Aniko, a blockchain-powered remittance platform announces its first ever successful transaction using its crypto-arbitrage engine. According to its official Twitter, the company was able to complete a fiat currency transfer from Dubai, UAE to Manila, Philippines.
Based in the Middle East, the company aims to support one of the largest source of remittances to Asia by developing its own blockchain-powered solution, Aniko crypto-arbitrage engine.
On July 24, 2018, it was able to successfully complete its first transaction using its platform. It is a fiat currency transfer from Dubai, UAE to Manila, Philippines. This marks the UAE – Philippines payment corridor being live.
Stated in its website, Aniko uses crypto-currency arbitrage engine that converts fiat from another country to another fiat from another country. This is done by buying and selling of multiple cryptocurrencies and also the reason for its competitive transaction fees.
In the Philippines, there are two Filipino startups who aim to ease the remittance cost: SCI’s Rebit and Bloom Solutions. With the later launching its own token and making its own platform to help local remittance agents deal with cryptos.
Globe’s GCash together with Mr. Jack Ma’s Alipay HK recently launched a cross-border remittance service between Hong Kong and the Philippines. Another SG-based token project, Investment Evolution Coin, also wants to provide OFWs in Europe and in the Middle East a fast and free payment to the country.