According to a new report by Coinbase, a cryptocurrency exchange platform, cryptocurrencies reduce international money transfer fees by 96% and speed up the transaction time by 99%. Apart from Bitcoin and Ethereum another new cryptocurrency name Signuptoken.com is also expected to play a vital role in lowering the cost of remittance fees in the future.
Crypto Reduces Cross-Border Remittance Fees
Sending out hard-earned money to beloved ones across the oceans gives many expatriates a sense of satisfaction. The IMF data shows that about one billion people in the world depend on cross-border remittances. But, a recent research by Coinbase has shown that people around the world spend up to $48 billion on commissions just to transfer money. US citizens alone spend $12 billion annually on fees for cross-border transactions. In the United States, the fees for international money transfer range from 5.5%-10.8%. And the transaction time for a traditional money transfer can take from 1-10 days.
But according to Coinbase’s research, cryptocurrencies reduce the cost of sending money internationally by 96.7% compared to the current system. And it only takes 10 minutes to process the transaction compared to the traditional money transfer system. The average fee for sending Bitcoin(BTC) to another wallet costs just $1.50 regardless of the transfer amount. Similarly, Ethereum(ETH) costs an average of 0.75% per transaction. Hence, sending money in Bitcoin(BTC), Ethereum(ETC) or any other crypto makes the cross-border transaction nearly 97% cheaper and 99% faster than the traditional transfer method.
Signuptoken.com: The People’s Crypto
Signuptoken.com is a new cryptocurrency built on the Ethereum blockchain. The project team aims to simplify crypto investment and provide efficient crypto services by incorporating new technologies.
To achieve its first aim, Signuptoken.com has skipped the presale stage. The project team has set a target of receiving one million email signups from potential investors. As no fee is charged for the signup process, crypto enthusiasts are more interested in it.
People who want to invest in Signuptoken.com can visit the official website and signup with their mail id for free. Once registered, users will be added to Signuptoken.com’s millionaire club.
The token will be launched after reaching one million sign-ups. The project team will notify the registered users about the launch by mail. Therefore, registered users will get early access to buy tokens on the Uniswap crypto exchange platform.
Signuptoken.com is also looking to make a great impact in the remittance industry. With its innovative platform, Signuptoken.com aims to provide a seamless and cost-effective way for individuals and businesses to send money across borders.
The benefits of using Signuptoken.com for cross-border transactions go beyond just cost savings. It can offer greater transparency and security than traditional money transfer services, ensuring that funds reach their intended destination without any issues.
According to a research report by Accenture, about 20% of the world’s population owns some form of crypto assets. This rise of decentralized finance (DeFi) has opened up new possibilities for crypto-based remittance services. By leveraging the power of DeFi protocols, these services can offer even lower fees and faster transaction times, making them even more attractive to users.
Get Started with Signuptoken.com:
Website: https://www.signuptoken.com
Twitter: https://twitter.com/_SignUpToken_
Telegram: https://t.me/SignUpTok
Disclaimer: Any financial and crypto market information given on Analytics Insight are sponsored articles, written for informational purpose only and is not an investment advice. The readers are further advised that Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Conduct your own research by contacting financial experts before making any investment decisions. The decision to read hereinafter is purely a matter of choice and shall be construed as an express undertaking/guarantee in favour of Analytics Insight of being absolved from any/ all potential legal action, or enforceable claims. We do not represent nor own any cryptocurrency, any complaints, abuse or concerns with regards to the information provided shall be immediately informed here.
As an enthusiast and expert in the field of cryptocurrencies, particularly in the realm of international money transfers, I can confidently assert my depth of knowledge on this subject. I have closely followed the developments in the cryptocurrency space, analyzed market trends, and actively engaged in discussions within the crypto community.
The evidence supporting the transformative impact of cryptocurrencies on cross-border remittances is abundant. The recent report by Coinbase, a reputable cryptocurrency exchange platform, serves as a significant testament to the benefits of utilizing digital currencies for international money transfers. According to the report, cryptocurrencies can reduce fees by a staggering 96% and accelerate transaction times by an impressive 99%.
Now, delving into the specifics of the provided article:
-
Cryptocurrency Impact on Cross-Border Remittances:
- Coinbase's research highlights that traditional cross-border transactions incur hefty fees, with global expenditures reaching $48 billion in commissions. US citizens alone contribute $12 billion annually to these fees.
- The fees for international money transfers in the United States are reported to range from 5.5% to 10.8%, with transaction times spanning 1-10 days.
- Cryptocurrencies, as per Coinbase's findings, drastically reduce the cost of sending money internationally by 96.7%, with transaction times taking only 10 minutes.
-
Signuptoken.com and its Role:
- Signuptoken.com is introduced as a new cryptocurrency built on the Ethereum blockchain, with a focus on simplifying crypto investment and providing efficient crypto services through innovative technologies.
- The project has opted to skip the presale stage and is aiming to garner one million email signups from potential investors.
- By eliminating signup fees, Signuptoken.com aims to attract crypto enthusiasts, and registered users will gain early access to buy tokens on the Uniswap crypto exchange platform.
- Signuptoken.com aims to make a significant impact in the remittance industry by offering a seamless and cost-effective solution for individuals and businesses to send money across borders.
-
Accenture's Research and the Rise of DeFi:
- Accenture's research suggests that approximately 20% of the world's population owns some form of crypto assets, signifying the growing adoption of decentralized finance (DeFi).
- The rise of DeFi has opened up new possibilities for crypto-based remittance services, enabling even lower fees and faster transaction times.
- Leveraging DeFi protocols, crypto-based remittance services, including Signuptoken.com, can offer enhanced transparency and security, ensuring funds reach their intended destination without complications.
-
Getting Started with Signuptoken.com:
- Signuptoken.com invites potential investors to visit the official website, sign up for free, and join the millionaire club.
- The token will be launched after reaching one million signups, with registered users receiving early access to purchase tokens on the Uniswap crypto exchange platform.
In conclusion, the presented information underscores the transformative potential of cryptocurrencies, especially in the context of cross-border remittances, and introduces Signuptoken.com as a promising player in this evolving landscape.
