AXA Eyeing Bitcoin for Remittance Market
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....
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FastCompany’s report revealed that overseas remittance totaled $429 billion in 2016. Some of the largest Remittance markets include China and the Philippines. Already, bitcoin startups have begun to dominate the remittance markets in the two countries, with the Philippines leading bitcoin remittance innovation. Both domestic and international remittance is a massive market within the Philippines. Companies such as Lhuillier and Palawan operate thousands of branches throughout the country, with deeper market penetration in comparison to international remittance companies such as Western....
DigitalBTC, an Australia-based digital payments company, has agreed to form a joint venture company (JVC) to distribute and market a remittance product, AirPocket. The beta launch will begin in the second quarter of this year. DigitalBTC, which is trading on the Australian Securities Exchange as Digital DC Limited, described AirPocket as a disruptive new technology product targeting the significant and established remittance market. The U. S. to Latin America remittance market is estimated to be $84 billion. The joint venture will target the remittance sector in the Latin American and....
"[Bitcoin] produces a market that's international, that everyone has access to, regardless of race, religion, creed..." - Amir Taaki. There is a lot of talk recently of the power Bitcoin has in changing the remittance market. A remittance is a transfer of wealth from one person to another, mostly amongst the world's poor. Zach Ramsay of Canadian-based CoinCulture calls remittances "peer2peer for the poor2poor." It's an astute observation. It should be stated that this wealth transfer - remittance market - is cited as vital, critical, and an economic lifelinefor those receiving the money.....
One of the most routinely cited use cases for bitcoin is in the international remittance market - the financial sector worth over $500bn a year that specializes in facilitating transactions across borders at a markup that reduces the total money sent by 9% on average. Given the high cost the remittance services, it's no surprise that many in the bitcoin industry take its potential in the space for granted. After all, its underlying technology offers anyone the ability to conduct low-cost, peer-to-peer payments without restriction. Due to the power of the technology, it can sound like the....
There was a time when cross-border remittance was expected to be bitcoin’s killer app. It was a simple equation: the global remittance market is huge, and the (often poor) people sending money to friends and family across borders pay high transaction fees that could (in theory) be reduced with bitcoin transactions. And yet, years later, the giants of the remittance market are far from slain, despite the average fees of 7.5%, and the growing crisis of bank "de-risking" – strategically refusing to process transfers to or from regions considered to present a high risk of money....