Philippines Bloom Finds Blockchain Remittance Partner in Remiit
The two companies also agreed to partner when it comes to marketing and market exploration.
The two companies also agreed to partner when it comes to marketing and market exploration.
A growing number of people from the United States are now showing a bigger interest in using cryptocurrency as a means of sending money.
A company wants to use blockchain to speed up remittance transactions from Australia to the Philippines.
SendFriend, a Ripple-powered xRapidย payments solution aims to cut costs and speed up remittances from the US to the Philippines.
Ken Research projected that from 2018-2022, the Ethereum blockchain will become a primary means to lessen the cost of remittances.
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.
Another major Philippine bank will use the power of the blockchain to disrupt and solve remittance cost and cut transaction time.
The usual remittance transaction takes a lot of time and money. This is where blockchain and cryptocurrencies can come in.
IEC plans facilitate fast remittances to the country by OFWs from Europe and the Middle East before expanding to other countries.
Many blockchain companies in Asia are focusing on remittance market. However, they face hurdles in the form of strong competition and legal status.