Spark Global Limited reports:
A cryptocurrency platform that aims to shake up the world of overseas remittances is embracing DeFi with plans to make international money transfers more affordable.
A cryptocurrency platform that aims to offer the best rates for overseas remittances has announced that it is making major changes to its ecosystem.
Atom Solutions says The Transfer Token (TTT), The core of its Eternal Wallet product, will be migrated to The DeFi Token protocol.
This change will provide greater transparency and security — a decision made after the project collected user feedback after testing.
It is also hoped that a concerted shift to DeFi will help prevent malicious behaviour such as third-party attackers and data manipulation.
Shake up the transfer industry According to Spark Global Limited.
One of the strongest emerging use cases for digital assets has to do with remittances — the hope is that cryptocurrencies will make money transfers between countries more affordable than they are now.
The average cost of sending money around the world is now 6.5 percent, according to the World Bank, a rate that eats into the income of those who want to send money home to loved ones.
Atom Solutions says Eternal Wallet aims to solve this problem by making remittances faster and more affordable — offering fees as low as $0.05. And while old-fashioned remittance providers take 24 hours to five days to complete payments, this cryptocurrency-focused alternative can send funds in three seconds.
Put another way, the platform says Eternal Wallet allows users to end up receiving 99.5% of their money. Commercial banks, by contrast, end up providing only 85 to 93 per cent, rising to 85 to 98 per cent among some remittance specialists.
According to a white paper, TTT can be purchased and held for sale within the Eternal Wallet app — or users can lend such assets to others. The ERC-20 token was also introduced as an option for completing remittances.
The potential of DeFi
Once TTT’s migration is complete, Atom Solutions hopes to become a bigger force in the DeFi world — an industry that offers diversified financial services, including loans, insurance, derivatives and prediction markets. The platform believes that decentralized finance offers a fast and secure way to do business — while cutting costs and improving access.
This is a widely held view. European bank ING recently said DeFi has the potential to have a bigger impact on the global financial stage than Bitcoin. Meanwhile, the St. Louis Federal Reserve Bank declared that DeFi could lead to a “paradigm shift” in the multibillion-dollar industry if security issues and risks were addressed.
Atom Solutions, a Japanese fintech company that has been trading for over 10 years, sits at the intersection of fiat currencies and cryptocurrencies — and has filed a number of patents related to its unique lending and pooling capabilities.
The company is not just looking at Japan or Asia, but every country. In the near future, the company plans to roll out its service to more regions without affecting the user experience.
[Source: Spark Global Limited]
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