Stellar Community Fund

By ScopeX

Building no-cost money remittance service for India

SCF #30

$48.0K

Build

Awarded

ScopeX offers an all-in-one fee-free fiat remittance platform to help Indian migrants with top-notch transactions security.

Products & Services

With the SCF Build Award, ScopeX will develop and enhance its remittance platform, including a comprehensive WebApp and Mobile App to streamline cross-border payments for the EU-India corridor. Key features include user registration and KYC compliance using Stellar's SEP-12 standards, allowing for seamless onboarding and regulatory compliance. Users will benefit from non-custodial wallet creation, with Stellar accounts and secure passkey encryption for easy wallet management. The platform will facilitate fiat deposits and stablecoin transfers through SEP-24/06 protocols and the Horizon API, ensuring fast, low-cost transactions. For recipients in India, withdrawals in INR will also be managed through SEP-24/06 protocols, enabling real-time conversion and bank transfers. Additionally, stablecoin arbitrage will be leveraged, providing users with zero-cost remittances while driving revenue for ScopeX.

Soroban

Maybe in the future, but not in this submission

Requested Budget

$48.0K

Success Criteria

Success for ScopeX means revolutionizing the way Indian migrants in the EU send money back home, providing a faster, cheaper, and more secure remittance solution powered by blockchain. We aim to onboard 50,000 users within the next 12 months, capturing a significant share of the €10B EU-India remittance market, with a goal to process €50M in remittances during that period. By offering a zero-cost remittance service, we will enable users to save €1M annually in fees, directly benefiting their families in India. Success also involves building strong community trust through partnerships, ensuring ScopeX becomes a trusted brand among Indian migrants. Additionally, we aim to deliver transactions in under 2 minutes and achieve a 95% user satisfaction rate.

Go-To-Market Plan

ScopeX’s go-to-market strategy is centered around appealing to Indian sentiments with the message "For the Indians, by the Indians." We deeply understand the Indian user mindset, which prioritizes cost savings, and we offer a no-cost remittance solution to attract more users to our platform. To build trust, we engage directly with local Indian communities and promote our product through community organizations. Our performance marketing efforts on Meta and Google have been effective, and our referral program is growing in popularity. Additionally, we collaborate with Indian grocery stores—both online and offline—to further promote our platform, and we are working with influencers and bloggers to spread the word. With this 360-degree GTM approach, we are creating a comprehensive strategy to ensure widespread adoption and build lasting trust with our target audience.

Traction Evidence

https://docs.google.com/document/d/1nMi4pypy2XjzNpT-RpXQEaF8lY739Ywo/edit https://stellarchain.io/accounts/GARBVCTB4JARQQESCTXRCXYW6SUKLT3AUQZBY5Q7BZXWKYJ7YF6RDIPV

Tranche 1 (Deliverable Roadmap) - MVP

Stellar Integration to the BE [$28800, 6 weeks]

Brief Description:

Integrating stellar SDK/APIs to our backend replacing the component of current blockchain;
Facilitating wallet/account creation using external keypair (provided by a WaaS provider: dfns.io) and easy wallet recovery.
Delegated signing of transactions with passkeys
Account-to-account asset transactions and verification

Measure of completion: Fully operational BE with Stellar SDK and APIs, verified through internal testing and a pilot transaction phase. Completion Date: 6 weeks Budget: $28800 (3 developers, 720 hr @ $40/hr)

We received the activation award for this activity. We have completed this task.

Tranche 2 (Deliverable Roadmap) - Testnet

Onramp/Offramp Anchor Integration[$28800, 6 weeks] Brief Description: Our current on/off ramp service providers run exchanges in India but they are not Stellar anchors. We are running a joint project to build up the Stellar anchor service in India. We will upgrade the existing endpoints with SEPs (including KYC) for a harmonized interaction with the anchors to facilitate the onramp and offramp services for euro/usdc and usdc/inr. This service will help other Stellar projects to do onramp/offramp and anchoring service in India. Recently we have been approached by many such projects, referred by Stellar Core Team, who want to leverage the anchoring service in India. Our mission aligns with recent focus of Stellar team to extend its presence in India, the top remittance receiver country in the world ($125B in 2023).

Measurement of Completion: Functional onramp/offramp services with Euro and INR Estimated Date of Completion: 6 weeks Budget: $28800 (3 developers, 720 hr @ $40/hr)

Tranche 3 (Deliverable Roadmap) - Mainnet

Moving Existing Users to New System[$19200, 4 weeks] Description: Currently 60% of our existing users are on the Polygon chain. In this activity, we will implement a user-friendly migration process for existing ScopeX users to transition their accounts to the new system on Stellar including

Creating new wallets on Stellar chain
Securing passkeys to users’ devices
Building USDC trustline
Prefunding wallets with XLM for paying gas fees
Sharing KYC with anchors
Building an engaging UI for users for easy onboarding, and migrations Measure of Completion: Successfully onboarding users to the Stellar ecosystem. Completion Date: 4 weeks. Budget: $19200 (3 developers, 480 hr @ $40/hr)