Xfermoney XFM ICO: Peer To Peer Low Cost Money Transfer Platform?

    XferMoney is a peer-to-peer remittance platform built on the blockchain. Find out how it works today in our review.

    What Is XferMoney?

    XferMoney is a blockchain-based remittance platform that allows for instant, reliable, international money transfers at a lower cost. With XferMoney, users can send money internationally at unbeatable rates, exchange currency directly with real people, and say goodbye to conversion fees. The pre-sale for XFM tokens began in mid-January.

    How Does XferMoney Work?

    XferMoney makes a big deal out of the fact that it allows for instant, reliable, international money transfers at a lower cost. But don’t all cryptocurrencies offer similar benefits? What makes XFM different from other, better known digital currencies?

    The company doesn’t do a great job of explaining it. The whitepaper and website are filled with buzzwords like “our main goal is to empower retail customers to exchange money globally with any person, business, or their own accounts in another country at a negligible cost.”

    The whitepaper goes on to explain that their platform “will not only reduce the infrastructure cost but will also give us an edge to extend our platform to adapt with new set of emerging digital currencies.”

    What does any of this mean? I’m not sure. The whitepaper is filled with sentences like this. Some of the core listed functions of the XferMoney platform include:

    • KYC compliance
    • Order booking and deposit funding
    • Instant settlements and transfers
    • Order matching and execution
    • Links to banks
    • Realtime foreign transaction rates
    • Liquidity management
    • Multi-currency debit cards

    The whitepaper also mentions benefits like “cheaper, faster, 24/7 availability”, and other functions that are available on any digital currency.

    What about the multi-currency debit card? Basically, you buy a debit card from XferMoney, then place multiple currencies in your XferMoney account. If you’re a Canadian planning a trip to Europe, for example, then you can load your debit card with both CAD and EUR, then avoid foreign transaction fees.

    XferMoney Features

    XferMoney advertises all of the following features on its official website:

    • “Market Opportunity”: XferMoney “is going to replace the traditional way of money transfers by connecting participants directly and cut down the costs associated to the middlemen,” explains the official website.
    • “Market Advantage”: XferMoney’s fiat remittance platform on the blockchain will give XferMoney “the clear edge and is set to become the leader in this space with its highly experienced team.”
    • The Best Exchange Rates: XferMoney claims users will pay the lowest exchange rates in the world.
    • The Lowest Transaction Fees: XferMoney also claims its users will pay the lowest transaction fees.
    • Fast: XferMoney promises real-time, instant fund transfers.
    • Safe and Secure: All transactions are executed over the blockchain for enhanced safety and security.
    • 24/7 Platform: Like any cryptocurrency and most banks, XferMoney will offer 24/7 support worldwide.

    Ultimately, these are the features advertised on the official website. Again, it’s not totally clear what makes XferMoney different from traditional cryptocurrencies or remittance platforms, and the company doesn’t go into specific details regarding any features of the platform – like its low fees.

    The reason XferMoney doesn’t go into deep detail about its features and functions is because the platform isn’t even in development: the company roadmap has scheduled the beginning of development for Q2/Q3 2018, with a beta release arriving in early 2019. As far as we can tell, XferMoney has no product or service currently in place.

    About The Xfermoney XFM ICO

    XFM is an ERC20 token built on the Ethereum blockchain. There’s a total supply of 250 million XFM tokens.

    70% of the total supply is being sold during the token sale. 20% is for the team and founders. 5% is for the marketing campaign, and 5% is for advisors.

    Funds raised through the ICO will be used for “platform development” (35%), “operational and overhead expenses” (25%), “licenses and approvals” (15%), business development (15%), and reserves (10%).

    The token sale begins with a pre-sale from January 17 to February 10, 2018, followed by a general crowdsale from February 11 to March 31, 2018.

    During the token sale, the exchange rate is set at 1 ETH = 8000 XFM.

    The company has set a hard cap of $5 million for the token sale.

    Who’s Behind Xfermoney XFM?

    XferMoney’s founder and CEO is named Sumit Kumar. He’s described as a blockchain, foreign exchange, and payment platform expert who previously worked at Standard Chartered Bank and American Express. Kumar founded XferMoney in May 2017 in Hong Kong.

    Other listed members of the team include Shivam Kumar (Technology Lead).

    Xfermoney XFM ICO Conclusion

    XferMoney is an unusual project. There’s very little information about the platform available online or in the XferMoney whitepaper. Here’s how the official website explains the core functions of the platform:

    “All verified users on Xfermoney platform can send money overseas to others, to their own accounts or can spend money using Xfermoney debit card while travelling and it all works in very simple steps.”

    Obviously, any digital currency can be sent internationally with low fees. It’s unclear what types of advantages XferMoney has over other digital currencies or blockchain-based remittance solutions.

    It’s also important to note that XferMoney isn’t even going to start developing the project until Q2/Q3 2018 – weeks after the token sale is over. A beta release of the platform isn’t scheduled until Q1 2019. Typically, you’d like to see more before investing in a company.

    To learn more about XferMoney and how it works, visit online today at

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