Everex (EVX) Presents to Finwise Global Blockchain Summit
Everex had the distinct honor to present (transcript below) at the 2017 Finwise Global Blockchain Summit held in Shanghai, China from July 30–31. We wanted to get this piece out a bit earlier, but my travel schedule has interfered. I am now in San Francisco where I will be presenting again to potential investors, technologists and financiers in the Silicon Valley all weekend.
At Finwise, where talent from around the world gathered to discuss the future of payments in China, more than 70 industry experts, 200 investing companies, and 80 media outlets were on hand.
More than 50 FinTech and blockchain startups presented at the summit. On July 30th, Everex hosted a meet-up, where we discussed our plans, vision, and business model.
The Finwise Global Blockchain Conference served as a melting pot of new and innovative ideas, any of which could lead to the further transformation of the finance sector. Having contributed to these conversations, Everex is placed among industry leaders seeking to change the way business is done in the modern day, as well as the future.
The summit succeeded in portraying China as a world leader in global scientific and technological development, in particularly as it pertains to finance. The event also shed light on the ways in which Shanghai is emerging as an international financial center.
That the event placed blockchain so prominently on the global fintech stage is a testament to what we are achieving here at Everex. That is why we suspect there was so much interest in our microlending model, Cryptocash, as well as our native digital token, EVX.
During my talk, I focused on Everex — our vision for global financial inclusion, as well as our native digital token, EVX. Our Proof of Membership capital transfer and micro-lending system relies on EVX in order to assess the trustworthiness of members and, as well, serves key governance purposes, as well.
Alexi also took part in a panel at the summit, providing feedback to other startups in the industry. Other projects in attendance included ZenGold, OpenLedger, and many more respected cash-transfer and blockchain brands.
Perhaps the most valuable aspect of attending this summit for Everex was gaining insight into the fintech landscape in China, as well as gain an understanding of companies operating globally. Everex has also extended our reach further into China and other global markets at the event.
The EVX token sale has been underway for seven days. Total contributions now exceed $7.5 million in BTC and ETH.
Please enjoy the transcript of my talk below.
Alexi Lane, CEO & Founder of Everex:
The subject of this summit is money and blockchain. Here I have 200 RMB. The only questions is, can i put it on the blockchain? Can I? Yes. By buying bitcoin.
But will these 200 RMB’s then be on the blockchain? No. It will be satoshi. Can I buy something with satoshi? Can I send it to a friend? Yes. But, it’s still not mainstream. What if there were a technology or tool that could actually put 200 renminbi on the blockchain and make it ‘crypto-renminbi’? Or ‘crypto-dollar’ or ‘crypto-Thai Baht.’ That is what Everex is all about.
We specialize in four main areas. The first being microlending. Then, cross-border remittances, merchant payments peer-to-peer payments and FX. We developed smart contracts for each fiat currency and turned them into crypto-fiat that comfortably sits securely on our wallet so that users can top them up and use them for services. We have microlending, and you can transfer Cryptocash between each other, and trade the currency.
So, let’s talk about who we serve: migrant workers. According to the World Bank, remittances number officially 600 billion a year. Unofficially, there are informal agents and dealers. Our estimate is one trillion dollars per year, and this is only remittances. We find most of the people have no access to credit, because they have no financial record. There are all those cash transactions, and mostly it’s in cash economies.
In Myanmar it is less than ten percent of people who have access to bank accounts. In Vietnam, maybe twenty percent. It means that whatever cash transactions they do, there is no record, no credit history or anything like that. Everex wants to use a mobile wallet and have people transact between each other, sending money using blockchain, which is public. We use Ethereum — it is transparent and secure. And that would create a transaction record. And the more transaction records that are created, the better the credit score would be for this person.
Now tourists: the traveling industry is huge. We are based in Thailand, and 30% of the Thai Baht GDP comes from tourists. Even with a perfect FICO score in the US, when you land in a developing country, you become unbanked. You can stick plastic card into atm, spend 7–9 percent on ATM fees, and then carry cash, which can be insecure.
Why not do the opposite using our system? Buy currency in the crypto-form of the country you are traveling to with your local currency, and load your wallet. When you land in this destination, you already have money in your wallet.
So, what is Everex? How do we do business? Our primary profit center is lending. Like I mentioned, we collect the data, analyze the data, and use it for small amount, short-term loans to help people get by to their next paycheck.
Everex has been around quite awhile. We started in early 2015 with the idea of digitizing gold. Then it turns out we need to digitize the fiat money first. During that trial we built a few products — some of you may be familiar with Etherscan. It is designed as an ERC 20 token analyzer. Basically you can pull transactions, see balances of portfolios, and see most of the ERC 20 tokens issued. Our product, Chainy, is a document authentication tool which leaves a digital fingerprint on a blockchain. And the abovementioned Cryptocash, a smart contract blockchain and wallet. Everex Wallet will feed into Cryptocash. We have a few partners. My Ether Wallet, RSK. We integrate Chainy with them.
Who are we competing against? In general, there is lots of competition. Lot of remittances or microlending companies. We are different. We want to combine all of those services together. We don’t want to make money on the remittances. We want to bring users into system, so we can collect their data, then get them loans. Data is the most valuable thing in our system. There are companies that use bitcoin for business. It is a great business, and brings savings to people.
We decided not to use bitcoin. We decided to use crypto-fiat directly. In our case, it’s just a more efficient process.
One thing I also want to mention in conclusion: Cryptocash can be used in virtual payments. That’s the biggest advantage. We have tested it in merchant stores. There’s no application form or equipment. What they have to do and start accepting payments. We provide them with free transactions, and after that it is only one percent transaction fees versus 3.5 percent. Our settlement time is 30 seconds to one minute versus 2–3 days payment processors now have to wait.
Last year, we conducted the first pilot where more than 100 migrant workers in Thailand remitted money home to Myanmar using our wallet, and that is the case to continue renminbi and adding more services, and this is definitely working, and something we are going to expand.
Our team of professionals come from differents fields, including technologies, microlending finance, customer support, and more. Our advisory group advises from including remittance, blockchain and security.
You can watch the Everex pitch at FinWise Blockchain Summit, Shanghai July 31, 2017 below