Nubits like projects need to focus on Remittances

The Plaza
#1

Hi I am George, CEO of Bitspark- for those unfamiliar we do remittances predominantly via Bitcoin in SE Asia, you may have seen my recent Coindesk article where I mentioned Nubits. It seems like there are quite a few issues plaguing this project of late which is a shame as it does have real promise, I hope things get back on track.

I am no expert on the protocol like others here but in my opinion pegged cryptos are ideal for the remittance world and any project in this space needs to focus on these businesses as primary customers. The reason is simple, trading into and out of the various 180+ world currencies is hard, most are impossible/extremely difficult to access and require copious amount of dealmaking, integrations, bank accounts, administration headaches, everything. For remittance companies to take a position in a developing countries’ currency is often very difficult so if there were a freely traded token that could hold a value the same as the national currency but without the overheads it’d mean remit companies would need far less capital requirements and bear little FX risk at all as the token can also be traded in country.

Remittance companies are transacting everyday in and out of currencies so liquidity wouldnt be an issue- we did a small trial of Nubits usage but we can easily trade into and out of USD already it didnt hold much value to us, however if some of the popular emerging market currencies were tradeable in such a form then now we are talking. I was recently speaking at a money transfer conference and this was one of the top concerns- banking and access to currency pairs.

I just wanted to make it known to the community here that businesses like mine are willing to adopt the principles behind pegged crypto’s like Nubits if the business case is right and the focus is there. I look forward to keeping an eye on the future of Nu and other projects in the space.

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#2

Thanks for stopping by George. I agree remittance companies are a promising market for NuBits. What can we do to serve remittance companies like Bitspark better?

Do you use NuBits now at Bitspark? If not, please let us know why it hasn’t made sense for Bitspark to use them yet. We may be able to make a deal that makes sense for NuBits and Bitspark.

#3

Hi Phoenix,

No problem, I want to see the community grow.

Do you use NuBits now at Bitspark? If not, please let us know why it hasn’t made sense for Bitspark to use them yet. We may be able to make a deal that makes sense for NuBits and Bitspark.

As noted in my post we tried Nubits but we are already trade into and out of USD already via BTC so it didnt hold as much value to us. Being able to trade into and out of the big emerging market currencies however is much more valuable, a good guide of currencies to target is here- INR, CNY, PHP, MXN, NGN, VND, IDR etc- a Nu version of that would get all the remit companies onboard.

In terms of the short term however and Nubits, it’s important Nubits is traded in different fiat currency pairs, this way access Nu one does not need to go via a BTC creating some efficiencies. I’d be approaching Indian and Chinese exchanges for this functionality. Hope that helps!

George

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