Blockchain
Pesabase Slashes Remittance Fees in Africa by 80% with a Blockchain Remittance Solution
Nairobi, Kenya–(Newsfile Corp. – September 13, 2022) – 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.
Pesabase with a Blockchain Remittance Solution
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8717/136546_c7ae2b21c4623bf8_001full.jpg
Pesabase and the newly released $PESA token’s founder and CEO Phil Somh, an African native turned successful Australian entrepreneur, has been building infrastructure with major Teleco companies and banks in Africa for 5+ years with 2 million dollars of seed funding. He unveiled a blockchain solution at a press conference last Friday that is set to disrupt one of the biggest innovation starved markets in the continent of Africa – remittance.
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 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 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/136546
The anticipated return of $9 billion worth of Bitcoin from the Mt. Gox era has the potential to stir anxiety within the cryptocurrency market. This significant influx of Bitcoin, which has been tied up since the collapse of the Mt. Gox exchange in 2014, raises questions about its potential impact on market dynamics and investor sentiment.
The return of these long-dormant Bitcoin holdings may lead to increased volatility and uncertainty in the cryptocurrency market. Market participants are likely to closely monitor the movement of these funds and assess their potential impact on Bitcoin prices and overall market stability.
Additionally, the large-scale return of Bitcoin from the Mt. Gox era may trigger concerns about potential selling pressure and its effect on market liquidity. Investors may anticipate fluctuations in Bitcoin prices as these funds are reintroduced into the market and traded.
Furthermore, the return of these Bitcoin holdings highlights the ongoing legal and regulatory challenges associated with the Mt. Gox saga. The resolution of this long-standing issue could have far-reaching implications for investor confidence and the perception of security within the cryptocurrency ecosystem.
Overall, the anticipated return of $9 billion worth of Bitcoin from the Mt. Gox era has the potential to evoke anxiety among market participants and prompt heightened scrutiny of market dynamics. As the cryptocurrency market braces for this significant development, it remains to be seen how it will navigate the potential challenges and opportunities presented by the return of these funds.
Source: blockchain.news
The post Anticipated Return of $9B Mt. Gox-era Bitcoin May Spur Market Anxiety appeared first on HIPTHER Alerts.
Blockchain
Binance Faces Lawsuit in Canada for Selling Crypto Derivative Products Without Registration
Binance is currently embroiled in a legal dispute in Canada over allegations of selling cryptocurrency derivative products without proper registration. This lawsuit underscores the regulatory challenges facing the cryptocurrency exchange in various jurisdictions.
The lawsuit accuses Binance of offering crypto derivative products to Canadian investors without obtaining the necessary registration from Canadian securities regulators. This legal action highlights the importance of compliance with regulatory requirements in the cryptocurrency industry, particularly concerning the sale of derivative products.
Binance’s legal woes in Canada reflect broader concerns about regulatory compliance and investor protection within the cryptocurrency sector. As authorities worldwide increase scrutiny of cryptocurrency exchanges and trading platforms, companies like Binance face mounting legal and regulatory challenges.
The outcome of this lawsuit could have significant implications for Binance and the broader cryptocurrency industry in Canada. Depending on the court’s ruling, it could lead to increased regulatory oversight and stricter enforcement measures for cryptocurrency exchanges operating in the country.
In response to the lawsuit, Binance has stated that it is committed to compliance with all applicable laws and regulations in the jurisdictions where it operates. However, the outcome of this legal dispute will likely shape the regulatory landscape for cryptocurrency exchanges in Canada and influence their future operations and compliance efforts.
Source: blockchain.news
The post Binance Faces Lawsuit in Canada for Selling Crypto Derivative Products Without Registration appeared first on HIPTHER Alerts.
The Cardano Foundation has announced the launch of Pragma, marking a significant milestone in open-source blockchain development. Pragma aims to revolutionize Cardano by enhancing its infrastructure through innovative open-source projects.
Pragma represents a new chapter in the evolution of Cardano, focusing on improving its underlying infrastructure and expanding its capabilities. The initiative underscores the Cardano Foundation’s commitment to fostering innovation and driving progress within the blockchain ecosystem.
By leveraging open-source projects, Pragma seeks to enhance Cardano’s functionality and scalability, paving the way for broader adoption and increased utility. These efforts are expected to unlock new opportunities for developers and users alike, further cementing Cardano’s position as a leading blockchain platform.
Pragma’s launch highlights the ongoing evolution of Cardano and its commitment to pushing the boundaries of blockchain technology. Through collaborative open-source development, Pragma aims to address key challenges and drive continuous improvement within the Cardano ecosystem.
The Cardano Foundation’s announcement of Pragma signals a significant step forward in its mission to build a decentralized and sustainable blockchain infrastructure. With Pragma, Cardano is poised to embark on a new era of innovation and growth, setting the stage for a future of unprecedented possibilities in blockchain development.
Source: cryptonews.com
The post Cardano Foundation Launches PRAGMA: A New Chapter in Open-Source Blockchain Development appeared first on HIPTHER Alerts.
-
Blockchain Press Releases7 days agoCanaan Shines at Blockchain Life 2024 in Dubai
-
Blockchain7 days agoQuantum eMotion Files a Patent for Quantum-based Blockchain Wallet Under the Patent Cooperation Treaty (PCT)
-
Blockchain6 days ago
Phoenix Group Engages BHM Capital as Liquidity Provider to Boost ADX Liquidity and Enhance Market Dynamics
-
Blockchain7 days ago
Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins
-
Blockchain6 days ago
Crypto fans count down to bitcoin’s ‘halving’
-
Blockchain6 days ago
Tether USDT stablecoin goes live on TON blockchain
-
Blockchain Press Releases6 days agoDWF Labs joins the Klaytn Governance Council
-
Blockchain7 days ago
Peer-to-Peer Lending Market Surges to US$ 1709.6 Billion by 2034, Driven by Growing Demand and Reduced Operating Costs | Future Market Insights, Inc.
