Everex.io is a blockchain-powered microfinance and remittance service based on the Ethereum blockchain. Read out Everex.io review to find out more.
What Is Everex?
Everex.io, not to be confused with the old laptop manufacturer founded in 1983 (also named Everex), is a blockchain startup that launched in 2016. The Singapore-based startup is focused on building a platform that performs cross-border transactions with real-time settlement and blockchain security.
Everex.io describes itself as a “financial inclusion blockchain remittance company.” The company’s services are targeted particularly to the 3.5 billion people around the world who are “under-banked” – they lack access to modern financial institutions, including bank accounts or credit.
Using the Ethereum blockchain, Everex.io creates “cryptocash” assets pegged to units of fiat currency and tethered to the peer-to-peer network. Using cryptocash, people like migrant workers and international aid organizations can efficiently (and cheaply) transfer money worldwide.
Overall, the Everex.io solution promises to put fiat currencies, equities, commodities, and non-financial assets on the Ethereum blockchain “to facilitate peer to peer global remittance, currency exchange, and capital markets”, explained Everex.io founder Alexi Lane in an interview.
How Does Everex Work?
Everex.io aims to improve the global remittance industry, which currently suffers from a range of problems. The global remittance industry has issues like long lines at currency exchanges, high fees, and lengthy delays. By accessing the Everex network, users can avoid all of these problems.
The global remittance industry is particularly useful to migrant workers around the world – including expats or anyone working overseas. These workers pay egregious fees while family members wait days for settlement. These are the types of people who can benefit most from a blockchain-based global remittance system.
International workers aren’t the only ones who benefit from a global remittance system. Foreign exchange brokers that handle trader deposits and withdrawals can also benefit. FX brokers can access a more efficient way of handling operations by utilizing the company’s blockchain platform.
Here’s how Everex.io plans to work:
The company is creating an environment where anyone can walk into a currency exchange, bank branch, or other authorized agent, then hand over cash in exchange for the equivalent amount in “cryptocash”
It’s similar to a traveler’s check – only the exchange agent will transfer cryptocash to the user’s wallet with the Everex transfer app, instead of handing the user a paper check.
For microfinancing, Everex doesn’t operate on the basis of P2P loans; instead, the company invests aggregated capital to provide microcredit services, accessible globally and instantly on mobile devices.
By offering microcredit through smartphones, Everex can lend at professional levels of risk management; the company also uses “state of the art AI and machine learning technologies” to calculate personal credit scores and determine risk and worthiness.
For remittance, Everex transactions are settled on the basis of 100% backed Ethereum-based cryptocash currencies; for every cyptocash dollar, one US dollar is held in a publicly viewable third party escrow; Cryptocash can be redeemed at will, which is why its value is pegged to its fiat currency counterpart; this allows for the fast transfer of fiat money worldwide.
The Everex.io ecosystem revolves around a global network of partners and vendors who accept Everex transaction’s as payment while functioning as “cash out” stations.
Through this system, the startup company hopes to “forever change the way the world does business.”
The Everex Wallet
The Everex wallet was launched in 2016. It was the first product offered by the company. The app is free and available for Android.
Everex has also created technologies built on the Ethereum blockchain that anyone can use. Those tools include the Ethereum custom token viewer Ethplorer.io as well as Chainy, which provides aeon links, proof of existence, and blockchain record storage.
The wallet initially launched to customers in Thailand, although global expansion was estimated to follow soon thereafter.
Here are some of the core features of the Everex.io platform:
- Quick Deposit: Users can top up funds, borrow money, or purchase any currency with the click of a button.
- International Mobile Payments: Pay vendors and service providers globally.
- Cash Out in Any Currency: Withdraw cash at ATMs, local currency exchanges, and retailers around the world.
- Transfer: Send money anywhere instantly, or withdraw to your bank account for the price of a local transaction.
- Digital Escrow: Send payments, secured with a one-time PIN code. The receiver can release the secured payment after the sender reveals the PIN.
Who Benefits From Everex?
Everex.io has built its platform to be useful to people all over the world. However, the platform is particularly useful to four groups of people, including:
The Un-Banked And Underbanked:
More than 2 billion individuals around the world don’t have a bank account. Some people can’t open a bank account because they have no form of identification. Others can’t access financial institutions in their local area, or lack the communications infrastructure to efficiently bank.
Everex wants to provide immediate access to microfinancing services and cheap, global remittance serves, which is particularly appealing to the unbanked and under-banked.
Migrant Workers And Their Families:
Everex promises to provide the fastest, cheapest, and easiest way for migrant workers to send money home and sustain their families.
Tourists And Expats:
Instead of obtaining traveler checks, or paying high exchange fees, visitors in foreign countries can buy and use any currency, anywhere in the world, through the use of Everex.io’s cryptocash.
Aid Organizations, NGOs, And Governments:
Everex can streamline relief and aid programs, allowing for the easy and publicly auditable distribution of funds to developing countries.
The Everex Token (EVX)
Everex will raise seed capital against its Everex token (EVX) during its upcoming ICO. The token is profit-backed. Everex will earn profit through payday loans and microfinancing services:
“Everex’s main profit center comprises payday loans and microfinance services, which, due to professional risk management and underwriting expertise, are estimated to generate a 50-250% ROI annually at extremely low default rates.”
In addition, any Everex profits not directly reinvested in growth and expansion will be used to buy tokens back from the market, which ensures the continued value of the company over time.
Everex is led by CO and Founder Alexi Lane, a fintech entrepreneur, investor, and executive with over 15 years of experience in capital markets, financial services, and payments.
Other key members of the team include Alexander Kakunov (CTO and Co-Founder), a system architect with three years of experience building blockchain apps, along with 15+ years of experience building enterprise-level software.
Everex is based in Singapore. You can contact the company by email at [email protected]
Everex made headlines in 2016 for conducting the first of its kind case study to prove the value of its Cryptocash system. Everex allowed hundreds of migrant workers to transfer an aggregate amount of 850,000 THB ($25,000 USD) from Myanmar back home to Thailand.
You can download the Everex wallet today for Android (an iOS version is scheduled to be released in the future). It’s also available through your web browser at Everex.cash (available on iOS, Mac, and PC).
To learn more about Everex, visit Everex.io today. If the company is successful, its global remittance system will absolutely change the state of international business.