About xfermoney
It was founded in May 2017 by a small group of like-minded individuals who have been block chain fanatics for years.
The Xfermoney team has been working on sending remittances between pairs, a fiat conversion system and ready to make this idea a reality in 2018.
Xfermoney will replace the traditional form of money transfer by directly connecting participants and reducing the intermediary as well as the costs associated with them.
Our effort is to empower retail customers to exchange money globally at negligible cost. This should benefit all consumers who have been paying high commissions to existing banks, institutions or brokers to transfer funds abroad.
The Problem and Market Challenges
All foreign exchange transactions are conducted through third parties, such as banks, brokers, etc. and other intermediaries. This adds cost, time and complexity to the process.
Retail customers usually have to pay a very high price for the privilege of exchanging one. for another coin. By the time commissions, tariffs and massive spreads are factored in, a retail customer could easily be seeing a total spread of 5% or more between the purchase and sale price of a currency.
For example, if a U. S. resident is looking to buy €5,000 and his or her financial institution is quoting a price of $1.17 / $1.23 (based on a spot price of EUR 1 = $1.20), it would cost $6,150. This is 2.5% more than it would pay if the transaction were made at the cash rate of $1.20, in which case it would have paid $6,000 to buy its euros.
Retail customers and small and medium-sized enterprises (SMEs) have long faced significantly higher prices due to the power of established intermediaries (i. e. banks) and the absence of alternative currency exchange alternatives. However, they now have a sustainable and much cheaper alternative in the form of peer exchange networks (P2P) now.
In short, no one has democratized this space into reality and much remains to be done to make these money transfers painful and free for retail customers.
XferMoney is a secure and transparent peer-to-peer (P2P) foreign exchange platform based on the Ethereum block chain to enable instant and reliable international money transfers.
Objective
Enable retail customers to exchange money globally with any person, business or their own accounts in another country at negligible cost. This should benefit all consumers who have been paying high commissions to existing banks, institutions or brokers to transfer funds across borders. Our experience in the software development industry, block chain and foreign exchange market gives us the confidence to create a unique P2P solution to benefit end users and provide a better platform for foreign exchange worldwide. This document provides an overview of our approach.
The XferMoney Platform
XferMoney empowers its users to send money across countries in a quick, easier and secured way at almost zero cost. Platform is built with advanced technology stack integrated into blockchain ecosystem and comes with Interactive user Interface that makes money transfers a very easy process and gives its users more confidence with advance security controls in place through distributed ledger processing. Transactions are processed via automated order matching process that is performed through our state of the art algo engine which seamlessly connect various participants across countries on our platform.
XferMoney core functions and high-level architecture.
XferMoney platform is designed to disrupt and replace the traditional way of money transfers by connecting peers through the platform in different countries to exchange money directly and cut down the middleman, banks or brokers plus costs associated with them
MARKET OPPORTUNITY
With economy of $2 trillion that includes $600 Billions Remittances and $ 1.4 Trillions FX retail conversions by travellers, Xfermoney is going to replace the traditional way of money transfers by connecting participants directly and cut down the costs associated to the middleman.
UNBEATABLE EXCHANGE RATES
Both buyer and seller enjoy the current & same exchange rate which makes it best rate with zero spread.
FASTER
Realtime, Instant fund transfers
##CUSTOMER SUPPORT
Customer Support with live online chat facility to provide quicker response to all customer queries.
MARKET ADVANTAGE
First to bring P2P fiat remittance platform on blockchain gives Xfermoney the clear edge and it is set to become the leader in this space with its highly experienced team.
LOWEST TRANSACTION FEES
Minimum platform fee with zero spread on exchange rates brings transactions cost to the lowest.
##SAFE & SECURE
All transactions are executed over blockchain, making secure and brining full transparency to customers
24/7 AVAILABILITY
24/7 Platform availability, accessible around the globe.
How It Works
With XferMoney, anyone can send money overseas and it works in simple steps. A user(Sender) opens an account with XferMoney and deposits money in his/her account in local currency. He or she then places an order into the desired currency with designated account in foreign country, then XferMoney matches the order with other users having orders in opposite direction and processes the transaction. Receiver (Designated account by sender) receives the money through local transfer from XferMoney, same applies to opposite direction orders.
Multicurrency Debit Card
XferMoney will bring multicurrency debit card and all customers open account with XferMoney will get access to it. Customers with the debit card will be able to spend money overseas as a local currency what they hold in their XferMoney account.
Primarily, customers who doesn’t own a bank account overseas e.g. tourists, travelers will enjoy the benefits of our multicurrency debit card as they will be able to convert their money and spend it overseas without any charge.
For example: Customer in Australia opened account with XferMoney, have deposited amount in AUD and he then converted his AUD amount to EUR. He is now able to spend EUR amount with his XferMoney debit card in the countries accepting EUR as main currency without any charges.
Mission Statement
Our endeavor is to empower retail customers to exchange money globally at a negligible cost. This should benefit all the consumers who have been paying heavy fees to the existing banks, institutions or brokers to transfer funds overseas.
To achieve this, the company relies heavily on its core values:
Technology: Giving access to highly-advanced technologies that previously were only
available with large banks, institutions and brokers.
Transparency: Providing investors with 100% visibility into their XferMoney investments,
including all trades and transactions.
Security: Leveraging blockchain technology to record and protect all XferMoney transactions
that makes it transparent, secure, distributed and accessible by its users as transactions
execute.
Compliance: working under the ambit of local and international regulatory framework and
demonstrate trustworthiness of XferMoney. All XferMoney customers will have to go through the KYC process and adhere to their respective country regulations.
XFM Token
The XFM is an ERC 20 token built on top of Ethereum network and it is
used to power the XferMoney platform. XFM works as a mean to reward
or get rewarded for participation in the platform and each fund transfer
activity has an associated cost specified in XFM. As fund transfer
transactions are carried out on the platform, the platform will be rewarded
a fee from the participants involved in the transaction.
XFM Distribution Details
The total supply of XFM tokens that will ever be created is 250,000,000.
All XFM Tokens will be generated in a seed block and allocated as given
in the chart below. The information provided on token creation, process,
allocation and use of sale proceeds is the current plan, but is subject to
change in XferMoney’s discretion.
PRODUCT ROADMAP
Q3 – 2017
Idea Incubation, Market Research & Feasibility Analysis, Team formation
Q4 – 2017
Whitepaper Release, Platform Architecture & Design
Q1 2018
XFM Token Offerings, Brand Awareness, Exchange Listing, Platform Development, Team Expansion
Q2, Q3 – 2018
Platform Development, Obtain Regional Licenses & Approvals
Q4 2018
Alpha Release, Basket 1 Currency pairs
Q1 – 2019
Beta Launch, BASKET 1 and 2 Currency pairs
Q2,Q3 – 2019
Launch of Multi-currency Debit Card, Support for new currency pairs
Team
Sumit Kumar - Founder / CEO
Shivam Kumar - Technology Leader
Dipankar Mishra - Senior Business Advisor
Gaurav Jha - Technological Consultant
Chetas Sankhesara - Senior Software Programmer
Vipin Goyal - Project Resource Manager
#Links
https://xfermoney.io/
White Paper https://xfermoney.io/wp-content/uploads/2017/12/XferMoney_Whitepaper_1.0.pdf
Twitter https://twitter.com/XferMoney
Facebook https://www.facebook.com/Xfermoney-136308600385196
Medium https://medium.com/@xfermoney
Telegram https://t.me/xfermoney
Reddit https://www.reddit.com/user/xfermoney
ANN https://bitcointalk.org/index.php?topic=2667864
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