KakaoTalk Eyes Bitcoin As A Remittance Corridor Solution
Asian countries and companies are warming up to the concept of Bitcoin as of late. Various exchanges are quickly gaining market traction. Coinplug, Korbit, and Coincheck are just a few of the examples. If anyone needed more validation of Bitcoin being useful in the remittance sector, look no further. A new post on Quartz goes to show a lot of money is flowing through Bitcoin right now. KakaoTalk, a company with 93% market penetration in South Korea, invested in SCI not too long ago. Some people assumed this was an odd decision, but so far, things are working out quite well. When KakaoTalk....
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The South Korean chat application, KakaoTalk recently picked up a 40 percent stake in Satoshi Citadel Industries. What can we expect out of it? Bitcoin is known to be ideal for inexpensive remittance and micro transactions. This indispensable feature of digital currency will soon be implemented into KakaoTalk. KakaoTalk is a popular South Korean chat application. The platform has over 170 million registered users who may soon be able to make digital currency transactions. According to reports, the company invested heavily into Philippines based Satoshi Citadel Industries. As part of the....
Bitcoin and mobile messaging have emerged as tools in addressing the global remittance market to lower the cost of transferring funds across national borders. This past spring, KakaoTalk, based in Seoul, South Korea, a chat app, purchased a 40% stake in Satoshi Citadel Industries (SCI), a Manila, Philippines bitcoin startup as reported by Quartz. KakaoTalk joins Viber and WeChat in addressing the global remittance market, estimated at $500 billion annually. Transfers Are Complex. A cross-border money transfer requires the parties to agree on a transfer method, calculate exchange rates,....
The new cross-border remittance corridor will be hosted on the Stellar blockchain and serve around 600 million customers. Cross-border remittance currently stands as one of crypto’s best use cases that will thrust it into mainstream finance. Running parallel to this trend, a new partnership between Velo Labs and two financial institutions has now resulted in a $17-billion remittance corridor between Europe and Thailand. Using Velo Labs’ blockchain-based financial protocol, local financial institutions Tempo Payments and Bitazza will host the cross-border remittance service, connecting....
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....
This new venture by HomeSend will allow users to send money to any mobile number in Ethiopia. The company feels that by going digital, they can formalize all money transfers in and out of the country. Cash is the dominant form of transferring value in the remittance sector. Even though users can fund the transfer with bank transfers or credit cards, recipients will always get paid out in cash. Over in Ethiopia, the competition is heating up, as HomeSend plans to reduce cash usage for remittance services. Instead, they feel the mobile space may hold the solution to provide more security.....