Japanese FinTech firm Atom Solutions has released a remittance system which will address the volatility associated with the prices of cryptocurrencies.
As per Atom Solutions, presently the methods of making global remittances are far from perfect. The Japanese firm states that while traditional methods result in the incurment of high fees, on the other hand, a different set of issues arise when remittances are made in crypto.
The wild fluctuations in the prices of cryptocurrencies mean that the value of a remittance can collapse in a short span of time. To address this issue, Atom Solutions has created the Equivalent Value Overseas Remittance System or EVOR.
For example, Atom Solutions’ multi currency wallet will allow a person from Japan to send money to their relatives in the Philippines by purchasing the crypto through the Japanese national currency, Yen.
Subsequently, after the conversion, the crypto will be transferred to the wallet of the relative, but it will arrive in the currency of Philippines. It will help drive down the costs by eradicating the risks associated with foreign exchange.
The value of the remittance is preserved by ensuring that the transaction takes place at a fast speed. The Equivalent Value Overseas Remittance system also offers the lowest costs possible.
According to Atom Solutions, also in the offing are a package of financial services that extend beyond the remittance system. Their digital asset called the Eternal Coin will not only play a huge role in the remittance system, it will also be instrumental in the community as people will be able to lend the Eternal Coin in a peer-to-peer manner. Such loans will earn interest based on the fees paid by the borrower.
Atom Solutions believes that its unparalleled remittance concept, combined with an exchange system and a multi-currency wallet will facilitate the transformation of the industry.