Blockchain development firm Everex has announced that it is using Ethereum blockchain to provide workable financial services to those who have no access to banking or financial services.

According to reports by Chain Finance, Everex is aiming to create effective solutions, working along with banks, currency exchanges and money-service businesses in order to control overheads and compliance costs while making financial services more accessible to people in future.

Everex has implemented a concept of ‘Cryptocash’ which is a unit of existing local fiat currency that is digitized on Ethereum blockchain, in a move to ease cross-border transactions and fast settlements.

The company has identified priorities to address using the technology that includes P2P online payments for e-commerce, decentralized P2P exchanges for local currencies, direct global remittances between developing currency and 0.27% transaction fees and settlement within seconds, as reported by chain finance.

Everex’s technology allows banks and money service businesses to create new products to service its new customers. It provides users with lower global transaction costs, time delays and improves security of their funds. The company does not interact with any exchange between fiat and cryptocurrencies.

Everex is a distributed finance platform that puts traditional financial products and services on the blockchain. It digitizes currencies, equities, commodities and more into P2P transferable financial assets. Everex removes trade barriers and makes global financial markets more accessible, transparent, and cost effective.