Polina is an undergraduate student at Belarusian State Economic University (BSEU) where she is studying at the faculty of International Business Communication for a degree specializing in Intercultural Communication. In her spare time she enjoys drawing, music and travelling.
The company intends to lead the global currency transfer market with a new service that will revolutionize the worldwide multiple-currency transfers and conversions.
#Transmission, the Hong Kong-based startup, has announced the launch of an innovative multi-currency platform, as it is going to start an ICO on August 30, 2017.
The service will bring significant changes to the conventional currencies transfer and conversion systems, offering support for trading digital currency on a global scale.
Currency transfers have become the world’s largest directions of cash flow. In 2016, the total volume of such transactions surpassed $150 trillion, while the volume of all transfers on the private individual basis totaled $3 trillion a year.
Prior to the crowdsale, the company will run pre-ICO that starts on August 25, 2017. During the ICO, which will last for ten days, investors will have a chance to purchase 270,000,000 TMN tokens using bitcoin, litecoin and ethereum currencies. The company will also provide additional discounts that depend on the volume of acquired tokens.
Key Platform Features
#Transmission will allow customers to make transfers and currency conversions at current exchange rates from leading currency exchanges with an average commission of 1% for total transaction. Unlike other currency transfer services, the company’s fees are on average 5 to 7 times lower.
Users will be able to convert fiat currencies as well as the main digital currencies, which include BTC, ETH, ETC, LTC, and XRP. Still, the company plans to integrate more cryptocurrencies, based on market demand.
#Transmission offers an intuitive interface and requires no additional action from the user. So anyone with a smart phone can easily send and convert the funds via the platform. The registration and authentication processes could take as little as 5 minutes to complete.
The platform features an Escrow Agent System for non-trusting parties and will allow users to set up automatic payments, so they won’t forget about important payments, like utility bills.
#Transmission to Become Uber in the Area of Money Transfer
Uber is one of the fastest developing IT companies with a capitalization of more than $60 billion and revenue of $6.5 billion. The company, which lacks its own production assets, now holds a 15-20% share of the global taxi market, which demonstrates an annual growth rate of 10-20%.
Uber model is highly reflected in the concept of #Transmission business, but in the sector of global currency transfers. The global money transfers market is estimated at $3 trillion per year and this is apart from growing market for digital currencies that shows growth potential of 30-50% per year.
#Transmission creates money in the form of currency as a means of exchange. Users exchange money directly via the platform, what eliminates all potential delays and additional costs for currency transfers and conversions. This means that capitalization of the company’s business and the growth rate of its users can surprise traditional players of the transfer and conversion market in the near future.
While Uber business model is unprofitable due to high competition and needs to cut the cost of transportation below business cost, the business related to currency transfers is profitable and can generate net income streams even from the initial stage.