Blockchain startup Everex, a blockchain remittance company, looks to leverage Ethereum to transform the remittance industry. The platform features its digitized version of national currencies – CryptoCash – powered by the Ethereum blockchain.
Everex claims to be working with money-service-businesses (MSBs), currency exchanges and banks to make their vision a reality.
CCN sat down with Alexi Lane, Everex founder, to discuss the project.
What is most innovative about Everex?
AL: We want to bring the benefits of blockchain technology to a regular people, who may never heard about bitcoin and may never use it due to complexity in operating, understanding, not mentioning the volatility. By putting fiat currencies and traditional financial products on blockchain we make it simple for him to use it, save on transaction cost and fast settlements, along as have access to a financial products only sophisticated investors have at this time.
With over 3 billion people on the planet being under- and unbanked we believe our solution will bring them access to global financial markets at very low cost. Global remittance, cross-border payments, fx trading and p2p lending are some of the primary applications for cryptocash. We look forward working with financial organizations all over the world to help them implementing our technology.
You’ve called CryptoCash, which digitizes national fiat currency on the Ethereum blockchain, a foundation of Everex. How will CryptoCash be underwritten?
AL: Only licensed and regulated financial entities with healthy balance sheets and enough capital will be able to underwrite cryptofiat, followed by cryptoassets like equity, precious metals, real estate, and more. Note that issuance of cryptocash will not create any new money. It is simply the new form of currency, similar to what traveler’s checks used to be, only in cryptoform. The Everex’s idea, as Blochain-as-a-Service company, is to help banks and money service businesses to seamlessly integrate blockchain technology, save big on transaction cost, and reach to a wider user base.
Any contact with the Ethereum team?
AL: We recently moved our technology from Bitcoin blockchain (Counterparty) to Ethereum, which took us about 2 months. We already met with Vitalik Buterin in Singapore at Fintech events organized by DBS bank and LIfe.Sreda, and keep getting acquainted with Ethereum developers and entrepreneurs from all over the world. We are looking forward for more interaction with upcoming Devcon2 conference in Shanghai in September.
What has the development process for Everex been like?
AL: We started with digitizing physical gold on bitcoin blockchain under Midas Rezerv (MRGold) name in Thailand back in 2015. Soon enough we understood that in order to successfully conduct business on blockchain both product and payments, must be on blockchain. Having just one part won’t make the business model scalable. Therefore, we put gold aside and switched to cryptofiat, with the idea to get back to gold, once it will be available for regular Joe to purchase and trade it with cryptocash. At this time bitcoin is the only tradable cryptocurrency in the world. We even call it “world’s reserve cryptocurrency”, as many altcoins now are priced on exchanges not to USD, but BTC.
However, the time when bitcoin will become globally acceptable is still far from now. So we want to introduce regular Joes to cryptoworld today through the introduction of cryptocash, which will open global crowd finance space on a global scale.
Featured image from Shutterstock.
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