Everex ICO Indicates High Growth Potential
Who are Everex?
Everex are a young and innovative technology company specializing in the world of microfinance. Their platform is powered by Ethereum and their goal is to make finance accessible to citizens the world over. Everex developed one of the first ever mobile Ethereum wallets.
The World with Everex
The key theme of Everex is financial inclusion. Access to microfinance is crucial for developing countries. The rates that seem quite high by Western standards are outright prohibitive for third world inhabitants. In the words of Everex:
“We’re adding 2 billion people to the world economy”
The Everex wallet enables users to transfer fiat currency anywhere in the world with no foreign exchange transactions fees. The implications of this are huge. What this means is that no longer will people have to pay $40 for the privilege of sending money across borders. There is no need to set up standing orders and wire transfers with banks. It can all be done a smartphone with as little hassle as possible.
The focus of Everex is bringing finance to the world. Everex technology enables the user to borrow money in any currency, to buy foreign currency and use it globally with no restrictions. This is done through a combination of the blockchain, mobile technology, and machine learning software. Everex have brought these three key elements together to allow anyone to enter into the global financial economy.
Everex is the first company to offer cross border micro credit services. All financial activity is available for public audit on the blockchain, so it is fully above ground and legitimate. The transaction costs are minimal. Everex is powered on Ethereum.
The Everex platform allows micro loans to be taken out where traditional lenders fail. On the basis of user information, Everex will actually calculate the risk, interest rates and personal credit scores of users. Essentially all banking facilities can be available on your device. This will also cut down on the rising levels of documentation needed from banks in line with recent AML policies.
Everex also provides all the standard features of a payment processor. Funds can be withdrawn from ATM’s worldwide. Vendors and service providers can all be paid via a mobile device.
Everex works differently from many of the other alternative finance services which are emerging. It does not operate on the basis of peer to peer loans but utilizes machine learning technology combined with AI to analyze risk levels. What makes Everex so reliable is that all transactions are backed with Ethereum based cryptocurrency. This $1 is publicly viewable on the blockchain ledger. This is hugely significant and marks a stark break from traditional banks, who can loan $100 for every $1 held on deposit.
Everex Use Cases
For those without a bank account (more than 2 billion people), Everex provides these people with access to finance that they can afford. Nearly a third of the world’s population could potentially benefit from using the Everex Technology.
Everex technology could also be beneficial for expats and tourists. Currency can be bought and sold anywhere in the world instead of having to obtain traveler’s checks with the ensuing conversion fees.
Migrant workers could easily send money to their families at home. Everex may also be of use to NGO’s who have to expend quite a lot of effort and money to simply transfer money to poorer organizations and individuals.
Everyone can use Everex. Money can be sent to and from family members of first world inhabitants too. Money can be withdrawn from ATMs and sent across the border at a fraction of the cost. It no longer makes sense to use traditional debit cards, particularly when going abroad.
In 2016, in perhaps one of the first case studies of its kind, Everex conducted a study which enabled hundreds of migrant workers to transfer money from Thailand to Myanmar. The total amount sent was 850000 Thai Baht. Everex works and has practical and definite applications in terms of helping third world citizens avoid banking costs.
The Everex Initial Coin Offering
The Everex ICO is taking place as this piece is written (24.7.2017) with nearly 26,000 Ether coin raised (roughly $6 million).
To say that this company has high growth potential may be an understatement. They are the first of their kind to grant financial market access to over 2 billion people. This number does not include the other 5 billion who could all benefit from the technology. They are brand new and have significant market upside. They have yet to go mainstream, but when they are brought to the public attention the growth potential is simply enormous.
It is more than safe to say that they will gain a large market share. And while others may develop similar technologies, the first development is usually the one that stays. Bitcoin is one of many examples to draw from.