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Everex is a financial technology company that provides blockchain-powered solutions for financial service institutions and their customers. Everex’s solution enables cross-border money transfers, direct payments and fiat/crypto currency exchanges over the blockchain. Here’s everything you need to know about the platform, from the founder Alexi Lane – CEO of Everex.
Q: How does Everex’s technology benefits users?
A: Everex works on a number of levels to provide banking and financial industry with digital solutions. Our blockchain-backed platform optimizes payments and transfers in different currencies, reducing transaction costs as well as settlement time. With Everex, our users no longer need to rely on legacy payment systems for cross-border trading, lending or remittance.This opens up a whole new world of business opportunities for individuals as well as corporations. Our platform not only reduces the number of intermediaries involved, it allows fast turnover of capital which, in turn, assists economic growth of SMEs.
Q: Could you tell us something about your Stable coin solution? How does it work?
A: Our Stable coin solution is actually the main component of Everex’s platform. Think of it as virtual representation of EUR (i.e. EUR Stable coin) or THB (i.e. THB Stable coin) in a digital way, sitting in a wallet that is online which can be used for payments and transfers by anyone, with or without a bank account. In fact, it is kind of like a network of fiat-backed currencies connected by the Everex’s payment platform which is backed by the blockchain. We offer money transfer for various currencies like Euro, Thai Baht at a competitive exchange rate.
The way it works is quite straightforward. The user deposits EUR on our platform, simultaneously converting it into the EUR stable coin (a digital representation of the EUR on a 1:1 basis which means that the EUR stable coin is fully backed by EUR in the accounts). Instantly, Everex credits an equivalent amount of THB Stable coin on the e-wallet, whose sole control lies on the user’s hands. They may then choose to withdraw in THB for instance, when required from a number of available options. The user’s money gets traded without actually crossing borders and that too at a minimal cost, via our fiat-collateralized stable coin.
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Q: What is the biggest challenge you’ve faced in your business and how did you overcome it?
A: I’m proud to say that Everex was one of the most successful ICOs of 2017, raising over $26 million. Once the ICO wrapped up on 31st August 2017, the major challenge we faced was creating our brand awareness on a global scale and locking in partnership with banks. With a functional product at hand and a successful pilot to back it up, we were allowing migrant Myanmar migrant workers residing in Thailand to send money back home. With a solid intent in mind, we wanted the world to know how we are impacting lives and wanted people to join, support and follow us throughout.
More importantly, the biggest challenge down the lane was developing our business and deciding to work with the right banking partners. Also, this challenge was somehow interconnected with an educational standpoint of the third parties involved. Blockchain technology is still a work in progress and there’s still a lot of work to be done in terms of empowerment and awareness.
Today, we have successfully started working towards making the vision come alive. We have finalized an exclusive agreement with Shew Bank of Myanmar and together we will meet every customers’ needs. We are also in very close discussion with a Bank in Thailand too. We embrace the challenges that lie ahead and are determined to educate, inform and build a long-term partnership with our partners and end users.
Q: What’s the vision that guides you?
A: Everex’s payments platform deploys a B2B2C model to customize financial solutions according to each and every customer’s needs with a specific focus on financial inclusion. Our vision is to enable various mobile wallets to offer multi-currency transactions for every customer, including both fiat currencies and cryptocurrencies on the blockchain technology. Our solution will empower both domestic and cross-border payments for individuals and SMEs, bringing economic growth to regions underserved by banks. We will determine our success based on the combination of three pillars: operations, regulations and technology and not on product development alone.
Q: What are the main areas of interest for Everex in the foreseeable future?
A: Our mission is to help accelerate financial inclusion globally and provide access to various banking solutions for the unbanked, underbanked individuals and SMEs worldwide.
We want to create a financial ecosystem in which most digital wallets are powered by Everex technology, providing blockchain-powered interoperability between thousands of global digital wallets that currently do not communicate with each other.
Our target customers will be global entities that deal with electronic money, payments and foreign trading or transfers. Everex’s white-label solutions are available for any individual or corporation looking for new business opportunities in the traditional and cryptocurrency spaces, while allowing our partners to retain their brands and their customer base. Everex will partner with businesses such as banks and e-money/e-payment companies in order to cater to their specific needs. Additionally, Everex will also partner with FX brokers for alternative currency pair quotes and hedging solutions and other third parties, such as payment providers or banks for cash-in and cash-out points.
Recommended: Q: Do you see blockchain technology as a global game changer and why?
A: Blockchain is without a doubt one of the major game changing technologies to have emerged over the last few decades. The technology cascades legacy systems, providing an opportunity to build a world that can go about flawlessly, digitally in the right sense. This decentralised and distributed technology turns the tide and hands power back to the common man, while catering to almost all of his needs, be it financial or environmental. I truly believe that blockchain technology is the next big revolution mankind needs to transform the financial industry for the best.
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