The rapid growth in the peer to peer cash payments in last few years has made the life of common man so easy in the mobile and highly globalised world. Innovation in this space has seen tremendous growth and it will change even further. Recent research shows that peer to peer cash transfer is growing at more than 50% or even 100% in some developing country. It is not only removing the middle man but also making things so easier that you can do P2P transfer anytime anywhere. Though, it has seen growth in domestic transfers but stil it hasn’t been able to capture the huge market of currency remitance.
Opportunity in waiting
Worldwide, approx. 230 million people send around $500 billion in remittances each year. This remittance primary customer base is overseas workers, expats, small businesses, international students and foreign property owners. Not only this, global international tourism annual market is $1.2 trillion. Bringing these participants together directly will result in an efficient, cost-effective and transparent marketplace which is the need of time in this emerging technology era. So far only big banks and financial institutions are controlling the market and they charge very hefty amount from customer. Remittacne is a rate sensitive business. Consider the case of a expat person working in middle east, a middle class international student who is going for higher studies, a normal salaried class person going overseas for a short vacation and a small/medium busiess man trying to expand his operations overseas. They all currently pay a transaction fee of around 1–5% and have to go through typical process of transfering money. Xfermoney is solution to them to get things done easily at negligible cost in a transparent, safe, faster and secured way, anytime anywhere and at their convenience.
Xfermoney — An Initiative
Xfermoney is founded in May 2017 by a small group of likeminded individuals who have been fans of blockchain for years and carry vast experience in the forex and payments industry. Our goal is empower the retail and small players for easy remittance which is available at negligible or zero cost. We want to use the technology power to enable this service which would make things viable with minimal operation cost. We are here to democratize this space where every individual big or small has the negotiating power and get the best in service which is safe, secured, transparent and legally compliant.
XferMoney empowers its users to send money across countries in a quick, easier and secured way at almost zero cost. Platform is built with advanced technology stack integrated into blockchain ecosystem and comes with Interactive user Interface that makes money transfers a very easy process and gives its users more confidence with advance security controls in place through distributed ledger processing. Transactions are processed via automated order matching process that is performed through our state of the art algo engine which seamlessly connect various participants across countries on our platform.
How Xfermoney works
With XferMoney, anyone can send money overseas and it works in simple steps. A user(Sender) opens an account with XferMoney and deposits money in his/her account in local currency. He or she then places an order into the desired currency with designated account in foreign country, then XferMoney matches the order with other users having orders in opposite direction and processes the transaction. Receiver (Designated account by sender) receives the money through local transfer from XferMoney, same applies to opposite direction orders. Essentially, the money never leaves its borders and all fund are transferred locally via XferMoney. This way XferMoney platform makes it possible for the currency conversions to work at zero spread and brings it to the negligible cost in a very democratized process.
Xfermoney ICO Timeline
Xfermoney has come up with ICO for crowd sale to generate money for the initial setup and cost. Below are the timeline for crowd sale.
Pre-Sale from 17th Jan 2018–15th Feb 2018
Crowd sale from 17th Feb 2018–31st Mar 2018
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