Everex Helps Migrant Workers Send Remittance Back to Myanmar via Ethereum

Over 100 migrant workers have transferred money instantly over Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term to their families back in Myanmar over the last months as part of a successful pilot test for Everex. Offering an Ethereum-based mobile Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term service, the company aims to give financial access to the world’s huge 'Bottom of the Pyramid' (BOP) population.

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Overall, Everex reports that the average transaction took less than a minute and recorded savings of over 7% in remittance cost and currency exchange rates. Over 850,000 Thai baht (around $24,000 USD) were transferred using the Everex wallet, their mobile and web based app that sends digitized national currencies using Ethereum blockchain.

Test recipients used Myanmar money-changers to switch from cryptocurrency back to physical cash, but no centralized entity performed the actual remittance. This cut time and costs dramatically they say, since the transmission process was automated with programmable smart contracts on Ethereum

Between two and five million Myanmar citizens are estimated to be living and working in Thailand and send most of their money home via informal channels - trust-based cash system called hundi - similar to the hawala networks of the Islamic world. Everex designed their technology to replace this need as they say these systems have little transparency and often hide a mountain of extra charges in unfavorable FX rates and conversions, even if rates appear low on the surface.

With over 500 signed users, mainly in Thailand, the Everex wallet is capable of transferring any custom digital asset over the Ethereum blockchain.