The coronavirus pandemic has painted a different picture of our world when it comes to international money transfers, especially the kinds that come from employed migrant workers.
The World Bank reveals that global remittances have declined 20% over the year 2020, with a 19.7% drop in remittances to low and middle-income countries. Part of that involves changes in policy by host nations, and other aspects relate to changes in the migration habits of populations dealing with fear and uncertainty around the virus.
It’s unfortunate, because global remittances are a vital source of income for developing countries, and the trend also represents different kinds of economic decline linked to a lower volume of transactions in individual markets. Global remittances are important for families, too; they are a major way that breadwinners provide for others in their households, often calculating a “season” of foreign work and an eventual return home.
However, although global remittance volumes are down, there are some bright spots on the horizon. One of them is the revolutionary replacement of traditional technologies with new frictionless banking verification systems that can help make global remittances cheaper and easier overall.
CoinZoom and ZoomMe
The CoinZoom “ZoomMe” feature is a peer-to-peer fiat and crypto remittance system that allows users to send money in the form of fiat currency, or cryptocurrency, internationally without some of the trouble involved in prior transaction models. Some people have called ZoomMe a “Venmo for crypto,” which combines the frictionless technology of money platforms like PayPal, Venmo and Zelle with cryptocurrency-first philosophy and build that unlocks opportunity for a large population of unbanked or bank-averse citizens, or others who just want the security and convenience of cryptocurrency solutions.
Even in fairly recent times, those wanting to send money internationally had to use the outdated SWIFT protocol, or line up at Western Union to allow third-party stakeholders to manage these transactions. Now it’s as easy as utilizing resources like CoinZoom Visa cards to perform global remittances without traditional barriers. A series of five Visa card options, Select, Preferred, Gold, Platinum and Black cards, have their own ZoomMe global remittance limitations per day: for example, Select cardholders can send up to $500 per day, and other classes of cardholders can send more.
What’s Behind ZoomMe?
The CoinZoom platform is a new fully secure and regulated U.S. exchange that’s bringing confidence to traders, in a time when regulatory problems are spreading fear in the market.
It’s important to have accessibility to fiat and crypto assets, and excellent features for transactional flow. But compliance is also a core requirement for all stakeholders, from the leaders who take on the responsibility of “owning” platform functionality, to the rank and file investors who are putting their hard-earned capital to work.
With its Ethereum ERC20 utility token, trading ecosystem and global remittance engine, CoinZoom has the processes in place to bring it into full regulatory compliance with agencies around the world. The platform has qualified as an approved MSB (money services business) in all 50 U.S. states, showing that leaders have done the work in meeting standards set by government officials.
It’s an exciting time in crypto, and much of the best opportunity arrives on platforms that have made regulatory compliance the first priority. Take a look at all of the features and functionality, including global remittance potential and trading assistance, that are built into the CoinZoom virtual community platform, new ways of doing things that can open doors and pave the way to a brighter financial future.
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