Everex (EVX) is one of the most interesting and recent blockchain projects which focused its attention on remittances and microfinance for Small and Medium Enterprises. The project officially started in 2016 and has been growing its footprint in the South East Asian region. As we can see from the altcoin news now, Everex brings blockchain powered money transfers and is built on the Ethereum blockchain.
The sizable initial coin offering (ICO) which Everex completed in 2017 was them issue the EVX utility token. But the question about whether EVX can really compete with some of the largest remittance blockchain projects always stayed there. Below, we are talking about this in detail.
What Is Everex (EVX)
As we said above, EVX is a blockchain project which began as an idea to bank the unbanked. Everex brings a lot of transparency and allows hundreds of Burmese migrant workers to transfer a total of 850,000 THB from Thailand back to Myanmar.
Ever since its initial pilot and the boom in the blockchain news, the project has expanded its mission and is now focused on small and medium sized businesses. However, Everex brings a lot of attention to providing services for individuals, too.
What Everex Brings To The Market?
This project functions on the Ethereum blockchain and works by creating various stablecoins pegged to the value of corresponding fiat currencies. This allows individuals and SME’s to easily and quickly transfer their money domestically as well as around the world.
“The platform can digitize any asset on the Ethereum blockchain to facilitate peer to peer global remittance, currency exchange, and capital markets,” according to the founder and CEO of Everex, Alexi Lane.
When it comes to the use cases for this coin, Everex brings a lot of novelties to the table. Their mission is to improve global remittances, which they say is currently subject to a number of issues such as long delays for receivers, high fees, and long queues at currency exchange sites.
Everex also has a mobile wallet available for Android and iOS – as well as a web-based exchange service available at Everex.cash. The team has made other ETH platforms and applications available for anyone to use.
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