Everex, a financial inclusion blockchain development company, has announced that it has successfully conducted a pilot test in which over 100 migrant workers transferred money instantly over blockchain to their homes in Myanmar in the past couple of months.
The company aims to provide financial access to the world’s huge “Bottom of the Pyramid” (BOP) population. It said that the test is just a small start, but has a major significance.
Everex wallet, a mobile and web based app that sends digitized national currencies using ethereum blockchain, has over 500 signed users, mainly in Thailand. According to the official release, more than 850,000 Thai baht (around $24,000 USD) were transferred using the Everex wallet.
Sending and currency conversion both happened in less than a minute and incurred no transaction fees. The company said that although the test recipients used Myanmar money-changers to switch from CryptoCash back to physical cash, no centralized entity performed the actual remittance, saving time and costs dramatically as the transmission process was automated with programmable smart contracts on Ethereum.
“Overall, the average transaction took less than a minute and recorded savings of over 7% in remittance cost and currency exchange rates. Everex essentially hands the power to send any amount of money fast and cheap around the world to individual users, wherever they live”, Everex said.
