I’m saying ETN is is building a remittance partner model, so it’s not a huge stretch to imagine that they will be able to payout remittance payments in local fiat and also accept fiat for remittance sends.
In order to do so they would have to have access to an ETN account or an exchange such as Liquid possibly. How could a remittance business send remittances in ETN if they had no ETN to send or had no access to aquire ETN?
If the person already had ETN then why would they need the the services of the remittance store to send ETN to someone? Therefore if the business did offer ETN remittance transfers they would obviously accept fiat payments for sending ETN.
Exchanges like Liquid have API’s that the vendor can use to convert ETN to fiat easily without too much hassle, that’s why it’s good for vendors, merchants that fiat pairs are coming online.
How do you imagine the remittance business works currently? If I send money to someone in another part of the world, is it not a hassle for them to convert one currency to another? Converting currencies is new to them?
It’s free for the remittance company to accept US dollars in cash, credit card or bank debit card or ACH, then payout in a local fiat currency? Then the remittance agent waits for my bank or credit card company to transfer the money to their bank blah blah blah. That’s not cumbersome?
Where with ETN it’s as simple as let an API plugin convert ETN to fiat in their Vendor exchange account or hold a portion for remittance redistribution ect ect.
I’d think it would help cut costs and expenses while also having a faster turnaround and access to their profits.
I also do not see why the same remittance agents would not be able to just outright sell ETN or exchange to fiat even if it wasn’t for remittance purposes…unless local regulations didn’t allow it, and it required special licensing.
At the very least they could possibly act as remote agents for an exchange partner and facilitate ETN purchases or fiat cashouts.
I don’t know exactly how it will work, I just believe that price fluctuations isn’t going to prevent it from becoming successful.
You are aware fiat currencies fluctuate daily in value versus other currencies, by the minute actually. That doesn’t stop anyone from doing business with another business in another country. And it doesn’t stop global remittances from happening.
If the remittance businesses are contacting ETN, then I guess they must think it’s doable.
We’ll just have to see how it plays out. I my mind it gives them a little more control over the whole process.
Why would they let ETN and it’s fluctution in value prevent them from using it?