- May 2, 2023
- Posted by: [email protected]
- Category:
Simple.App, a cryptocurrency platform, is piloting a new solution to facilitate low-cost, simple, and fast international money transfers for people in Ukraine. Traditional banking systems are undeniably slow and expensive, and various banks have uncommon relationships with each other, creating a significant barrier to sending international payments from one country to the other. As a result, expensive transaction fees are charged, with some using intermediaries to complete transfers, making the entire process of international money transfers time-consuming and costly. People have been unable to access their funds and send or receive money due to the ongoing war in Ukraine.
The emergence of blockchain technology and cryptocurrencies disrupted the traditional method of transferring money, offering faster, safer, and more cost-effective transactions compared to traditional methods that rely on a complex web of intermediaries and high transaction fees. Simple.App leverages distributed ledger technology and the cryptocurrency to offer a solution that allows people in Ukraine to exchange cryptocurrencies for euros and convert them to Ukrainian hryvnia (UAH) before withdrawing the money with a Ukrainian bank card. This scheme eliminates the need for loans or bank transfers, and users can receive their funds almost instantly with just a few clicks and without incurring major fees.
Simple.App offers a simple and efficient way for people to send money to their loved ones, providing competitive exchange rates and low fees. The app is available for both iOS and Android, and users can easily send money by linking their bank account or credit card. The team behind Simple.App identified Ukraine as a priority country, but the team plans to offer transfers globally as well.
Critics argue that the availability of traditional banking, global transfer solutions, and credit cards suggests that cryptocurrencies are irrelevant. However, the limited accessibility of such services in some places and the significant differences in the financial systems of different regions suggest otherwise. Simple.App’s solution not only overcomes the challenges of high fees and complex banking relationships but also provides an efficient way for people to send money to their loved ones.
