The inception of Blockchain in 2008 can evidently be considered as technological reformation in the financial industry. Cryptocurrency, distributed & transparent ledger, smart contracts, and an exponential ascend in a myriad of its applicability has bestowed immortality upon Blockchain technology.
Founded in 2016, Everex is a financial technology company that provides blockchain-powered solutions to financial institutions and their customers. Its solution enables cross-border money transfers, direct payments, price-stable coins through crypto/fiat currency exchanges and lending over the blockchain.
Everex ceaselessly innovates and transforms the current financial landscape in order to enable real-time transactions, at ultra-low cost. This also aids in bringing individuals and SMEs into the new global economy powered by a distributed ledger technology. Sending money abroad has now been made effortless by Everex’s blockchain-powered e-wallet, Everex.cash.
An All-Encompassing Technological Disruption
Everex conducts business within three niches, where not only other businesses can benefit from the strong blockchain technology fundamentals, but end customers too. These areas of functioning are as follows:
- Cross-border money transfers for underserved population (remittance services) by accelerating access to financial services for underserved emerging market consumers. For instance, the organization’s latest partnership with a bank in Myanmar will help migrant workers to seamlessly send money back home.
- Travel Money, Foreign Exchange and direct payments with instant currency conversion on the blockchain: With tourist industry market in trillions and growing every year, Everex offers significant savings on FX rates and payment processing fees by reducing double FX conversion and limiting settlement time to less than a minute. For example, European and Chinese tourists will benefit by exchanging their respective national currencies to Thai baht (eTHB) and pay directly to Thai merchants with Everex wallet.
- Seamless fiat-crypto-fiat transfers serve institutional / individual traders and investors by enabling both, fiat and e-money deposit and withdrawal options to and from cryptocurrency exchanges and OTC desks. Everex’s e-fiat currencies are a network of fiat-backed currencies which are actually connected by the Everex’s payment network over the blockchain. Currently, the company is opening a money transfers/payments corridor between Europe and Asia for both crypto- and non-crypto-based customers.
The company’s own token, EVX, simplifies these transactions and allows using it to pay for fees and other services.
Everex’s other very popular product includes Ethplorer (ethplorer.io) which has 6 million visitors every month and is quite a leading platform in Ethereum space. Ethplorer is a crypto analytics tool that enables crypto traders to gather access to the crypto market.
Visakha Thongphetsavong is a former Associate – Investment Banker from Credit Suisse. She quit banking and co-founded various FinTech startups before joining Alexi Lane, the Co-founder and CEO of Everex and his blockchain venture for which she is totally passionate about. She is currently the Chief Marketing and Business Development Officer at Everex, and is leading the organization’s global marketing activities and business development plan.
Visakha’s professional background as a former trader for Credit Suisse and crypto trading since 2013 made her a valuable executive member alongside her other colleagues, given her strong understanding of the crypto market and the utilization of the blockchain technology within the FinTech space. She is also one of the very few young women executive members within the blockchain industry having led a successful tokensale of $26mn.
Excellence, Step by Step
Everex was founded by s Lane and Aleksandr Kakunov. Its token sale followed a couple of years ago, raising $26 million, which gave the organization sufficient runways to develop its business channels.
“The lessons we learnt along the way were plenty but the most important one is that there has been a lack of knowledge and education about the blockchain and its advantages be it to the regulators or to the general public,” states Visakha.
“We are more and more confident that the technology will be soon understood and deployed by a wider range of institutions. Central banks have started to look into the technology deeper and regulators have started to understand the benefits of such a technology. We strongly believe that a global adoption will happen sooner than what we initially expected,” Visakha adds.
Beholding an Exponential Future
Everex was initiated with a vision to provide individuals and businesses an ideal and seamless solution to make real-time payments and cross-border money transfers costless, regardless of the availability of a bank account. The organization has just signed a banking partnership with a commercial bank in Myanmar, where it will make an impact on the global 2 billion under-banked population which has no or limited access to financial services.
Following this strategic partnership, Everex will further expand into new regions and continents that will widely benefit from its cost-effective solution, and explore the cross-border money transfer route, as the company believes, this is where it is making a big difference. Everex started with South-East Asian markets, which is a home to some of the fastest growing economies in the world. It is also headquartered in Singapore, with offices in Bangkok. The company also plans to expand its solutions globally to Europe and North America. “We would ideally like to be the go-to name for Blockchain-powered financial solution for individuals and SMEs across the globe and become the most admired FinTech powerhouse, making an impact to emerging countries’ economy,” Visakha expresses.
Source: The 10 Most Disruptive Blockchain Solution Providers, 2018