Tokyo-based cryptocurrency firm Atom Solutions is planning to launch low-cost remittance service between South Korea and Philippines in March 2019.

“The service is applied with unique wallet system which is different from traditional bank remittance services such as SWIFT or correspondent bank,” Atom Solutions said in a statement. “Overseas remittance using Eternal Wallet will not be going through bank but P2P transaction between Eternal Wallet users.”

The firm said that there are limits to offering remittances at low cost if transaction is carried out through traditional banks. However, using cryptocurrency may lead to value loss on conversions to fiat currency and vice versa.

“Thus, Atom Solutions has developed the system logic to solve the problem in traditional overseas remittance, and it is said that the revolutionary invention has transformed the decades of overseas remittance histories,” it said, adding that it can only be done when all the points such as arbitrage, dividends, loan interest rate, authorized exchange system, P2P,  Eternal Wallet, Pool Logic and others are connected one to each other. The company is yet to receive a patent for its remittance service.

The foreign exchange rate will be set at interbank transfer middle rate (TTM) plus 0.5% spread with the sending fee at five cents. The fintech firm aims to expand the remittance service to over 10 countries next year.

Founded in 2010, Atom Solutions released eternal coin and launched Eternal Wallet service in January 2015. The wallet service has over 40,000 registered accounts. It has authorised exchanges in Hong Kong, Philippines, Japan and Korea, while it plans to explore Kenya and Mongolia going forward.

by Parnika Sokhi