Remiit (CEO ,Chan-soo Ahn), a blockchain-based decentralized remittance and transaction platform, announced today that it is working to develop a platform that makes remittances and transactions faster, safer and more affordable for borderless businesses.
According to the World Bank, the global remittance market generated about $601.3 billion (650 trillion won) in revenue in 2016 and is growing steadily by 2-4% a year. So far, international money transfers have low efficiency, incurring high fees and delay.
Remiit enables safer, faster and more affordable remittances for not only individual users but also businesses by providing the new Remiit platform that supports blockchain’s smart contracts to the participants who want to send money overseas. Through the Remiit platform, users can view transaction information transparently, communicate via an exclusive message channel, and enter into a contract in an optimized way. It also offers a tool for KYC (Know Your Customer) and AML (Anti Money Laundry) to streamline the cumbersome procedures of remittance transfers.
Furthermore, Remiit can serve as an indispensable foreign currency payment platform for borderless businesses. Through the Remiit platform, users of mobile commerce sites such as Amazon and eBay and other cloud and platform services can make a cross-border payment easily and transparently. The platform allows users to save time and fees that need to be paid to the brokers like banks, credit card companies, or foreign exchange providers.
To serve as a remittance and payment platform, Remiit issues REMD tokens that are traded in its own exchange (REX) and uses a compensation system that pays people who contribute to promoting the platform and REMI token which can be exchanged in external cryptocurrency exchanges. In the REX, REMD tokens can be exchanged for other cryptocurrency or legal tender.
“More business are operating across borders, but they still face a lot of problems because the remittance and payment systems which respond to many different currency systems of countries are from the pre-internet era,” said Chan-soo Ahn who is spearheading the development of the platform. “The Remitt platform will find the shortest route optimized for each individual remittance or transaction, and we are going to open the way to take advantage of transparency of blockchain and convenience of smart contracts in various businesses. Once Remiit becomes stabilized as a remittance and payment platform, more individuals and entities who want to break down the borders will join, so it will grow into a more evolved platform that can provide services transparently and affordably.”
Photo Credit: Remiit