The virtual currency company Everex announced that it will use Ethereum to provide practical services for those who cannot access a financial institution.
The Thailand-based firm will work with banks, exchanges, and money service businesses to reduce or eliminate fees from international money transfers. The relationship will expand financial services to those around the world, allowing better access to their funds.
“Everex has identified the following priorities to address using their technology:
•Direct global remittances between developing countries;
•A peer-to-peer (P2P) online payments for e-commerce;
•Decentralized P2P exchanges for local currencies;
•0.27% transaction fees and settlement within seconds.”
Everex chose to associate with the Ethereum blockchain due to its ability to administer transparent transactions. The permanent public ledger will provide a sense of trust for the customers.
To enable better control over cross-border transactions and faster settlements, Everex created “Cryptocash”. The concept will digitize local fiat currency on the Ethereum blockchain, allowing for quicker transfers. Each Cryptocash will represent a country’s fiat currency, e.g. US Dollar (USDEX) or Philippines peso (PHPEX).
The technology will not only help with remittances, but it will make payments, crowdfunding, trading, and lending simpler. An app is already available for the services. Although, customers in Thailand will only have access. Plans to expand globally are in the works.