An Introduction to Everex
What is Everex?
Everex is a financial technology company that provides blockchain-powered solutions for financial service providers and their customers. Everex’s solution enables cross-border money transfers, direct payments, crypto/fiat currency exchanges and lending over the blockchain.
How does Everex’s technology benefits users?
- Optimization of payments for corporations and individuals via blockchain technology for transfers and payments in different currencies.
- New business opportunities, such as international remittances, national/cryptocurrency exchange, and trading and cross-border lending for individuals, non-financial and financial services companies without using legacy payment systems, such as SWIFT.
- Drastic reduction of transaction costs by reducing the number of financial intermediaries in cross-border transactions.
- Settlement time of less than one minute; immediate access to funds results in faster turnover of the capital for small/medium enterprises (SMEs), improving economic growth.
In what niches and markets does Everex operate?
Everex operates mainly within the financial inclusion market. Its solution accelerates access to financial services for underserved emerging market consumers (e.g. migrant workers sending money back home).
Everex’s e-fiat currencies are a network of fiat-backed currencies connected by the Everex’s payment network over the blockchain.
Everex serves clients on four continents: Asia (its hub), Europe, Australia and North America.
Everex’s current focus is launching international remittance businesses within the Greater Mekong Subregion (Thailand, Myanmar, Vietnam, Laos, Cambodia and South China) for both individual and SME payments.
Everex is also opening a payments corridor between Europe and Asia for both crypto- and non-crypto-based customers.
Everex’s technology also provides solutions for:
Foreign Exchange and Travel Money
Everex offers competitive exchange rates and fast money transfers on the euro (EUR), Thai baht (THB) and other currencies using blockchain technology. Everex’s EVX token simplifies these transactions and reduces fees on cross-border transfers.
Users looking to trade EUR for THB — a transaction that typically has a high fee and large bid/offer spread, leading to a less-than-ideal exchange rate — will benefit from Everex’s stable coin solution.
Instead of making a direct trade of EUR for THB, user first deposit EUR with Everex, converting it into e-fiat. Everex will then credit an equivalent amount of eEUR instantly on its blockchain-based e-wallet, which allows users to trade eEUR for eTHB, with several possible withdrawal options and cash-out points. While this appears to be an additional step, the money transfers instantly via Everex’s e-wallet at drastically lower currency-exchange costs.
The respective e-fiat currencies (eEUR, eTHB) act as a fiat-backed stable coin. The users’ actual money never crosses borders. eEUR and eTHB are instantly transferred within Everex’s wallets over the blockchain at a lower cost.
Seamless Fiat-Crypto-Fiat Transfers via the EVX Token
Everex’s solution benefits both institutional and individual traders and investors by enabling fiat and e-fiat deposit and withdrawal options to and from cryptocurrency exchanges.
EVX and Everex’s e-fiat currencies (eTHB, eEUR, etc.) act as a trading pair. Most exchanges use bitcoin as their main trading pair, allowing users to trade bitcoin’s value against other coins. But EVX and e-fiat currencies enable users to trade any coin against the value of the fiat currency and deposit or withdraw it. This is an additional user benefit, since most exchanges do not offer money deposit or withdrawal options.
How does Everex’s eFiat work?
Everex’s eFiat (or digital IOU) bears the ticker of any given national currency — for example, e-US dollar (eUSD), e-euro (eEUR) or e-renminbi (eCNY) — and maintains par value with its respective currency.
In other words, one eEUR is equal to, and fully redeemable for, one euro from Everex’s licensed European financial partners. Everex never touches the user’s money. Unlike Tether and other centralized stable coin, Everex segregates funds.
Everex’s digital token allows users to convert fiat currencies into and out of EVX as an option for deposits and withdrawals on the exchanges on which EVX is traded.
Everex partners with licensed financial entities that act as underwriters of eFiat. Each digitized currency is backed up by the value of the funds stored at either:
- Central banks
- Commercial banks
- Challenger banks (small, recently-created banks that compete with long-established banks)
- Digital banks
- Other e-money licensed financial institutions
- Global corporations
- Money transfer operators and currency-exchange businesses
- Retailers, manufacturers and telecommunications services firms
For example, each deposit of one euro into a financial partner’s bank account within the European Union creates an equivalent 1 eEUR on the blockchain with a respective smart contract. The eEUR is then instantly sent to the depositor’s Everex e-wallet.
Once the depositor’s Everex e-wallet is funded, payments may be sent to other global e-wallet users in the form of original currency (eEUR). Working with FX partners, Everex converts eEUR to the recipient’s fiat currency using a low-cost cash-out option. In this example, European customers may trade with, and directly pay, Asian partners for goods, services or assets, without relying on lengthy and expensive bank-transfer options.
What is the difference between Ripple and Everex?
Everex and Ripple are not competitors; in fact, they could be seen more as complementary.
Ripple focuses on business-to-business (B2B) technology deployment and its clients are mainly big banks, with whom Ripple works directly to facilitate large transactions. Ripple’s technology does not offer the stable coin feature and is not involved with the financial inclusion of the underbanked population.
Everex’s mission is to accelerate financial inclusion and provide access to unbanked/underbanked individuals and SMEs worldwide. As such, Everex is oriented towards a business-to-business-to-consumer (B2B2C) model. Everex deploys its solution on the public Ethereum blockchain, where customization according to each customer’s needs is possible to a great extent. Everex also offers a stable coin feature.
Who are Everex’s target customers?
Everex’s target customers are global entities that deal with electronic money, payments and FX trading or transfers that are looking for new business opportunities in the traditional and cryptocurrency spaces.
Using the B2B2C model, Everex’s products are available as a white-label solution, allowing its partners to retain their brands and their customer base.
The B2B2C model partners Everex and businesses, such as banks and e-money/e-payment companies, for whom Everex can customize blockchain solutions to their specific needs.
Everex also partners with FX brokers for currency pair quotes and hedging solutions and other third parties, such as agent or banks for cash-in and cash-out points.
What products does Everex offer?
As the backbone of Everex’s platform, Ethplorer is a widely-used Ethereum token viewer and block explorer, offering wide range of analytical and token performance monitoring features. Ethplorer is also the foundation of Everex’s e-wallet back-end infrastructure. With new updates like Top-50 and the Index with the price change and ETH transfer monitor, Ethplorer counts between 7 and 10 million visits per month.
eFiat Smart Contracts
Under regulatory guidance, Everex develops smart contracts in order to legitimately digitize fiat currencies on the blockchain to be recognized by any blockchain wallet. This enables users to operate and manage transactions for domestic and cross-border transfers, merchant payments and other financial services, both for crypto and traditional payments. Everex builds its solutions on the Ethereum blockchain using the ERC20 token technology for eFiat smart-contract development.
Everex’s e-wallet allows users to purchase, store, convert and transfer digitized currencies over blockchain. Payments are managed by financial institutions or corporates for easily-traceable transactions. The e-wallet is available to individuals and SMEs worldwide, enabling direct payments between crypto and fiat currencies with short settlement times.
An independent, open source, Ethereum-based document management and proof-of-existence smart contract (DAPP) offering immutable URL links and messages on the blockchain.
What is Everex’s long-term vision?
Our vision is to enable different mobile wallets to offer customers multi-currency and person-to-person (P2P) transactions that include both fiat and cryptocurrencies over blockchain technology.
Everex’s goal is 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 solution will empower both domestic and cross-border payments for individuals and SMEs, bringing economic growth to regions underserved by banks.
When are product development updates available?
Everex’s policy is to release technical updates after products have been fully deployed.
The latest product update is Everex’s Ethplorer 3.0: here
Everex successfully executed its first cross-border remittance pilot in 2016 and the e-wallet is now ready for a second phase of commercial testing, pending certain regulatory approvals.
Everex just finalized an exclusive business agreement with Shwe Bank in Myanmar. Shwe Bank is expanding its business and will start offering remittance services. As its technology partner, Everex will work closely with the bank to meets customers’ needs. Read more!
Our success is not based on technical product development alone, but on the combination of three major pillars: regulations, operations and technology. Everex’s financial solutions also depend on the joint ventures with each of its partners, as well as their approved operations and business models.
Digital-wallet integration will be customized for the countries in which Everex and its partners operate, as each one has different know-your-client regulations.
Everex takes validation and customer experience seriously in order to strengthen the digital wallet’s technical specifications according to end-user needs. Therefore, product development is not visible to our community given our business focus.
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