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Everex Announces Mobile Blockchain-based Microfinance Service

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Cryptocurrency enthusiasts will acknowledge blockchain technology is a major innovation. Even though the technology hasn’t fulfilled its potential yet, we are getting closer every day. Everex, a blockchain company developing Ethereum applications, has unveiled a mobile microfinance and fiat transfer platform based on this technology. This brings us one step closer toward global blockchain-enabled microcredit services.

A Big Step For Everex and Blockchain Technology

It is evident blockchain technology is of keen interest to the financial sector. Not only does the technology provide global scalability, but it also reduces costs associated with traditional financial services. Everex is looking to expand its position in the financial sector by using the blockchain. More specifically, the company has created a fiat transfer and microfinance platform. This entire project is powered by the blockchain, and is the first step toward achieving global microcredit and remittance systems.

Everex aims to connect the unbanked and underbanked population on Earth. Even in 2017, close to 2 billion people have limited or no access to financial services. That is completely unacceptable. Everex will allow these people to access affordable and instant micro-credit and global fiat transaction services. All they need is a mobile device to do so. This means the company targets a huge untapped market.

The mobile fiat transaction service is based on Everex’s Cryptocash service and the mobile Ethereum wallet. Most people will have heard of Cryptocash before. It is an ERC20 token pegged to fiat currencies. Users can store and trade this token in the Everex Wallet and third-party platforms. This new project means Cryptocash can be redeemed to fiat at ATMs, currency exchanges, and mobile service providers. All of this is being provided on a global scale.

An ICO To Raise Seed Capital

More importantly, this new service allows users to request micro-loans in any currency. This can also be done directly from their mobile phone. Credit scores will be generated on the fly based on social data, spending patterns, and user behavior. This gives the unbanked and underbanked population access to affordable credit.

Everex will also host an ICO later this year. The money raised will be used as seed capital to launch the micro-lending operation. Profits will be used to buy tokens back from the market over time. More details are expected to be released in the coming weeks.

Header image courtesy of Shutterstock

JP Buntinx
JP Buntinx
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

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