Bitcoin remittance programs are sometimes considered the sips from the holy grail of decentralization. Many crypto-startups are trying to add this to their resume by providing cheaper and far efficient money sending platforms to those in need. The peer-to-peer live exchange Coinomat is now offering a program that handles operations like this in India.
“Coinomat team is happy to announce a new direction in its development — cryptocurrency remittance services.” — Coinomat
Coinomat is a service that allows instant trading and the purchasing of cryptocurrencies such as Bitcoin and a variety of Altcoins. The difference between the Coinomat process and other exchanges is that you can instantly transfer between various digital currencies without the hassles of registration. The crypto-deposits do not necessarily have to be pegged to Bitcoin as users are enabled to trade their virtual money promptly for any other token or national currency offered on the exchange. Coins included in the platform include Dash, Litecoin, NXT and others within their exchange. The company is a Bitcoin Foundation silver member and was created back in 2014. Coinomat also offers a crypto-debit card for €15.99 / $19.99 that can be loaded for a fixed fee and used for point of sale transactions.
With the team’s new feature, the application will allow people to send funds to India using their platform with ease. Coinomat says they are pleased to start this venture stating, “Coinomat team is happy to announce a new direction in its development — cryptocurrency remittance services.” The company will begin servicing India as its first attempt and if the idea is successful they will try to “launch in several other major remittance markets.” Recipients in India just simply go to their local transfer office with the provided codes and ID to accept the funds on their behalf. The website claims:
“If you regularly send money to India cryptocurrency is the cheapest way to do it.” — Coinomat
Remittance applications have appeared from the like of Rebittance and others who have tried to conquer this financial sector over the payment giants such as Western Union or Moneygram. The Bitcoin startup Abra who is looking to be featured on Apple’s App Store is also trying to surmount international money transfer. Notably Abra has also been invested in by well-known venture capitalists coming from India but the company will begin in the Philippines and U.S. borders.
With Coinomat users send cryptocurrencies to the program and the funds are available upon identification within the region. Transfer fees they say are “as low as 1.5% and there’s a minimum of USD $10” Users can also send tokens from Coinomat’s own asset series CoinoUSD, from BitShares and also BTCe coin. The services blog says they want to help bolster the “paradigm shift” within the cryptocurrency ecosystem. Coinomat explains, “Coinomat was started with the idea of providing instant Crypto to Crypto exchanges, which could reduce the overhead of jumping through the hoops of regular exchanges for users who just need to buy their crypto fast.” The business is now moving forward by trying to tackle remittances one region at a time.
What do you think of Coinomat’s new feature? Let us know in the comments below.
Images courtesy of Redmemes, IHB News, and the Coinomat domain