REMCO Remittance Money Transfer Token ICO Review
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Learn how the REMCO Token platform is set to disrupt the multi-billion dollar global remittance market. The platform enables any licensed money transmitter to mint programmable tokens that leverage distributed ledger technology at scale, while compensating every stakeholder in the transactional chain.
• Name/Token Symbol: REMCO
• Platform: ERC20 crowdsale with post ICO swap to private chain
• Industry: Money Transfer
• Price: $0.08
• Soft Cap: $6 million (Met. Project will go ahead)
• Hard Cap: $60 million
• Token Supply: 2B
• Start Private sale Date: September 15, 2018
• End Private sale Date: October 15, 2018
• Start Presale Date: November 01, 2018
• End Presale Date: November 30, 2018
• Start Public Sale Date: December 01, 2018
• End Public Sale Date: March 31, 2019
• KYC/AML: Yes
• Website Url: remittancetoken.io
• White Paper Url: remittancetoken.io/assets/REMCO_White_Paper.pdf
The Market Opportunity
According to the World Bank, the global remittance market was valued at over $466 Billion in 2017. Characterized by stable year-over-year growth, remittance is expected to shape the global money transfer market in the years ahead. Remittance is defined as money transferred by migrant workers who send funds back to their family - typically in developing markets. This market is significantly underserved, forcing the “unbanked” population of the world to pay inflated money transfer fees to support loved ones they rarely see. Although Bitcoin and other cryptocurrencies offer great promise to address this underserved market, blockchain technology is not yet mature enough to reach mass consumer adoption.
The REMCO Remittance Multichain Network
The REMCO solution brings to market distributed ledger technology that leverages an existing network of thousands of merchants and agents who serve millions of customers. The Initial customer base of REMCO included our subsidiary VTNGLOBAL, which aggregated multiple jurisdictional licenses and relationships. In an off-chain pilot in the USA, VTNGLOBAL piloted the REMCO ecosystem with overwhelmingly positive feedback. In some cases performance even exceeded existing technology solutions, especially for send-side stakeholders. Ultimately the team concluded the REMCO network offers an affordable and superior alternative, especially for transactions involving multiple recipients.
VTNGLOBAL, which has pioneered the underlying technology and obtained a money transfer license (MTL) in the US, has already processed over $700 million in transactions since 2016. The REMCO token initiative will support the company’s initiative to scale the network significantly focusing on remittance money transfer from the US initially and expanding to other western markets over 2019.
The Multichain Technology
The team quickly realized our first priority was to enable rapid transaction confirmation standards which money transmitters customers have come to expect. For this reason, we realized that multichain distributed ledger technology delivers the optimal blockchain solution to power the REMCO network and realize the team’s vision. In order to scale without compromising on low transaction fees, existing decentralized solutions that rely on proof of work (e.g. Bitcoin and Ethereum) cannot effectively compete in today’s market.
The team realized our network would require our own private blockchain to sustain the steady growth of the multi-billion dollar remittance market.
The REMCO token proposes a semi-centralized model to disrupt the money transfer market. The model empowers any authorized money transmitter to mint their own programmable tokens all powered by REMCO’s underlying technology. Tokens are transparent to end customers and acceptance is simple, enabling authorized remittance organizations to scale their businesses affordably, securely, and without hassle.
The Team & Future Outlook
REMCO’s leadership team has distilled over 15 years’ experience of finance and technology innovation. Since 2016, they have proven the scalability of the business model and established an extensive network of merchants and agents who serve millions of customers. Leveraging the blockchain’s promise to revolutionize and democratize money transfer, the REMCO token will continue to support the network’s growth with built-in incentivization for agents, merchants, and early adopters across the globe.