Epiphyte wins fintech challenge - Banks using Bitcoin for their transfers

[telemaco]

http://bankinnovation.net/2014/10/epiphyte-matchmove-win-fintech-startup-challenge/

Epiphyte’s solution avoids traditional money movement avenues and instead converts currency to bitcoins, moves the coins, then cashes them out on the other end in the local tender. The bitcoins are moved for a fraction of the cost of traditional money transfers using exchanges like Coinbase and Bitpay, which take on the currency risk. The value proposition of the company is to bring international remittances back to the banks from the startups nibbling away at the market and provide lower-cost services.

Explaining it here https://www.youtube.com/watch?v=6KwD4m1ejw0#t=54

Can some economist talk about the impact this will have on bitcoin price? Will this hugely increase bitcoin volume? will velocity be 0 and bitcoin liquidity not so needed?

[1714077512]

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[Hunyadi]

http://bankinnovation.net/2014/10/epiphyte-matchmove-win-fintech-startup-challenge/

Epiphyte’s solution avoids traditional money movement avenues and instead converts currency to bitcoins, moves the coins, then cashes them out on the other end in the local tender. The bitcoins are moved for a fraction of the cost of traditional money transfers using exchanges like Coinbase and Bitpay, which take on the currency risk. The value proposition of the company is to bring international remittances back to the banks from the startups nibbling away at the market and provide lower-cost services.

Can some economist talk about the impact this will have on bitcoin price? Will this hugely increase bitcoin volume? will velocity be 0 and bitcoin liquidity not so needed?

i have been waiting for this kind of service. It could have a huge impact on volume.