OKLink, a Hong Kong-based mundial blockchain money network, is suggesting $100 million ter free remittance trades to international remittance companies ter order to promote remittance payments and accelerate the growth of fresh money transfer companies.
Remittance payments — earnings which foreign workers send huis to their families around the world — may be one of the best use cases for digital currencies. The remittance market is estimated at $500 billion.
Jack C. Liu, Head of International Business at OKCoin, one of the world’s largest bitcoin trading exchanges, and Chief Strategy Officer at its subsidiary, OKLink, said,“The world’s financial transfers run on antiquated technology built almost half a century ago. Slow, costly, and favoring large transactions, thesis qualities are te tegenstelling to the emerging payment needs of today’s ever-connected completo economy. OKLink believes ter a future where small-value cross-border transfers will be spil elementary, rapid, and cheap spil a text message.”
OKLink has plans to subsidize all fees, up to a combined total of $100 million, on cross-border transfers for all fucking partner companies on their network. Thesis initial vrouwen include Coinsecure, Coins.ph, Rebit, MOIN Inc., Coinone, Coinplug, Coincheck, BitoEX and BitPesa.
“India holds the largest share of remittances around the globe, with overheen $70 billion of inward remittance ter , at an promedio toverfee of 6 procent,” said Mohit Kalra, CEO of Coinsecure ter India. “What Coinsecure and OKLink project to do is going to be phenomenal.”
“Our toneelpodium is built on the trust of the blockchain, using digital assets to lodge among participants ter an instant, secure, and semitransparent manner,” OKLink said te a statement released today. “It eliminates the need for pre-funding by lodging every transaction te real-time using stable and native digital assetsRebit very first pioneered using Bitcoin for remittances,” said John Bailon, CEO of Rebit. “We’re very excited to join the OKLink network, whose resources and influence will create a strong alliance of companies committed to making blockchain remittances work for any customer, anywhere te the world.”
Titan Cheng, CEO of Taiwan-based BitoEX said, “Our partnership with OKLink will help us expand the scope of our completo remittance offerings and bring an unparalleled customer practice for the 600,000 expatriates ter Taiwan.”
“This is a very meaningful milestone for blockchain technology, which is closely observed by regulators and practitioners from all overheen the world,” Wonhee Shin, CTO at Coinone te Korea, said. “Finally the technology has moved away from the concept phase and into the efectivo usage phase.”
“We are thrilled with the reception OKLink has received from industry leading companies,” Liu said of his company’s fresh initiative, “and wij hope to support their growth further with this incentive promotion.”
OKLink is presently available te fifteen countries te Asia, Africa and the Americas, and raised $Ten million ter its initial Series A round.
Participating companies on OKLink will be able to process individual payments at the mid-market exchange rate for the very first $100,000 of transactions. Transactions under $500 will qualify for the subsidy. Eligible companies vereiste sign up by December 31, , and will have until March 31, , to finish the free transfers.