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SureRemit taps bitcoin for non-cash transfers

SureRemit will use bitcoin in its global remittances. FILE PHOTO | NMG
SureRemit will use bitcoin in its global remittances. FILE PHOTO | NMG 

A global blockchain-based non-cash remittance service, SureRemit has launched bitcoin for international remittances.

The platform, which started its operation in Kenya in July 2015, yesterday announced a token sale event to allow investors to contribute to SureRemit and receive remittance tokens. The tokens generated are then used to access digital shopping vouchers, utility bill payments and mobile airtime services within the SureRemit app.

There are currently several platforms facilitating cheaper and faster transfer of money using cryptocurrencies but SureRemit is focusing on non-cash remittances, noting that the high fees that come with cash remittances.

“Cash transfers are heavily regulated in order to prevent money laundering, fraud and terrorist financing, so the systems and intermediaries involved are forced to create elaborate compliance processes that result in high fees and less-than-ideal transaction flows.

Furthermore, after sending money home, immigrants have no control or visibility over the use of funds,” the company said.

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