The Japanese fintech-company introduced a system designed to eliminate price volatilityVolatility
– is a financial term that means a statistical indicator of price change. In the cryptocurrency world, it is used by traders as an indicator for managing financial risks. That is, it is a measure of trade risk and as a financial analytical tool for gambling. Details observed when using cryptocurrencies for money transfers.
Atom Solutions, an IT technology development company, currently has imperfect options for foreign workers who need to make remittances abroad. And their costs can be quite large when they conduct transactions through a traditional bank, when using cryptocurrency. Due to the large fluctuations observed in the market – from Bitcoin and Ethereum to lesser known altcoins – the value of a money transfer can drop dramatically in a short period of time.
To solve this problem, the company has developed a system of equivalent remittances abroad, which is known as EVOR. Atom Solutions believes that this product can eliminate all problems with translations and loss of finances.
The speed at which transactions take place is crucial in ensuring the cost of remittance is maintained, and Atom Solutions reports that another advantage is that EVOR offers "the lowest cost in the world" commission fees.
Atom Solutions says it wants to offer a range of financial services that go beyond remittances, and all this is done to make crypto more practical for everyday use.
He created a new digital asset known as Eternal Coin (XEC). In addition to playing an important role in the money transfer process, the platform also plans to give its community the opportunity to provide XEC to other users on an equal basis. They could receive interest on these loans, receiving a share of the commission fees for transactions paid by the borrower.
Overall, Atom Solutions says its remittance concept is something that has never been implemented in the world before. He hopes that his products, combined with a multi-currency wallet and the official exchange-system, will help to transform the industry for the better.
Atom Solutions is based in Tokyo, and the launch of the money transfer system abroad for an equivalent amount is scheduled for early March 2019. In the meantime, users are encouraged to try the EVOR simulator before launching its official service.
Editor: Yuliya Soroka