Remittance: Tokyo to Manila on a Fast Lane with Rebit.ph
Bitcoin remittance startup Rebit.ph partners with a Japanese bitcoin exchange to facilitate fund transfer between two countries. Bitcoin’s potential to transform foreign remittance industry is very well known. It is also one of the services rendered by multiple cryptocurrency startups across the world. The conventional remittance system includes either the Western Union or MoneyGram. While they have a decent reach across the world, its usage by people to send money overseas is seen as a necessity in the absence of other alternatives. With the introduction of bitcoin and its growing....
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When I first interviewed Miguel regarding Rebit, I was intrigued not just from a journalist standpoint, but as a Filipino. Sending money is quite expensive, especially when using conventional services, such as Xoom or Western Union. So when Miguel agreed to allow me to test the service, I was thrilled. Bitcoin is a great candidate for remittance, as the low fee required to send (known as the miners fee, currently around $0.06) and the near-instant transaction speeds fix traditional remittance services downfalls. The process is just as easy as it is explained in my interview with Rebit, I....
The Philippines is a home to some of the industry’s most innovative startups including Coins.ph and Rebit.ph, that enable cost-efficient remittances from their home country to international recipients. At Bootstrap Manila, Bitcoin startups & investors revealed that 20 percent of remittances from the Philippines to South Korea are processed using Bitcoin. Coins.ph recently secured a $ 5 mln investment from former Google CEO Eric Schmidt’s fund, due to their unique approach that instead of competing with banks and existing financial services, it would be more beneficial for its users to....
Luis Buenaventure, co-founder of one of the best known bitcoin remittance companies in the space, Rebit.ph, has published a blog post on Medium claiming that the cryptographic currency does little to help cheapen remittances. Bitcoin remittances, better known as "rebittances" (a term Buenaventure claims to have popularized), allow customers to send cash to friends or family abroad. Effectively, this means that only the rebittance service itself uses bitcoin, both the sending and receiving end of the transaction merely touch cash. Since it is cheaper to send bitcoin around the globe....
Universal bitcoin company Satoshi Citadel Industries' Rebit.ph has partnered with California-based global transaction network and money transfer platform ZipZap to enable Filipino expat workers in Canada to send money back to the Philippines using the ZipZap payment application. Filipino workers spend around USD$2 billion in transaction and conversion fees when sending money back to their families. The remittance services and outlets such as Western Union and Lhuiller (Filipino Local Remittance Service) can be extremely expensive and inefficient, as it requires 5 percent to 12 percent of....
In an ongoing trend of Bitcoin companies withdrawing their services from New York in response to the BitLicense, two more businesses have exited the Empire State. The latest Bitcoin startups that refused to apply to the controversial regulation are Philippine centered remittance service Rebit and mining specialist Genesis Mining. Both Rebit's parent company Satoshi Citadel Industries and Genesis Mining announced their departure from New York through blog posts on their respective websites. The companies both cite the newly imposed BitLicense regulation in the state as the reason for their....