Blockchain
Pesabase Slashes Remittance Fees in Africa by 80% with a Groundbreaking Blockchain Remittance Solution
Pesabase’s newly unveiled blockchain remittance solution allows its beneficiaries to receive their converted native currency directly on their mobile devices – at a fraction of the cost.
Nairobi, Kenya–(Newsfile Corp. – September 1, 2022) – With its novel blockchain remittance solution and the newly released $PESA token, Pesabase is advancing into the blockchain industry. The founder and CEO of Pesabase, Phil Somh, an African native turned successful Australian Entrepreneur, has built diverse financial infrastructure with major Teleco companies and banks in Africa for the past 5 years with over $2 million of seed funding. Phil unveiled the novel blockchain solution at a press conference last Friday and announced it as the “first and only” remittance solution entering the innovation-starved markets in the African continent.
Pesabase Slashes Remittance Fees
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Every year African markets witness $51 billion of remittance sent and received and the users have been bound to 20-40% fees for decades. Pesabase aims to initiate a revolutionary step to banking the unbanked Africans who are still accustomed to using their SIM card as bank accounts.
Pesabase has achieved this technological leap by forging partnerships with large Teleco companies across the continent who act as de facto banks in lieu of a standardized banking system. Their innovative proprietary smart contract converts remittance from pUSD, (Pesabase stable coin) to local currency for the recipient. Pesabase also has forged deals with mini-banks across the continent to ensure that those who don’t use the Teleco system have points of contact to withdraw funds without hassle.
“Growing up in South Sudan and witnessing one of the worst famines in African history incited within me a deep passion for change in my homeland,” says founder and CEO Phil Somh at last Friday’s press conference in Sydney, Australia. “My first remittance sent to East Africa was $50. After sending the payment I was shocked to find I was charged a transaction fee of $21 to process this payment. Almost 50% of my remittance was lost to intermediary fees. Something had to be done to address this issue.”
Average remittance fees in Africa are currently 10-15%. Using Blockchain, Pesabase is slashing this to 1-3% on their platform. A massive cut of 80%, saving millions of Africans crucial funds for their goods and services. With such advancements, Pesabase has the long-term mission to forge financial freedom for millions of Africans who use the platform.
Pesabase has just recently launched the $PESA asset for public trading on exchanges as a way for both in and outside of Africa to get involved in the movement and invest in the lucrative technology underpinning Pesabase’s platform.
“For every remittance sent, the users receive $PESA tokens. These tokens can be traded on crypto platforms, and provide crucial holdings in a region where the average income is only $1.50 a day.” Phil and the Pesabase team believe that providing users with investment and stake in the platform, just for being users, provides education and financial inclusion in a much-needed sector.
About Pesabase
Pesabase is the easiest way to send money and make payments. The company strives to facilitate instant money transfers in Africa. Pesabase offers the best market rates and takes the issue of security seriously. It uses the latest encryption and blockchain technology to ensure their users’ funds security.
Further Details:
For more information, visit: https://pesatoken.io/
Website | Facebook | Twitter | LinkedIn
Media Contact:
Phil Somh,
Founder & CEO
Upperhill Nairobi, Lower Hill Duplex next to Old Mutal Tower, office no.52
[email protected]
+61491208116
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135560
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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