NEW YORK, NY / ACCESSWIRE / May 15, 2018 / Bitcoin, Ethereum and Litecoin are the most popular cryptocurrencies and it seems like everywhere you turn, you see them in the headlines. But the fact of the matter is that there are over 1,500 cryptocurrencies in existence according to investing.com, representing a total market value of more than $400 billion as of April 29, 2018. And according to CoinMarketCap.com, there are 28 cryptocurrencies with market caps over $1 billion, with Singapore-based Zillqa becoming the latest billion dollar market cap coin .
Ok that is exciting, but what's not as well known is that many cryptocurrency tokens are piggybacking off other coin's blockchain networks. Think about that for a second; lots of coins but much fewer actual blockchain networks running coins. Another way to think about the same thing is that most tokens do not have any underlying use. The experts or pundits out there call this phenomenon natural demand, as in if there is no underlying use then there is no natural demand for the token. If you can't use the token to buy goods, get discounts or actually use it for anything, then there is no natural demand to have one.
Coins with an underlying use may be able to store value more efficiently than coins with no natural demand. One such area where cryptocurrencies are positioned to play a key role is the cross-border remittances market. Nowhere is this more evident than in the Philippines, as Filipinos abroad send more than $26 billion home per year, making it the third largest remittance market in the world. Remittances play a crucial role in the Philippines economy and represent nearly 10% of the country's GDP, according to 2016 data from the World Bank.
Cryptocurrencies are a natural fit for Philippines remittances market, which has historically been characterized by high fees from money transfer companies and pawnshops operating in the Philippines. Using digital currency and mobile payments, overseas workers should be able to reduce significantly what is estimated to be transaction fees of more than 7% using these inefficient methods. In addition to lowering transaction costs, cryptocurrencies also enable 24/7 payments, which is a differentiator in the global payments space. The Philippines' central bank has been progressive in its approach toward cryptocurrencies and blockchain technology so there seems to be a favorable regulatory playing field there. The Philippines is among the few countries that have already enacted rules for cryptocurrency exchanges which obviously make buying and selling coins much easier.
Investment Evolution Coin Ltd. Eyeing Filipino Remittance Market
One company looking to increase its exposure to the Philippine remittance market is Singapore-based Investment Evolution Coin Ltd. The company's CEO and majority shareholder Paul Mathieson recognized the opportunity to disrupt the Philippines remittance market through cryptocurrency payments, which benefit from blockchain technology and offer the opportunity to meaningfully reduce cross-border transaction fees. Mathieson formed the Singapore-incorporated public unlisted company, Investment Evolution Corp (IEC) to facilitate the payment of remittances to the Philippines by Filipino Overseas Foreign Workers. Pending its public listing, Mathieson stated that he plans to list Investment Evolution Coin on the PayBito multi-currency digital trading platform by mid May, 2018.
According to Mathieson, shareholders of Las Vegas-based Mr. Amazing Loans Corporation (OTCQB: MRAL) had the option to benefit directly from the launch of Investment Evolution Coin. Mathieson is the major shareholder both of MRAL and IEC, and announced that MRAL shareholders on record as of April 30, 2018, will be granted the opportunity before the end of May to receive shares of IEC on a one for one basis. The announcement was intended to offer MRAL shareholders an opportunity to benefit from the efforts of Mathieson and his Singapore-based company to launch new cryptocurrency Investment Evolution Coin, while maintaining ownership in the ongoing consumer lending business, without additional costs and in compliance with evolving cryptocurrency regulations.
Mr. Mathieson stated, "We believe the key to the future success of individual cryptocurrencies such as our IEC cryptocurrency is having a natural consumer demand and your own coin network. Fast, cheap and convenient global payments is an obvious use case for actual consumers rather than many copycat tokens/ICOs that are predominantly driven by marketing to investors without any legitimate consumer use. We are very excited to be shortly launching our IEC cryptocurrency to provide all of its advantages to global consumers."
About Investment Evolution Coin Ltd.
Investment Evolution Coin Ltd. ("IEC Ltd") is a Singapore company that is launching a new cryptocurrency called Investment Evolution Coin ("IEC") in mid May 2018. IEC Ltd plans to revolutionize global payments by enabling consumers to send money across borders quickly, securely and at almost no cost using the power of blockchain technology, via its own cryptocurrency IEC. IEC Ltd is also planning to launch its own multiple cryptocurrency exchanges globally to facilitate trading of IEC cryptocurrency and also cryptocurrencies such as Bitcoin, Ethereum and Ripple. For more information about IEC Ltd, visit www.investmentevolution.com.
About Mr. Amazing Loans Corporation
Mr. Amazing Loans Corporation (formally IEG Holdings Corporation) provides online $5,000 and $10,000 unsecured consumer loans under the brand name, "Mr. Amazing Loans," via its website, www.mramazingloans.com. For more information about Mr. Amazing Loans, visit
https://ir.mramazingloans.com.
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