Why DeFi could be about to make crypto remittances even cheaper

Published at: May 10, 2021

A crypto platform that aims to provide the best rates for overseas remittances has announced it is making big changes to its ecosystem.

Atom Solutions says that The Transfer Token (TTT), which is at the beating heart of its Eternal Wallet product, is going to be migrated to a DeFi token protocol.

The change is set to deliver greater levels of transparency and security — and the migration was triggered by feedback gathered by users following a beta test.

It’s also hoped that a concerted shift to DeFi will help prevent misconduct and data manipulation by malicious actors such as third-party attackers.

Shaking up remittances

One of the strongest use cases that has emerged for digital assets is linked to remittances — amid hopes that cryptocurrencies could make money transfers between countries much more affordable than it is now.

Data from the World Bank suggests that remittances currently attract fees of 6.5% on average globally, rates that considerably eat into the earnings of those who want to send funds home to their loved ones.

Atom Solutions says that Eternal Wallet is designed to tackle this by making transfers faster and more affordable — delivering fees of as little as $0.05. And, while old-fashioned remittance providers take anywhere from 24 hours to five days to complete a payment, this crypto-focused alternative can send funds in under three seconds.

To put this in another way, the platform says Eternal Wallet can users end up receiving 99.5% of their funds. By contrast, commercial banks only end up delivering 85% to 93%, rising to 85% to 98% among certain remittance specialists.

According to a whitepaper, TTT can be bought, held sold within the Eternal Wallet app — and users can also lend this asset to others. This ERC-20 token is also presented as an option for completing remittances.

DeFi’s potential

Once TTT’s migration is complete, Atom Solutions hopes to become a bigger force in the DeFi world — a sector that offers a diverse range of financial services including loans, insurance, derivatives and prediction markets. The platform strongly believes that decentralized finance delivers a swift yet secure method of making transactions — all while cutting costs and enhancing accessibility.

This is a view that’s widely held. Europe’s ING Bank recently suggested that DeFi has the potential to make a bigger impact on the global financial stage than Bitcoin. Meanwhile, the Federal Reserve Bank of St. Louis has declared that DeFi can lead to a “paradigm shift” in this multibillion-dollar industry if security concerns and risks are resolved.

Atom Solutions, which is a Japanese fintech company that has been trading for more than 10 years, sits at the cross-section of fiat and crypto — and has filed a number of patents relating to its distinctive lending and pool features.

The company isn’t just setting its sights on Japan, or Asia, but every country. In the not-too-distant future, the business plans to roll out its services to a greater number of territories, without compromising on user experience.

Learn more about Atom Solutions

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