• Friday, March 29, 2024
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SureRemit moves to address token utility with mobile app

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In a bid to allay fears of its community over its initial coin offering success, SureRemit, a non-cash remittance platform, has unveiled the first version of its mobile application.

In a LinkedIn post signed by Olaluwa Samuel-Biyi a director of SureRemit – majority-owned by Nigerian-based fintech holding company, GreenHouse Capital, described its RMT token is the “grandest attempt to marry cryptocurrency with the real world.”

SureRemit’s ambition is to enable as least a third of the population of the world to be able to use its token to make purchases on a daily basis.

“We are not under the illusion that this will an easy experiment,” Samuel-Biyi noted, “There is good reason that a lot of structured companies are not accepting cryptocurrencies as payment (exclusively).”

The cryptocurrency world has recently experienced some severe downturns following increasing regulatory clampdowns across the world. The result has been that most digital currencies are trading below market expectations as investors dump them to protect capital. Many countries have also announced bans on initial coin offering projects and labelled most of them as fraud schemes.

Samuel-Biyi alludes to these fears in the market in his post and points out that ability to manage the SureRemit’s economics in the short term will be a test for the future viability of the project.

“However, if the industry is to survive and thrive a lot of players have to take the bold step,” he said.

To use the SureRemit app, users will require the RMT token. Once a user sign-up, a Stellar wallet is created for the account.

The wallet (public) address can be accessed on the ‘Wallet’ page, and users can move their RMT from external sources or exchanges to that wallet.

“The critical next step and the big picture is to ensure that ordinary people who do not already have the RMT or any other cryptocurrency can also use the app,” Samuel-Biyi noted.

The process will require that SureRemit creates a method for seamless acquisition of RMT using traditional debit/credit cards, via bank accounts or even via cash outlets globally. The company is still working on this process and assures that it is making good progress.

Simplicity for the company is when every users are able to acquire the RMT using the mobile app. The app has already been stripped of the complications users usually experienced with international money transfer services.

The mobile app will first be released to a few testers before it goes public.

Some of the features on the first version include Send Airtime and Send Digital Vouchers options. Testers can purchase airtime for their mobile phones and send real digital vouchers at a $20 maximum. The test closes at 500 to 1,000 transactions to enable the company implement two weeks.