A Japanese fintech company has unveiled a system that addresses the price fluctuations observed when using cryptocurrencies for remittances.
Atom Solutions says that currently the options exist for foreign workers who make overseas remittances imperfectly. While the cost can be high when trying to handle transactions through a traditional bank, a completely different problem arises when using crypto. Due to the large fluctuations in the market – from Bitcoin and Ethereum to lesser-known Altcoins – the value of a transfer can drop drastically in a short time, which means that the converted Fiat for a transfer in crypto may be worth much less if it is on the another end is converted back to Fiat.
For this reason, the company has developed the Equivalent Value Overseas Remittance System, known as EVOR (EVOR). Atom Solutions believes that this product can eliminate decades of shortcomings in this high-end industry.
For example, suppose someone in Japan wants to send money to a loved one in the Philippines. The company's multi-currency wallet allows the person making the payment to buy Japanese yen cryptos before it is transferred to their relative's wallet in the Philippines. This is then done in the local currency, which helps reduce costs by reducing the risks associated with foreign exchange.
The speed at which this transaction expires is a key factor in preserving the value of a transfer. Another benefit of Atom Solutions is that EVOR offers "the lowest possible cost in the world" in terms of charges.
A range of financial services
Atom Solutions says it wants to offer a range of financial services that go beyond remittances, all with the aim of making crypto more practical for everyday use.
A new digital asset called Eternal Coin (XEC) has been created. Not only does the platform play an important role in the referral process, it also wants to enable its community to give XEC to other users on a peer-to-peer basis. They have the potential to earn interest on these loans by receiving part of the transaction fees paid by the borrower.
Overall, Atom Solutions says its concept of remittances has never been implemented in the world. She hopes that her products, coupled with her multi-currency wallet and official exchange system, will help change the industry for the better.
Remittances on the rise
Data from the World Bank, which include remittances to low and middle income countries, help paint a picture of why reform is needed. The independent group recently announced that the money transfers in 201
Remittances continue to grow in 2018, the World Bank said Money often serves as a crucial lifeline to recipients, and Atom Solutions hopes that their concept will allow them to raise more money without losing cash through exorbitant fees.
Atom Solutions is headquartered in Tokyo and the Equivalent Value Overseas Remittance System is scheduled to start in early March 2019. Users are now prompted to test the EVOR simulator before starting the official service.
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