Future of remittance: Blockchain?

Conflux Chain
Jun 16 · 3 min read
Source: VectorStock.com

In 2018, 200 million migrants sent approximately 689 billion US dollars to 800 million family members in their home countries. If you’ve ever transferred money overseas, studied or worked abroad — or dealt with anything money-related internationally — then you know what that entails: commission fees.

For many, local banks are still trusted as the most secure and familiar method of transferring money overseas. Their security doesn’t come cheap, though — it’s by far the most expensive method to remit money with an average cost of 8.6%, higher than the world average of 7.4%. Even with their weak exchange rate and delays from procedural necessities, banks are still trusted by people to carry out remits, namely due to their security and familiarity. However, this trend is changing.

Conflux Chain

Written by

The next generation scalable, secure, and extensible blockchain.