Although there are quite a few reasons by bitcoin makes a lot of sense in the remittance sector, we have discussed why these solutions are not necessarily cheaper. That being said, quite a few bitcoin and blockchain startups are trying to make a name for themselves when it comes to transferring money around the world. Below are some of the companies worth keeping an eye on over the coming years.
This particular company is well worth keeping an eye on, only because they offer cash out services at over 100,000 locations around the world, Bitspark prides itself upon servicing the Asian regions, with a strong focus on Indonesia, Pakistan, Vietnam, and the Philippines. The Asian region is home to a large number of remittance transfers, thus more competition can only be beneficial to consumers.
The Bit2Me company has made quite a name for itself over the past few years, as they were the first business to let users convert bitcoin to cash at thousands of ATMs. The company provides an easy to use mobile application which would allow any bitcoin user to convert their BTC funds to cash in Spain. Moreover, users do not need to be a customer of any of the supported banks to receive cash in a friction less manner.
The Philippines are quite an important area for bitcoin and remittance, that much is evident. Rebit is a subsidiary of Satoshi Citadel Industries, a company well-known for their multiple bitcoin-based ventures. Moreover, Rebit provides access to financial services regardless of previous access to bank accounts or other traditional financial tools
Most cryptocurrency users will know what BitPesa has to offer in the first place. The company offers bitcoin-oriented mobile payments to various African countries. As of right now, the service is active in Nigeria, Tanzania, and Uganda, although future expansion is only a matter of time. That said, according to their website BitPesa covers over 85 countries around the world and has processed over 17,000 bitcoin transactions so far.
Coins.ph serves as a mobile blockchain-based platform. The primary market is Southeast Asia, where over 300 million users are looking for access to financial services and products. Coins.ph has a very simple business model: send money around the world and pay bills with bitcoin. Moreover, the Coins.ph services are available at various Southeast Asian 7-eleven stores, giving the company plenty of exposure.
One of the companies getting a lot of attention has recently been Abra, a project that had been in development for quite some time. The concept is simple: users can transfer money around the world with ease, with transactions taking place on the blockchain. Wallets can be funded with bitcoin, bank accounts, or cash. Conversion to cash can be done through local Abra Tellers, yet bitcoin or a bank transfer are other withdrawal options as well.
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