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Remittances by DeFinance (DFIN): How De-centralised Finance can Help

A significant use for decentralised finance applications like De-Finance is its use as a send money to your loved ones all around the world. Cryptocurrencies act both as a digital money and also a method to send digital assets. Plus, they are easily accessible around the globe, requiring only a mobile phone and an internet connection.

Conventional Transfer Costs

The burgeoning financial transfers market has been ever expanding in the world. According to the World Bank, remittances total USD 689 billion in 2018. This is especially true in the Asian-Pacific (totalling USD 143 billion) and Indian Subcontinent (totalling USD 131 billion) regions, growing at a pace of 7% and 12% year-on-year, respectively. The demand is usually fulfilled by wire companies like Western Union (WU), M-Pesa or banks in the traditional financial system.

However, with an average remittance cost of around 6.57% (around USD 45 billion) of the total sum transferred, and the bulk of the costs incurred from small transactions, we need to look at decentralised finance to save money for the everyman.

Cheaper, Faster, Better

Remittance overseas is an expensive and difficult undertaking for many. The fees take a significant chunk out of your transfers, processing times can take weeks, the money can be intercepted or stolen by middleman, and there are international legal and tax issues that must be considered. A blockchain-based system, like De-Finance, would be a one-stop solution to all these problems.

By making use of blockchain tokens instead, you can digitally transfer over your digital assets to your intended recipients quickly. Transfers costs less than a dollar on the Ethereum network. Transfers also takes place within the day as it avoids the need to go through a middleman. The permeance of blockchain transactions also means easy extraction of data to furnish details to your tax agencies, limiting red tape issues.

De-Finance, a decentralized digital asset service platform that aims to build the bridge between digital asset and traditional assets. Protecting and managing people’s finances became more complex in the wake of the new digital revolution. By understanding the dynamics and complexities of the cryptocurrency sector, De-Finance aims to become the new revolution of digital asset service platform , connecting digital assets with traditional assets.

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