Everex (EVX)

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Everex.io describes itself as a “financial inclusion blockchain remittance company.” The company’s services are targeted particularly to the 3.5 billion people around the world who are “under-banked”

Joke Name

Everex = Currency Exchange

Basic Intro

Link to the main website

Link to price/market cap

Exchange Ticker (EVX)

Coin or Token

Circulating Supply (20 Million)

Total Supply (25 Million)

Market Cap Ranking

Review

Everex.io describes itself as a “financial inclusion blockchain remittance company.” The company’s services are targeted particularly to the 3.5 billion people around the world who are “under-banked” – they lack access to modern financial institutions, including bank accounts or credit.Using the Ethereum blockchain, Everex.io creates “cryptocash” assets pegged to units of fiat currency and tethered to the peer-to-peer network. Using cryptocash, people like migrant workers and international aid organizations can efficiently (and cheaply) transfer money worldwide.

Crowdsale:

Registered in Singapore, the project managed to raise nearly $25 000 000 during both the presale and the main sale.

Key Features

  • How it works
  • Functions

How it works

The company is creating an environment where anyone can stroll into a money exchange, bank office, or other authorized operator, at that point hand over trade out exchange for the equivalent amount in “cryptocash” It’s similar to an explorer’s check – only the exchange specialist will exchange cryptocash to the user’s wallet with the Everex exchange app, instead of handing the user a paper check.

For microfinancing, Everex doesn’t operate on the basis of P2P loans; instead, the company invests amassed capital to provide microcredit services, accessible globally and instantly on mobile devices.
By offering microcredit through smartphones, Everex can loan at professional levels of risk administration; the company also uses “state of the craftsmanship AI and machine learning technologies” to ascertain personal credit scores and determine risk and worthiness.

For remittance, Everex transactions are settled on the basis of 100% upheld Ethereum-based cryptocash currencies; for each cyptocash dollar, one US dollar is held in a publicly viewable third gathering escrow; Cryptocash can be recovered at will, which is the reason its esteem is pegged to its fiat cash counterpart; this allows for the quick exchange of fiat money worldwide.
The Everex.io ecosystem revolves around a global network of accomplices and vendors who acknowledge Everex transaction’s as payment while functioning as “money out” stations.

Functions

  • Quick Deposit: Users can top up funds, borrow money, or purchase any currency with the click of a button.
  • International Mobile Payments: Pay vendors and service providers globally.
  • Cash Out in Any Currency: Withdraw cash at ATMs, local currency exchanges, and retailers around the world.
  • Transfer: Send money anywhere instantly, or withdraw to your bank account for the price of a local transaction.
  • Digital Escrow: Send payments, secured with a one-time PIN code. The receiver can release the secured payment after the sender reveals the PIN.

Problems:

Everex is potentially in competition with OmiseGO as they are both focused on the unbanked in Southeast Asia. So far, the competition outclasses Everex, which hasn’t managed to “blow up” in the crypto sector, unlike OmiseGO, which is a top 20 project.

Conclusion

Everex presents a speculative and long term opportunity for investors seeking exposure to the retail fintech market. The roadmap of commercialization and market penetration will be challenging, with a substantial amount of capital needed to successfully develop, deploy and onboard potential users.

Pros

  • Possible long term growth
  • Quality exchanges

Cons

  • No direct backing (asset, profits, commodity)