Can you send money across borders instantly at almost no cost? Robert Genito of Wall of Coins thinks peer-to-peer Bitcoin exchanges could revolutionize the cross-border remittance industry.
Cross-border remittances to friends and family account for a significant chunk of economic activity, especially among undocumented immigrants.
The undocumented living in the United States sent an estimated $26 billion in 2014 to Mexico alone, underscoring the high demand for a method of transferring wealth internationally with as little paperwork involved as possible. What is Wall of Coins
Wall of Coins , a service for the peer-to-peer private trading of Bitcoin, has the ability to provide an extremely cheap and simple form of remittances.
The functionality of Wall of Coins involves matching Bitcoin buyers and sellers securely and anonymously.
A seller signs up with their bank and account number (or even MoneyGram account), as well as an SMS-capable phone. The seller then sets a rate and sends Bitcoin into an escrow account.
A buyers can then deposit money into the seller’s bank account. Once the deposit is confirmed, the Bitcoin is released to the buyer. All this is done privately, with individual buyers and sellers never directly interacting or identified.
What this effectively means is anyone with a mobile phone and a bank/MoneyGram account can receive Bitcoin from anywhere in the world and have it show up as local currency in their account.Wall of Coins recently expanded support the United Kingdom and Mexico, the latter of which profits enormously from remittances. Cryptocurrency and remittances in Latin America CoinTelegraph spoke with Robert Genito, CEO of Genitrust and owner of Wall of Coins, about the potential for peer-to-peer Bitcoin trading to act as a revolutionary remittance method, as well as cryptocurrency’s usefulness in cross-border transactions CoinTelegraph: How big are remittances in Latin America? Robert Genito: Good question…I don’t know […]
