Blockchain start-up Everex looks into the way Ethereum can transform the remittance industry. The platform features its digitized version of national
Blockchain start-up Everex looks into the way Ethereum can transform the remittance industry. The platform features its digitized version of national currencies called CryptoCash that is powered by the Ethereum blockchain.
Everex stated that they are working with money-service-businesses (MSBs), currency exchanges and banks.
“We want to bring the benefits of blockchain technology to a regular people, who may never heard about bitcoin and may never use it due to complexity in operating, understanding, not mentioning the volatility.”, said Alexi Lane, Everex founder, in an interview with cryptocoinnews.com.
“By putting fiat currencies and traditional financial products on blockchain we make it simple for him to use it, save on transaction cost and fast settlements, along as have access to a financial products only sophisticated investors have at this time”, he added.
Everex develops and markets CryptoCash as a new form of national fiat currency. The idea is that CryptoCash is available for every person through independent network of exchangers, underwriters and issuers, stated Everex`s official website (Everex.one).
Just like paper cash or traveler checks, CryptoCash is recognizable across participated markets, elaborated Everex. The service may be used by community leaders, trade businesses, online merchants, money exchangers, remittance companies and private users.
When asked about the development process for Everex, Lane commented:
“We started with digitizing physical gold on bitcoin blockchain under Midas Rezerv (MRGold) name in Thailand back in 2015. Soon enough we understood that in order to successfully conduct business on blockchain both product and payments, must be on blockchain. Having just one part won’t make the business model scalable. Therefore, we put gold aside and switched to cryptofiat, with the idea to get back to gold, once it will be available for regular Joe to purchase and trade it with cryptocash.”