OKLink, a Hong Kong-based global blockchain money network, is offering $100 million in free remittance trades to international remittance companies in order to promote remittance payments and accelerate the growth of new money transfer companies. Remittance payments — earnings which foreign workers send home 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, Co-creator 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 nearly half a century ago. Slow, costly, and favoring large transactions, these qualities are in contrast to the emerging payment needs of today’s ever-connected global economy. OKLink believes in a future where small-value cross-border transfers will be as simple, fast, and cheap as a text message.” OKLink has plans to subsidize all fees on the first $100 million of cross-border transfers for every partner company on their network. These initial partners include Coinsecure, Coins.ph, Rebit, MOIN Inc., Coinone, Coinplug, Coincheck, BitoEX and BitPesa. “India holds the largest share of remittances around the globe, with over $70 billion of inward remittance in 2015, at an average fee of 6 percent,” said Mohit Kalra, CEO of Coinsecure in India. “What Coinsecure and OKLink plan to do is going to be phenomenal.” “Our platform is built on the trust of the blockchain, using digital assets to settle among participants in an instant, secure, and transparent manner,” OKLink said in a statement released today. “It eliminates the need for pre-funding by settling every transaction in real-time using stable and native digital assetsRebit first pioneered using Bitcoin for remittances,” said John Bailon, CEO of Rebit. “We’re very excited to join the OKLink network, […]
