It cannot be denied that the remittance industry is currently worth billions dollars. However, many claim that there are plenty of flaws in this system of money transfer. To hopefully “fix” these problems, Bithumb and Bitpay have formed a powerful alliance which will facilitate remittances. With their proposed solution, it is expected that the remittance industry will reap great benefits with the help of blockchain technology.
According to reports, Sonny Singh, the chief commercial officer at Bitpay has dropped hints that suggest that the firm will process roughly $4 billion worth of bitcoin transactions this year. Singh also emphasized that the crypto payment facilitator’s primary goal for this year is to make bitcoin more accessible to the masses by assisting big retailers in incorporating digital currencies as a payment method.
In an interview with CNBC, he said that the bitcoin payment processing company’s partnership with the big time crypto exchange is in a bid to power the $200 billion remittance market by processing payments coming from South Korea to Western countries and vice versa.
A major benefit that can derived from this is that getting on the blockchain will make the remittance process more secure and quicker compared to its current state.
As for Bithumb and Bitpay, this partnership will be beneficial for both parties involved as they will both make approximately billions of dollars in transaction charges.