Blockchain technologies continues to revolutionize various industries and now it seems the $600bn global remittances landscape is already experiencing it. Various platforms are coming up with cheaper and faster money transfers using cryptocurrencies like Bitcoin, however, SureRemit is focusing on a particular segment: which is non-cash remittances.
What is SureRemit
SureRemit is a non-cash international remittance platform. What makes it real and interesting is that Sureremit is being built on the backbone of a real existing business with traction. Notably, the developers of Sureremit have already created a prepaid retail voucher infrastructure across Africa through Suregifts. Suregifts enables individuals to send vouchers as gifts which can be redeemed through local merchant networks. Using digital vouchers, it is possible for businesses to reward their customers, employees or clients whenever they are. SureGift’s focus has been on the Africa market but the team quickly realized that demand was also coming from abroad as individuals were looking for a secure, low cost and transparent way of sending vouchers instead of cash to families and fried back home. SureRemit is, therefore, leveraging the extensive merchant network that has already been developed across Africa and scale to other markets and truly revolutionizes the international noncash remittance market using blockchain technology.
High fees charged by money transmitters such as MoneyGram and the Western Union illustrate a huge pool of global capital. Statistics by World Bank show that almost 250 million global migrants transferred $601 million to their home countries in 2016 with more than half of it going to developing countries, Africa paying the highest fees. SureRemit launched a crypto token aimed at enabling immigrants globally transfer non-cash assets more conveniently. Basically, immigrants with Sureremit tokens anywhere in the world can use these tokens to buy vouchers that can then be redeemed for goods and services from local merchants where the intended beneficiaries are. Essentially, Sureremit reduces the transfer costs, eliminates the cash layer and provides the sender with some degree of control over their money and some visibility into how the money is spent. Notably, Sureremit reinforces one of the key objectives of the blockchain which is improving transparency and accountability. This is done by giving the immigrants a unique opportunity to track funds from their end to the receiver thus eliminating loopholes that could be exploited for fraudulent activity.
The over 250 million immigrants now have a more reliable of sending money back home. Notably, the monies sent by these immigrants from their different locations are used to meet basic needs for their families. These include shelter, food, clothing, settling bills and education. In order to have the money delivered to their families, the immigrants have to go review myriads of formal an informal money transfer channels. Despite the developments in various sectors, money transfer is far from being convenient. This is owing to the elaborate compliance procedures put in place to curb money laundering and other frauds related to money transfer. According to the director of remittances at Sureremit ‘“International remittance transactions can be frustrating, but it doesn’t have to be, at least for non-cash value transfers which constitute about 40% of all transfers.’
Guaranteed demand for RMT Tokens
Sureremit will use blockchain Stellar platform in issuing the RMT tokens. Apart from being sophisticated and secure, Stellar is reputable and has been used by many companies such as IBM and Deloitte. Sureremit being a global blockchain-based non-cash remittance service will allow investors to contribute to Sureremit and receive Real Money Trading tokens at a 40% bonus. The crypto product, which is non-redeemable for cash, is connected to a network of pre-approved merchants in Nigeria, Kenya, and Rwanda, and will be launched in India and the Middle East in the second quarter of 2018. Therefore, there is guaranteed demand for the token since over 200 companies already use Suregifts vouchers in different markets. When the SureRemit is launched, all transactions will be processed using RMT tokens and this will guarantee market demand for tokens from existing Suregifts sales channels and therefore creating instant value-add for RMT tokens. The token supply has a hard cap of 1 billion tokens and the sale is hard capped at $10 million. The crowdsale will commence on 10th Jan 2018 and run to 10th February 2018. The presale is underway and it is set to close on 5th of January 2018. Unsold tokens will be burned to avoid dilution of value.