Why There's Still Hope for Bitcoin Remittance Companies
As of the end of 2016, we are now about seven years into the bitcoin experiment. In that time, remittances have gone from one of the most buzzed-about use cases for bitcoin to one that's billed as one of its biggest challenges. So, can bitcoin make an impact as an intermediary for exotic currencies not often traded? Can it help deliver cash on the ground quicker and cheaper? Well, it turns out there's a lot of ways to approach remittances – from private blockchains, consortiums, apps, FX dealers to decentralized cryptocurrencies. Let's explore some of them below. What doesn't work.....
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OKLink, a Hong Kong-based global blockchain money network, is offering $100 million in free remittance trades to international remittance companies in order to promote remittance payments and accelerate the growth of new money transfer companies. Remittance payments — earnings which foreign workers send home to their families around the world — may be one of the best use cases for digital currencies. The remittance market is estimated at $500 billion. Jack C. Liu, Co-creator at OKCoin, one of the world’s largest bitcoin trading exchanges, and Chief Strategy Officer at its subsidiary,....
A bitcoin exchange and a remittance company have partnered to offer customers fiat-to-bitcoin deposit services across Latin America. Bitex.la has joined with More Money Transfers (MMT), a Latin American remittances company in what they claim is the first alliance of its kind. However, the partnership, said Bitex chief marketing officer Manu Beaudroit, isn't meant to provide remittance services in bitcoin, but instead, enable more people into contact and activity with the digital currency. Speaking to CoinDesk, Beaudroit voiced his belief that bitcoin holds some of the greatest promise for....
Multinational insurance and asset management company AXA is eyeing bitcoin to help streamline the remittance market, the general partner of its VC fund has told CoinDesk. Minh Q Tran said AXA Strategic Ventures, the firm's $223m fund, and its accelerator, AXA Factory, are treating digital currency as an "investment thesis". He said: "We think that many use cases related to bitcoin have not already been explored. In particular we are very interested in how bitcoin, and more generally cryptocurrencies, might be used in the remittance market." Though no bitcoin or blockchain startups have....
Companies and services using Bitcoin are poised to rise to the top of the US to Mexico remittance industry, Mexico's second largest industry. Many experts stated in an interview with CoinTelegraph that the market has huge potential to make cross-border money transfers simpler and cheaper which will save millions of dollars for Mexican people and the economy. The remittance corridor between the USA and Mexico is currently the biggest and most competitive in the world attracting more and more remittance providers every year. Remittances sent to Mexico from the United States by emigrants....