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Why DeFi could be about to make crypto remittances even cheaper

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A crypto platform that aims to provide the best rates for overseas remittances has announced it is making big changes to its ecosystem.

Atom Solutions says that The Transfer Token (TTT), which is at the beating heart of its Eternal Wallet product, is going to be migrated to a DeFi token protocol.

The change is set to deliver greater levels of transparency and security — and the migration was triggered by feedback gathered by users following a beta test.

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It’s also hoped that a concerted shift to DeFi will help prevent misconduct and data manipulation by malicious actors such as third-party attackers.

Shaking up remittances

One of the strongest use cases that has emerged for digital assets is linked to remittances — amid hopes that cryptocurrencies could make money transfers between countries much more affordable than it is now.

Data from the World Bank suggests that remittances currently attract fees of 6.5% on average globally, rates that considerably eat into the earnings of those who want to send funds home to their loved ones.

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Atom Solutions says that Eternal Wallet is designed to tackle this by making transfers faster and more affordable — delivering fees of as little as $0.05. And, while old-fashioned remittance providers take anywhere from 24 hours to five days to complete a payment, this crypto-focused alternative can send funds in under three seconds.

To put this in another way, the platform says Eternal Wallet can users end up receiving 99.5% of their funds. By contrast, commercial banks only end up delivering 85% to 93%, rising to 85% to 98% among certain remittance specialists.

According to a whitepaper, TTT can be bought, held sold within the Eternal Wallet app — and users can also lend this asset to others. This ERC-20 token is also presented as an option for completing remittances.

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A crypto platform that aims to provide the best rates for overseas remittances has announced it is making big changes to its ecosystem.

Atom Solutions says that The Transfer Token (TTT), which is at the beating heart of its Eternal Wallet product, is going to be migrated to a DeFi token protocol.

The change is set to deliver greater levels of transparency and security — and the migration was triggered by feedback gathered by users following a beta test.

Advertisement

It’s also hoped that a concerted shift to DeFi will help prevent misconduct and data manipulation by malicious actors such as third-party attackers.

Shaking up remittances

One of the strongest use cases that has emerged for digital assets is linked to remittances — amid hopes that cryptocurrencies could make money transfers between countries much more affordable than it is now.

Data from the World Bank suggests that remittances currently attract fees of 6.5% on average globally, rates that considerably eat into the earnings of those who want to send funds home to their loved ones.

Advertisement

Atom Solutions says that Eternal Wallet is designed to tackle this by making transfers faster and more affordable — delivering fees of as little as $0.05. And, while old-fashioned remittance providers take anywhere from 24 hours to five days to complete a payment, this crypto-focused alternative can send funds in under three seconds.

To put this in another way, the platform says Eternal Wallet can users end up receiving 99.5% of their funds. By contrast, commercial banks only end up delivering 85% to 93%, rising to 85% to 98% among certain remittance specialists.

According to a whitepaper, TTT can be bought, held sold within the Eternal Wallet app — and users can also lend this asset to others. This ERC-20 token is also presented as an option for completing remittances.

Advertisement

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