Nigeria’s SureRemit raises ₦2.5 bln ($7m) via ICO

Nigeria-based non-cash remittance platform SureRemit has raised ₦2.5 bln (US$7 million) via an innitial coin offering (ICO) to roll out its digital voucher system that makes payments easier and cheaper.

BuyAltCoinsNigeria reported at the end of this past year SureRemit had launched the ICO in a bid to boost funds for a blockchain-based remittance service.

The brand new service being launched allows immigrants all around the world with Remit tokens to get digital vouchers which can be redeemable for goods and services directly from local merchants at their specified destinations.

Several prominent cryptocurrency investors, including Hashed, South Korea’s largest cryptocurrency fund, participated in the round, with SureRemit saying the fund’s decision to become listed  in SureRemit’s pre-sale ICO signalled growing fascination with the possibility of cryptocurrency to help alleviate remittance challenges in emerging markets where recipients remain largely disconnected from financial markets.

SureRemit’s new cryptocurrency removes the money layer, reduces the expense of transfers and supplies the sender some control and visibility over how the worthiness is spent, the startup said.

“International remittance transactions can be frustrating, but it doesn’t have to be, at least for non-cash value transfers which constitute about 40 per cent of all transfers” said ‘Laolu Samuel-Biyi, director of remittances at SureRemit.

“In very many cases, immigrants and travelers just want to buy food or pay a bill for someone at home. Those transactions do not have the same risk profiles as cash transactions, and they should not be subjected to the same costs, timelines and procedures.”