According to the World Bank, the number of international remittances worldwide in 2016 was about $613.3B. Welcome REMIIT to drive blockchain into the remittance industry!
REMIIT before when operating as an MTO (Money Transfer Operator) under the name “BluepanNet” is experienced providing remittance services to China, Philippines etc. and has processed more than $80M in remittances within two years of its operation from 2016.
REMIIT is developing to solve the limitations of existing MTOs by creating a transparent blockchain based Remittance Platform. The incorporation of blockchain platform in the remittance sector will drastically lower down the operating costs of existing MTOs by using the trusted smart contracts.BluepanNet used cryptocurrency transfers for the overseas remittances, same as when a sender applies for remittance, the MTO converts the local currency to cryptocurrency and sends it to the partnering MTO in the receiving country. Then the partnering MTO liquidates the cryptocurrency into the local currency to pay out local currency to the receiver, hence completing the remittance process.
In the remittance business, the process of finding partners by MTO in various countries is a highly inefficient process. For large amounts of funds to be transferred, mutual trust is very essential and to achieve that trust, a lot of time and money is wasted.
REMIIT’s two-tiered token system REMI-REMD has been designed to control the external price fluctuations while facilitating the internal business operations. The REMIIT ecosystem as a whole facilitates stability of internal business operations. It aims to secure higher liquidity and expand the remittances through the internal REMD Decentralized Exchange (REX). Additionally, while facilitating the remittances for overseas business participants, the REMIIT platform is looking forward to building the payment infrastructure with its REMIIT Payment Gateway Protocol (RPGP). REMIIT will be able to assist payment providers and other participants in the overseas business remittance and payments industry & to expand globally by partnering and linking to the REMIIT Smart Contract (RSC) integrated with the RPGP Gateway.
REMIIT – TOKEN DETAILS
Token Type: ERC20
Payment Method: ETH
Total Supply 2,400,000,000
Goal: 20,000,000 USD
1 REMI = 0.01 USD (Initial price)
Know Your Client (KYC): Yes
Presale Date: Aug 03 to Oct 02, 2018
Tokensale Date: Jul 10 – Nov 11, 2018
REMIIT PLATFORM – Main goals:
- Resolve Trust Issues between Businesses for remittances/payments.
- Enhance End User Experience. “Customer Experience” that goes beyond “Usability”.
- Advanced UX on existing Blockchain DApps
- Integrating Blockchain to the current financial systems
- Stabilising the token’s price with a sophisticated Token Economy
- Infrastructure development for Linkers/Intermediaries
REMIIT Smart Contract (RSC)
RSC is REMIIT’s configurable Smart Contract for all the small/medium scaled Linkers (ex.MTOs, Fintech Institutions). Trust-Based Smart Contract will help them to expand globally making partnerships with Linkers overseas.
REMIIT Payment Gateway (RPG)
RSC is the interface of REMIIT’s protocol for payment providers. Any service provider can trust and capitalize on the REMIIT’s transparent blockchain remittance system as a payment processing means without going through banking institutions and intermediaries.
REMIIT Dual Token System: REMI & REMD
To avoid sudden high price fluctuations and ensure smoother overseas remittances. REMIIT has a two-tiered token system, namely REMI & REMD.
REMI – Issue REMD– Liquidity incentive– Market making incentive
REMD – Means of Transfer (RSC)– Ensuring stable REMD collateralized by REMI
REMIIT – Roadmap for 2019 :
Q1 2019: REMIIT Smart Contract (RSC) MVP REMIIT Wallet MVP
Q2 2019: REMIIT DEX
Q4 2019: REMIIT Linker Protocol (RLP) SDK
REMIIT Linker Applications
Partnership with Main Linkers
Q4 2019: RSC launch
REMIIT Wallet launch
REMIIT DEX for Main Linkers launch
REMIIT – Team
REMIIT has a highly skilled & experienced team of founders and successful business entrepreneurs for all of its departments. Most of the team members have worked in their previous MTO BluepanNet.
Stevie An: CEO (BluepanNet – Founder , 17.71 – CEO)
Logan Hong: CTO (BluepanNet – CTO, LoopyStory – CEO, NexonDD – CTO)
Ryan Moon: CXO (Neospring, Fintech – CIO, Opentrade Fintech – UX/UI Lead
Welivein – CEO)
Danny Kim: Global Remittance Manager (The Lowcal – CEO, All About Grad – COO)