BMF-Blockchain Money ForwardBlockchain based International Money Transfers
One of the world's first Ethereum Blockchain based instantaneous international money transfer tokens!A $500+ Billion per year industry.
Pre and Private sales to be conducting from 1st August 2018.Join the whitelist here:
http://www.blockchain-mf.net/ or by emailing
hello@blockchain-mf.net BMF aims to normalise the blockchain for retail international money transfers (mainly overseas workers who send home money and potentially institutional users in the future), by allowing users to participate in instantaneous, very cheap and easy international money transfers over the Ethereum Blockchain.
More Affordable : BMF will reduce the cost from $12 for a $200 transfer to around $1-$4. Furthermore, BMF will use real exchange rates resulting in even more savings for international money transfers.
A Massive Industry: The annual global remittance industry (mainly migrant workers sending home money) make $500 Billion worth of international money transfers globally, and SMEs make around $5.6 Trillion worth of international money transfers per annum.
To be Listed on Stock Exchanges: BMF will seek listing on the London, EuroNext, Gibraltar and/or New York stock exchanges which increase the prestige of BMF and also allow off-chain liquidity and exposure for BMF.
Banking the "Unbanked": BMF's seondary aim is to bank the "unbanked". Around 2 Billion people globally do not or cannot open a bank account. The "unbanked" will open a blockchain-based bank account. Allowing people to have bank accounts has shown that they save more and their money is safer than being kept at home. They will also have easier access to microloans.
$ 500 Billion - The size of the global annual remittance industry - mainly migrant workers sending money home.
$ 5.6 Trillion - The value of international money transfers globally that Small to Medium Sized Enterprises (SMEs) make every year.
The ProblemAt least a minimum of four banks and two transactions are required for any typical international money transfer. Furthermore, your bank (or the bank's agent) must have a correspondant bank relationship in the receiving country for the transfer to take place. The main problem for users is that making international transfers are very expensive, especially for a low paid labourer sending home money at expensive fees.
The SolutionInternational money transfers will be conducted by the BMF token system on the Ethereum Blockchain which will reduce the intermediaries from 4 to 1. The transaction will also be instantaneous instead of several days that the banks and MTOs take or half a day to two days via Transferwise. Removing the various intermediaries the fees will be miniscule (Transferwise still uses banks and data processors in the particular country) - BMF will reduce the cost from $12 for a $200 transfer to around $1-$4. The exchange rate will be the actual rate at the moment the transfer is made which will provide even more savings for senders and receivers. The banks have large differences between the real exchange rate and the rate they exchange money transfers in order to make profits from the exchange rate and due to the long time it takes for the transfer to be processed. Money senders and receivers will save a lot on fees and from the bank exchange rates. These savings will amount to a large amount of money for migrant workers who send home a few hundred dollars per month and for SMEs who would have numerous regular transactions.
The BMF token will be listed on ERF-20 compatible exchanges which will be traded in the open market.
Use-Cases We intentionally have only two use-cases in order to have a clear-cut focus in our project development. "Smart-contracts" will allow us to do both use-cases automatically.
International Money Transfers
Money senders will be able to go to a BMF-Outlet (similar to other MTOs) with their fiat cash and conduct an international money transfer via the BMF token over the Ethereum Blockchain. The receiver will go to a BMF-Outlet in the receiving country and receive the equivalent fiat cash. This will happen instananeously as there is only one intermediary throughout the whole transfer - the BMF token.
Alternatively, senders can have previously exchanged their fiat cash into the pegged BMF token (e.g. BMF-USD) and can send money via a PC or samartphone. The receiver can either keep the money in their pegged BMF token, transfer in a cryptocurrency online third-party exchange or can go to a BMF-Outlet and receive fiat cash in the equivalent amount and currency.
Banking the "Unbanked"The BMF token will allow people who have no access to or cannot have bank accounts (2 Billion people globally) will be able to open an account through BMF over the Ethereum blockchain. As internet, laptop or smartphone may not be accessible for most of the "unbanked", accounts can be opened by visiting the BMF-Outlet or by BMF visiting them. People who do have access to the internet can open accounts through their smartphone or laptop.
Main Take AwaysMore affordable: BMF will reduce the cost from $12 for a $200 transfer to around $1-$4. Furthermore, BMF will use real exchange rates resulting in even more savings for international money transfers.
The BMF will be revolutionary: One of the most important features of the BMF is that token holders will have a very strong say via an interface on how BMF is run and their preference/vote will all be recorded in the blockchain. Ultimately, BMF will implement an on-chain Decentralised Board of Directors DAO mainly made up of participants, as well as industry experts, governing the running of the blockchain.
Stock exchange listings: BMF will seek listing on the London, EuroNext, Gibraltar and/or New York stock exchanges which increase the prestige of BMF and also allow off-chain liquidity and exposure for BMF.
Massive Industry: The annual global remittance industry (mainly migrant workers) make $500 Billion worth of international money transfers globally, and SMEs make around $5.6 Trillion worth of international money transfers per annum.
Banking the "unbanked": BMF's seondary aim is to bank the "unbanked". Around 2 Billion people globally do not or cannot open a bank account. The "unbanked" will open a blockchain-based bank account. Allowing people to have bank accounts has shown that they save more and their money is safer than being kept at home. They will also have easier access to microloans. This will also provide an additional income stream for BMF.
Please see website and/or whitepaper for Road Map, Post-ICO Project Plan, Team Members, and other information.
BMF Website:
http://www.blockchain-mf.net/ 
