Grant ID: 868515k3h
Each year multi-billions of dollars are sent by migrant workers to their home countries. However, the cost of sending these inflows of funds continue to be a challenge in proving sustainable flow of funds. It is desirable that an efficient system or tool that promotes smart and stable remittances growth be explored.
360 Crypto Remittance Token is a remedy to the high transactional costs of transferring foreign funds to home countries. The 360 Crypto Remittance Token allows users to instantly send crypto as remittances to any person across the globe.
360 Crypto Remittance Token solutions provides the cheapest way of sending remittances than any remittance business network. Users of 360 Crypto Remittance Token will be able to buy the token at a lower cost and send to people across the globe. Users who buy a 360 Crypto Remittance token will be able to buy the token in any part across the world at a low rate and store them within their wallet or send the token to their home countries recipient wallets. People who receive 360 Crypto Remittance Tokens will be able to store the tokens in their wallets and transfer the funds to their bank accounts. This enables both the sender and recipient of the 360 Crypto Remittance Token to effectively reduce international transfer charges and recipients of remittances can instantly receive funds within their wallets. The 360 Crypto Remittance Token tend to provide convenience, security and non-disclosure of identity to both the sender and recipient of the token.
360 Crypto Remittance Token is being created to enable migrants in foreign countries store remittance funds in a save haven. The remittance funds stored can be saved within the 360 Crypto Remittance Token. Furthermore, the 360 Crypto Remittance Token can be sent daily, weekly, monthly, yearly or any point in time at all at an affordable cheapest cost. The 360 Crypto Remittance token has been created in a way to enable holders to easily exchange the token into other tokens within the Ethereum blockchain and send funds from other digital assets on the Ethereum blockchain as remittances.
In some countries where migrants find themselves, there are restrictions of capital around the country which tends to make to it challenging to migrants to engage in sustainable economic activities and sending of remittances . The 360 Crypto Remittance Token created will enable migrants to have a secure hub to save their funds and avoid threats of thefts and fraud. With this token, holders will be able to pay and receive funds and migrants can also use their stored funds to provide loans to other migrants and businesses.
Describe what your project does or is aiming to do in 50 characters or less:
Provision of remittances at lower cost
How far along are you?:
We at consulting and researching on the project concepts while organizing a formidable team.
Why did you pick this idea to work on? Do you have domain expertise in this area? How do you know people need what you’re making?:
Remittances are funds transferred from migrants to their home countries. The issue of remittances remain central on the agenda of leaders, governments and policy makers across the world. One in seven people across the world or about one billion people are involved with remittances either by sending or receiving them. Migrant workers send on average $200 or $300 to their home in every one or two months which represents 15% of what they earn. The funds sent by migrants constitute 60% of a household income and represents a lifeline for millions of families according to the World Bank.
Remittances sent by migrants help to generate income, employment and transform economies especially in rural areas. According to the UN, remittance can help achieve SDGs goals of No Poverty, Zero Hunger, Good Health and Wellbeing, Quality Education, Clean Water and Sanitation, Decent Work and Economic Growth, and Reduced Inequality.
The UN estimates that remittances are a private source of capital that’s over three times the amount of Official Development Assistance (ODA) and Foreign Direct Investment (FDI) combined. In 2018, developing countries received $529 billion from $689 billion sent by 200 million migrant workers. The amount sent by international migrant workers to their recipient developing countries is expected to upsurge from $550 billion in 2019 an increase of $20 billion from 2018 according to IFAD.
Between 2015 and 2030 according to the World Bank, an estimated $8.5 trillion will be transferred by migrants to developing countries. Globally, it is estimated that remittances flows to rural areas will reach $1 trillion in the next five years. Throughout the course of 2020, mobile remittances in particular increased by 65% to $1.2 billion. Also, more than 70 countries rely on remittances for more than 4% of their GDP. Irrespective of remittances providing essential support, international money transfers tend to be costly. Also, currency conversions and fees amount to 7 per cent of the total amount sent according to the UN. Therefore, it is pertinent to design a method or technology that will reduce the transactional costs of migrant remittances to make remittances more impactful rather than a burden.
What’s new about what you’re making? What substitutes do people resort to because it doesn’t exist yet (or they don’t know about it)?:
The substitues that people tend to use currently for remittances are the banks or through applications such as World Remit , Western Union or MoneyGram. The novelty of project is that first it is a token. With the token , users will be able to provive funds as remittances to others at a lower cost and safer and instantly where it will help to prevent theft and fraud that exist with the use of the traditional methods of sending remittances where people could steal the codes and identity of others to receive funds.
What’s your vision for how your project will impact The Graph and/or web3?:
It will help to grow the market cap of the Graph since more people can easily tranfer or send remittances from the 360 Crrypto Remittance token to the Graph asset.
How will you measure success?:
First, we shall be able to measure the success of our project if we complete the whole project and launch on various networks. Also, as the market cap of the token grows, we shall be able to tell how fruitful the project has been. Furthermore, as we are able to get the crypto blockchains to adopt and use the tokens more and if we are able to safe security asset for migrants to save, invest and transfer funds.
What milestones will you achieve in the coming weeks/months, with or without the grant?:
We should be able to accomplish the milestone of reserach and consultancy work and building of a stronger team.
Please select who you think will benefit from your project?:
Other, Subgraph Developers, Delegators, Curators, Indexers
How much funding are you looking for? (USD):
Provide a breakdown of your requested funding:
Analytics and requirements gathering- $5000
Have you applied for (or already received) funding from somewhere else?:
Can you share any information about current/past web3 experience?:
To develop and launch the 360 Crypto Remittance Token is made up of a team of five pundits executing its solution. Currently, we have two co-founders. Three people from the team of which two are co-founders, are all LSE Masters graduates with first degrees in Business Administration from top universities including certificates from Ivy League Universities. As co-founders, we have successfully managed an NGO known as Upper Progress. Through this NGO, we have raised funds to provide support for needy communities.
We also hold over 6 years experience working in financial and banking industries of which the skills will be leveraged to run 360 Crypto Remittance Token.
We have also successfully launched an NFT project being listed on the Ethereum and Polygon blockchains.
We have worked and developed businesses, research work and projects for institutions across the world in UK, America, South Africa, Europe, Africa among others.
There is also a Financial Manager with seasoned myriad amount of knowledge and an astute Marketer who will work in various settings to drive sustainability and undertake risks to enhance the fruitfulness of the 360 Crypto Remittance Token.
Furthermore, there is also a business development expert who will shape the image and structures of 360 Crypto Remittance Token to promote its efficiency and maximum value for investors in the token.
Why are you interested in contributing to The Graph and/or web3?:
First to grow the economy of the Graph and find ways to collaborate and share idaes for the development of other projects.
Are you applying as a team or individual?:
What type of grant are you pursuing?:
Please select the category your project best fits into: