The crypto platform, which aims to offer the best rates for foreign money transfers, has announced that it is making major changes to the ecosystem.
Atom Solutions states that the base Transfer Token (TTT) for the Immortal Wallet product will be transferred to the DeFi Token Protocol.
This change aims to provide a greater level of transparency and security – the move was driven by user feedback after beta.
It is also hoped that a consistent transition to DeFi will help prevent fraudulent activities and data tampering of attackers as third-party attackers.
One of the strongest uses of digital assets is linked to remittances – among the hopes that cryptocurrencies will make transfers between countries much cheaper than they are now.
World Bank data shows that money transfers currently charge 6.5% on average fees globally, a rate that significantly reduces the income of those who want to send money home to loved ones.
Atom Solutions says Eternal Wallet is designed to solve this problem by making transfers faster and cheaper, and they only charge $ 0.05. And while old-fashioned money transfer providers take 24 hours to five days to complete the payment process, this cryptocurrency-focused option can send money in as little as three seconds.
In other words, the platform claims that the Eternal Wallet can ultimately get 99.5% of its money back. In contrast, commercial banks offer only 85-93%, and among some people transferring money this number goes up to 85-98%.
According to the white paper, TTT can be bought and sold in the Eternal Wallet app – and users can also loan this asset to others. This ERC-20 token is also offered as an option for making money transfers.
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Once the migration is complete, TTT Atom Solutions hopes to become a more visible force in the world of DeFi – a sector that offers a wide range of financial services, including loans, insurance, derivatives, and forecasting markets. The platform firmly believes that decentralized finance provides a fast and secure method of transactions – while simultaneously reducing costs and increasing availability.
This is a wide look. Recently, the European bank ING suggested that DeFi could have a greater impact on the global economic environment than Bitcoin. Meanwhile, the Federal Reserve Bank of St. Louis said DeFi could trigger a “paradigm shift” in the industry by billions of dollars if security issues and risks are resolved.
Atom Solutions, a Japanese fintech company that has been trading for more than 10 years, sits at the intersection of fiat currencies and cryptocurrencies – and has filed a number of patents regarding identity lending and bundling.
The company doesn’t just target Japan or Asia, it targets all countries. In the near future, the company plans to distribute its services to more areas without compromising user comfort.