What is Everex Coin?
Everex Coin offers a blockchain-based microfinance and referral service based on the Ethereum blockchain. Founded in 2016, this start-up is focused on building a platform that performs cross-border, real-time settlement and blockchain security transactions.
The Everex team and their vision
Everex is led by CEO and founder Alexi Lane, a fintech entrepreneur, investor and manager with over 15 years of experience in capital markets, financial services and payments.
He founded Everex with Alexander Kakunov, a systems architect with three years' experience in building blockchain apps and more than 15 years of experience in enterprise-level software development. Other important members include Evgeni Mitkov (COO) and Visakha Thongphetsavong (CMO). The company is located in Singapore.
Everex describes itself as a “”Financial Inclusion Blockchain Remittance Company””. In particular, the company's services target the 3.5 billion people around the world who lack access to modern financial institutions and, therefore, cannot obtain a bank account or credit.
Overall, the company's solution promises to place fiat currencies, stocks, commodities and non-financial assets on the Ethereum blockchain “”to enable peer-to-peer remittance, foreign exchange and capital markets worldwide””, said founder Alexi Lane.
How the Everex platform works
The company creates an environment in which anyone can go to a currency exchange, bank branch or other authorized agency and hand over cash for the equivalent amount in “”Cryptocash””. The system is similar to a traveler's check. In this case, however, the Exchange Agent will use the Everex Transfer App to transfer the cryptocurrency to the user's wallet, instead of issuing a paper check.
For microfinance, Everex does not operate on the basis of peer-to-peer credit. Instead, the company invests aggregate capital to provide microcredit services that are available instantly worldwide on mobile devices.
By offering microcredits via smartphones, Everex can offer professional risk management. The company uses artificial intelligence and machine learning technologies to calculate personal credit scores and determine risk and worthiness.
For the settlement of the transactions, Everex Coin, based on Ethereum, is used. The token can be redeemed at will. This allows the fast transfer of paper money worldwide.
Everex Coin is profit-driven. The company generates profits through payday loans and microfinance services with an ROI between 50 percent and 250 percent. In addition, any Everex earnings that are not directly reinvested in growth and expansion will be used to repurchase Everex Coin, which will secure the value of the company over time.
Core features and benefits of the platform
The platform offers several benefits and core features that can enhance and facilitate banking and access to finance around the world. Key points include:
- Fast deposit: Users can charge a dollar amount, borrow money or buy any currency with one click.
- International mobile payments: Quickly and easily pay providers and service providers worldwide.
- Disbursement in any currency: Users can receive cash at ATMs, local wallets or retailers around the world.
- Global money transfer: Instant transfer worldwide, with the fees of a local transaction.
- Digital escrow: Secure payment with a unique PIN code for each transaction. The recipient can only release the secured payment after the sender has released the PIN. This is to prevent illegal debits.
Who benefits from Everex?
Everex offers everyone in the world the opportunity to use their platform. But for four specific groups, the system is particularly beneficial and useful.
The largest group, with more than 2 billion people, is people who do not have a bank account. Some cannot open a bank account because they have no form of identification. Others cannot access financial institutions in their local environment or lack the communication infrastructure to efficiently manage an account.
Everex aims to provide immediate access to microfinance services and cheap, worldwide remittance orders.
The second group is migrant workers and their families. Everex promises to offer migrant workers the quickest, cheapest and easiest way to send money home and take care of their families. The company made headlines in 2016 with the execution of its first case study to prove the value of its Cryptocash system.
Everex enabled hundreds of migrant workers to receive a total of 850,000 Thai baht, equivalent to $25,000, to transfer from Myanmar to Thailand.
Tourists and expats can also take advantage of the Everex platform. Instead of traveler’s checks or high exchange fees, they can buy and use any currency abroad through the use of Everex Coin anywhere in the world.
Finally, the system can also be of benefit to aid organizations, NGOs and governments. Everex can help organize the distribution of funds and resources around the world. It also offers the opportunity to easily and publicly track the distribution of funds in developing countries.
Everex Coin by the numbers
As of January 27, 2018, the company behind Everex Coin has a market capital of US $60,377,295. The daily trading volume is $3,123,140 USD. Out of a total of 25,000,000 Everex Coin currently available, 16,500,000 are in circulation.
In the token ranking of coinmarketcap.com, the cryptocurrency places 240th.
Everex Coin is an important link between fiat and cryptocurrency. The platform offers many benefits to billions of people around the world. With Everex Coin, problems such as fees and poor connections with the banking system in developing countries could be a thing of the past.