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A case for a blockchain based approach to remittances in Mexico...
Mexico currently stands in fifth place in terms of countries receiving the most remittances in the world, with an inflow of US$24,231 million (4.2% of the global total).
A significant percentage of the income from remittances is lost in very high fees and commissions charged by remittance companies to migrants with low wages.
We will use blockchain technology to reduce the cost of sending money for migrants. So that money is invested locally in their communities triggering growth and development in Mexico and LATAM.
HOW? Replacing compensation chambers with digital asset exchanges such as isbit.co , for example.
The alternative process we propose for cross border payments is the following:
STEP 1: USD deposited in digital asset exchange in North America (coinbase.com)
STEP 2: USD used to buy BTC (BITCOIN)
STEP 3: BTC sent to digital asset exchange in mexico (isbit.co) . This costs less than a cent and the money is settled in 10 minutes.
STEP 4: BTC are sold at mexican digital asset exchange
STEP 5: MXN withdrawal is made using local wire transfer infrastructure or a cash out at our network of ispos.mx afiliated merchants is made.
Interested? Send me an email to
sebastian@isbit.co . We need investors that share our vision.
https://docs.google.com/presentation/d/1sFiQi3FaGjdFVL-_DmKdUL12SdJigSkmxpctGIDLy48/pub?start=false&loop=false&delayms=3000 https://docs.google.com/presentation/d/1BGF93GZXywCaorWEjtY0HHYUcv6PmKwoRGNUDEipZcI/pub?start=false&loop=false&delayms=3000 https://docs.google.com/presentation/d/1sFiQi3FaGjdFVL-_DmKdUL12SdJigSkmxpctGIDLy48/pub?start=false&loop=false&delayms=3000https://docs.google.com/presentation/d/1z382YA3tgN-z5QsXb_Ti-XSbrxQ3cDHEtoN-IHbByZ8/pub?start=false&loop=false&delayms=3000https://docs.google.com/presentation/d/187O28zWXp4HoNb2CO7Hgz4lhMKOQhnwZLqyGYO8q1-8/pub?start=false&loop=false&delayms=3000
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