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....
An annual international remittance conference will hold a day dedicated to the blockchain and teach attendees about the technology that could potentially disrupt their industry. The International Money Transfer Conference (IMTC) will hold the Blockchain and Remittance Day during their event in Istanbul on May 25th. The one-day event will be part of a larger conference about remittances in the Middle East, Africa and Europe. Attendees range from executives of large remittance companies to industry analysts to founders of money transfer startups. The special blockchain event is meant to....