messaging.

The preference is puzzling, unless we know something about how income moves between a Philippines and South Korea. While there are usually 60,000 migrant Filipinos operative in South Korea—far fewer than in adjacent Japan—they collectively send home some-more than $231 million in personal supports any year. That works out to about $300 per person, 50% aloft than a tellurian average.

A few vast players tend to promote these payments, and a miss of foe in certain markets (including a Philippines-South Korea corridor) can make costs prohibitive. Enter Kakaotalk, one of a flourishing stand of companies aiming for a cheaper alternative.

An costly habit

The standard general income send requires loads of communication between a persons on possibly finish of it. They have to calculate sell rates, synchronize amounts, collect personal details, determine on a send method, and afterwards confirm

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