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by Priyeshu Garg According to migration and remittances data from the World Bank, over $600 billion was transferred home by close to 250 million migrants worldwide in 2016. The main recipient locations were Sub-Saharan Africa ($39 billion), India ($69 billion), and Nigeria ($20 billion).

Through traditional remittance companies such as MoneyGram and Western Union, international money transfers are unjustifiably costly, setting senders back give or take $20 for each $200 sent on global remittance fees alone. With little to no alternatives, the senders had no choice but to pay the high transaction fees, until new startup companies entered the market and aimed to change everything about it using blockchain technology.

SureRemit entered the industry with the kind of mettle that was missing in the market. Incorporated in Mauritius and based in Nigeria, it has rolled out a crypto token with one very specific purpose; allowing immigrants a quick, safe and affordable way to send money to their families still based in their home countries.

Its remittance tokens became available for the first time in a pre-sale which will be active until the public ICO is opened in the second week of January 2018. Powered by blockchain technology and partnered with Stellar, SureRemit is not the first company to opt for a more suitable cryptocurrency than Ethereum.

Indeed, Ethereum is known to be experiencing scaling difficulty of late, coinciding with the release of the popular Cryptokitties application. Furthermore, Stellar is known to be quicker, more cost-effective and more reliable than Ethereum; which may remain the case until the latter’s developers roll out some much-needed technology upgrades. Read more from…

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