Sureremit raises $7 million via ICO to roll out digital voucher system
WITH Nigeria as an emerging market in Blockchain technology and Cryptocurrency adoption; Sureremit, a non-cash remittance platform majorityowned by Nigeria based fintech holding company, Greenhouse Capital, has raised $7 million on the initial coin offering (‘ICO’) market.
Several prominent cryptocurrency investors including Hashed, South Korea’s largest cryptocurrency fund participated in the round. Hashed has previously backed several notable blockchain and blockchainenabled projects including Airswap, Ethereum, and Simple Token. The fund’s decision to join in Sureremit’s pre-sale ICO signals growing interest in the potential for cryptocurrency to further alleviate remittance challenges in emerging markets where recipients remain largely disconnected from financial mark e t s .
Sureremit is a non-cash remittance platform using blockchain technology to help immigrants earmark and send funds home. Using a digital voucher platform and network of local merchants across African and other emerging markets, Sureremit offers an affordable, non-cash alternative for sending money to family and friends at home.
Sureremit charges users zero per cent transaction fees, making it a cheaper option than Moneygram. The platform also gives the sender visibility and control over what the remittances can be put towards by specifying use-cases: digital vouchers from specific local merchants can be purchased and settled instantly on the Sureremit platform. Whether funds are used for utility bills, medical treatment, or groceries, Sureremit ensures that sending a few hundred dollars to family is no longer subjected to fees of 7.45 per cent — the global average.
Sureremit claimed it can bypass the traditional banking system and connect customers directly to local merchants, who pay a small commission fee on each transaction.
This development builds on Greenhouse Capital’s focus on identifying new ways for blockchain and cryptocurrency to transform African markets.