Code Wallet Revolutionizes Global Remittances

A new digital wallet called Code is aiming to disrupt the remittance industry, making it easier and cheaper for migrant workers to send money home to their families in Africa, Asia, Central and South America.

Code, powered by the cryptocurrency Kin, allows users to transfer funds instantly across borders with without fees, undercutting traditional money transfer services that can charge 7% or more.

“The remittance market is ripe for disruption, Incumbent players like Western Union and MoneyGram have been overcharging migrant workers for too long. Code provides an affordable, fast, and secure alternative.”

The potential impact could be greatest in the Philippines, where remittances from overseas workers make up nearly 10% of the country’s GDP. In 2022 alone, over $34 billion was sent home by Filipinos working abroad.

“Code could be a game-changer for families in the Philippines who rely on remittances to make ends meet,” said Monica Robles, an economics professor at the University of the Philippines. “Even just a 2-3% reduction in fees could put hundreds of dollars more per year into the pockets of Filipino households.”

Code utilizes blockchain technology and the Kin cryptocurrency to facilitate cross-border payments in over 100 local currencies. Users can send money via the app or website instantaneously with just a few taps.

Critics have raised concerns about the volatility of cryptocurrencies. But Livingston emphasized that Kin has a fixed supply to prevent inflation, and that Code complies with all financial regulations.

As remote work proliferates globally, the need for affordable remittance solutions will only grow. If Code can deliver on its promises of low fees and seamless transfers, it could empower millions to support their families back home more easily.

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