Bitcoin Remittance Startup 37coins Announces Closure

Bitcoin remittance service 37coins has announced that it will be closing shop and will no longer be offering its SMS-based wallet. Users have until the end of the year to withdraw their balances before the company's official closure. This bitcoin remittance startup aimed to use low-cost cell phone technology as a means to enable cheap transactions. It was able to take part in Plug and Play's startup group before its development team ran into major headwinds. Bitcoin Remittance Shutdown. "Despite the best of intentions, we were unable to deliver a quality product that showed product-market....

Startup 37Coins has created a universal bitcoin wallet that can be used on any cellphone, aiming to provide people around the globe with better access to financial resources. The service allows consumers to pay in bitcoin from any mobile device with SMS functionality via a 'gateway' in the user's country of origin. This means that the benefits of the digital currency can be accessible to people who arguably stand to benefit the most, like those in poorer regions of the developing world and areas without advanced communications infrastructure. As Jonathan Zobro, one of the company's....

A successful blockchain remittance pilot has seen over 100 participating migrant workers transfer money to Myanmar, their homeland, instantly. Everex, an Asian blockchain startup focused on financial inclusion in the region facilitated transactions totaling over 850,000 Thai baht (approx. $24,000), using its wallet over a blockchain. The Thailand-based Fintech startup revealed that the successful pilot used the Ethereum blockchain, adding that the remittance transactions incurred no transaction fees for both sending value and currency conversion. Furthermore, transfers went through in....

Singapore-based remittance startup Toast, previously known as Cryptosigma, has pivoted away from bitcoin and blockchain technology and reportedly raised $850,000 (S$1.2m) in seed funding. The startup - which seeks to facilitate remittances for Filipino workers living in Singapore - announced its re-branding in a blog post in July and said it would for now operate as a

Shinhan Bank, one of the largest financial institutions in South Korea will begin a remittance service – backed by bitcoin – between Korea and China, starting next month. The Korea-China corridor will soon see the bitcoin remittance service made possible through Hong Kong as an intermediary, a country where digital currency transactions are legally allowed, according to Korean news outlet Pulse. Fundamentally, the remittance operation will see Shinhan Bank transfer value to a digital currency exchange in Hong Kong, which will then further the transaction by transferring the value, in....