Remco Remittance Token: Blockchain Money Transfer System?

What Is Remco?

Remco is a tokenized money transfer platform that features unparalleled transfer speeds designed for licensed money transmitters. Remco is integrated with advanced technology to provide money transmitters, customers, and agents with a ledger solution that will solve all the transaction issues that participants may face. Previous research conducted by VTNGLOBAL indicated that when compared to traditional methods of sending money, Remco is ten times faster and affordable.

Remco will solve some of the major challenges facing the cross-border international money transfer business. The challenges include lack of consistent standards and regulations, significant variation in prices, and poor record keeping of the transactions.

How Remco Blockchain Money Transfer System Works

On the Remco platform, licensed money transmitters can mint programmable Tokens (Remco Tokens) that have the ability to transfer value and utilize the advantages of distributed ledger at speed and scale. Additionally, the tokens will provide compensation to all the participants in the transaction. The Remco tokens utilize a multichain and a distributed ledger to provide users with fast and low cost money transfers while reinventing agent processes.

The Remco blockchain will be responsible for minting programmable Remittance Tokens at the request of the money transmitters on the platform. The remittance partners will be allowed to program the tokens with various denominations and currencies. They will also distribute the minted tokens to senders online or through the agents found on the Remco network and the process will be repeated.

Once the sender receives the tokens, they can use them to transfer them to other recipients such as their bank accounts, mobile wallets, or transfer them for pickup at an agent. The funds represented by the token can be distributed among multiple recipients in a cost efficient manner. After the recipients receive the money, the remittance token can be customized to pay for various bills such as utilities, taxes, school fees, and rent among others.

To enable monitoring of the tokens, the Remittance Tokens are integrated with inbuilt monitoring mechanisms that track the number and value of the tokens sold and each transaction the token has been involved in. The mechanism can also track the card usage and the commission each agent should receive.

Remco Advantages

For Remittance Companies

The platform will provide remittance companies with the opportunity to mint tokens, define the characteristics of the tokens, and distribute the tokens to the users directly or to their agents. In addition, the token can be used to recharge bank or mobile wallets globally.

For Agents

Remco will reduce by up to 90% the time that senders spend while earning the agents token activation fees using less effort. The agents can also earn token usage fee commissions through the entire lifespan of the token.

For Consumers

Consumers can send multiple transactions affordably with the assurance that the transaction will go through therefore the consumers will not need to wait for agent or MTO confirmations since the money will go directly to the recipient.

REMCO Token ICO Details

Parameters Of The ICO

  • Token: REMCO
  • Token protocol: ERC20
  • Total token supply: 2,000,000,000
  • Token sale date: 01 November – 20 November 2018
  • Token price: 1 REMCO = 0.08 USD
  • Accepted currencies: ETH, BTC, BCH, VCASH
  • Soft Cap: 6000000 USD
  • Hard Cap: 60,000,000 USD
Publication date: 
11/16/2018 - 05:37

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