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With the help of SCF#11, we plan to finish our MVP that is a payment platform to facilitate instant cross-border payments for the global migration industry.
The industry is plagued by slow settlement times (2-3 days), high fees (3-10%), and often times incorrect settlement amounts due to opaque fees. Our initial target audience is legal service providers in Northern America who are representatives of current or prospective migrants in Latin America, starting with Brazil.
We chose Stellar because it solves so many persistent issues on other blockchains. For example, we are able to have near instant settlement, with very low fees, and can define settlement amounts with Path Payment Strict Receive. We also plan to use muxed accounts for a custodial style of wallet to give users a web2 feel and experience with the speed of Stellar. We are excited to integrate with US and LATAM based anchors so that users can have fluid on/off ramping in their respective countries. We’re also striving to integrate with local payment methods that allow funds received to be available for spending immediately in the desired locations of the customers.
We have an mvp-lite version of the app running on the testnet, and with another month of development we will release a more complete version for public testing. Over the next six months we’d like to achieve the following objectives:
EmigroPay is the digital currency payments & remittance solution that global citizens from around the world will use to transfer money across borders.
Transferring money across borders has high costs, delays, and other problems between migrants and their legal service providers, or friends and family that they support.
Digital currencies, specifically stablecoins, offer a cheaper and faster solution than traditional cross-border fiat transfers. A managed payments & remittance service can make the confusing web3 experience accessible to migrants, and those that they send money to.
Remittances sent to people abroad, or money sent back home is the biggest opportunity, however, offering the EmigroPay product as payments for legal services is a much earlier time to capture long-term migration customers, while also capturing the business customers that are serving them.
Demo of Testnet Product
NF285#2973
Co-Founder & CTO
I have a background in financial markets and had always wanted to learn to code, took my chance a few years back to learn with the goal of creating a product that can have a positive impact on others. After working as a dev at a fintech company and many other side projects, I’m excited to be a part of Emigro fulfilling that goal.
LinkedIn: https://www.linkedin.com/in/nathan-frank-8a743568/
Blake_Emigro#0019
Founder & CEO
A multi-career technology & legal project generalist.
https://www.linkedin.com/in/blake-sieders/
The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on December 5, 2022 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on July 5th as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
**The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on December 16, 2021 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on September 27, 2021 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
* The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on the date of transfer as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
*This budget request has not been fully awarded to the project. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.