Singapore based blockchain startup Everex has raised a seed fund of $500,000 from Holley Group, the Chinese industrial conglomerate. The Singaporean startup also plans to add some more funding through its token sale which is live now. They have raised around ETH 29,180 so far and the goal is to raise up to ETH 70,000 with the current token sale. Everex has capped the token sale at US$15 million, having already raised US$3 million in a pre-sale earlier this month. The potential investors can buy EVX tokens in exchange for Bitcoin or Ethereum. The current exchange price is 1 Ethereum is equivalent to 250 EVX tokens.
Cross border Micro-Lending and Remittance
Founded in Jan 2015, Everex is a microfinance platform that is based on fiat pegged stable coin on Ethereum blockchain with a federated and decentralized network of cash custodians. Their services include currency exchange, merchant payments, remittances and cross-border micro-lending services to more than 2 billion of the underserved global population. With the help of their services, the unbanked customers around the globe will be able to build credit histories using smart data and blockchain technology.
Everex is a budding technology start-up in the blockchain sector with a unique business-model than can solve some of the current challenges in international microfinancing. They have developed an online payments suite based on Ethereum blockchain. Their payment suite offers various services like micro-lending, e-wallet for crypto currency and cash transfer services.
Serve the Unbanked Customers
The startup is targeting its potential customers of Asia who they have termed as “the unbanked and underbanked.” They have been doing trials of their software with Myanmar migrant works dwelling in Thailand. The start-up announced in a press release that more than 100 such migrant workers were able to transfer money to their families back in Myanmar using the Everex payments suite.
Apart from unbanked individuals and guest workers, Everex aims to help expats and tourists who wish to avoid the huge amount of fees paid to the banks for currency conversion. They also wish to help NGOs and government agencies who can use their blockchain services for distributing funds in easily auditable way. Everex aims to position itself as a blockchain application that can cater to the needs of 40% of the world population which is outside the banking system.
Targeting Asian Markets
Everex plans to launch its services in Russia, Myanmar and Thailand by end of this year and hopes to expand to other Asian countries by Q1 2018. Everex aims to capture a huge share of crypto currency market in Asia by competing with other rivals like Omise and 2C2P.