The United Nations estimates that one in nine people globally are currently supported via remittance money. That’s approximately 800 million people receiving cash transfers every month with a median transaction amount of $200.
Finding the best way to send money abroad can be tough. Despite the fact that we are in the era of digitization, most options are quite restricted. Due to sturdy guidelines and intermediaries, the use of banks to transfer money internationally can be quite expensive and time-consuming. This explains why more people are opting for remittance service providers like Cryptofully, Transferwise and Western Union.
When trying to understand which service provider works best for you, it’s very important that you consider the exchange rates, transaction fees, execution time and country availability. A fast-growing number of people are turning to crypto-based solutions like Cryptofully due to its potential to offer faster, comfortable and commission-free international money transfers.
Cryptofully is a cryptocurrency exchange and trading platform with a mission to make cryptocurrency much less difficult and available so that Nigerians can use it for everyday transactions such as remittances, bills, airtime or even commercial business purchases. Today, the startup released a beta version of the platform that is focused on remittance and gives an extraordinary experience when sending money to any Nigerian bank account from anywhere in the world. With the beta version of cryptofully, users can simply exchange bitcoin for naira and cash out immediately with their local (Nigerian) bank account.
- Enter the amount of money you want to send: Enter the amount of money you want to send (in Naira) and the bitcoin equivalent is calculated instantly.
- Enter recipient details: Enter the bank account details of the person you’re sending money to.
- Get wallet address: Cryptofully provides a unique bitcoin wallet address for your Nigerian bank account.
- Send money: Transfer bitcoin to the unique wallet address and the recipient will receive the naira value instantly. More details on this
While the journey to full adoption of cryptocurrency in everyday payment begins with remittance to naira, over the next few weeks, the startup intends to roll out more interesting features like the Cryptofully wallet, Payments links, P2P transfers, Lending and much more.
Follow them on Instagram & Twitter (@cryptofully) for new updates as they demystify the concepts of cryptocurrency and blockchain with their educational content; they intend to use training and community building as a way that ensures that new adopters of cryptocurrency discover an easy and reliable home with Cryptofully.