MELBOURNE, Australia, April 3, 2019 /PRNewswire/ -- NAUTICUS has seen first-hand how digital currencies can transform lives in the developing world. Before the company launched its digital financial marketplace in the fourth quarter of 2018, paying its customer support staff in the Philippines was expensive, slow and difficult. Most of Nauticus Exchange's Filipino employees do not have bank accounts.
This is common in the developing world, with more than 1.7 billion people worldwide 'unbanked'.
Wiring money through traditional remittance services like Western Union saw 5% to 10% percent lost to fees and conversion costs. A senior staff member then had to physically pick up and distribute the pay packets by hand to the other employees -- a process that took days.
Since January however, our Filipino employees have elected to be paid in their choice of digital currency via their Nauticus Trading accounts. The transfer happens instantly and is virtually fee free.
Nauticus employee and father of four Nick Baylosis, from Valenzuela City, explains he doesn't have a bank account because he's required to maintain a balance of at least $100 -- "money that can be used to feed my family for more than a week." With his pay packet taking days to arrive via wire transfer, in January he requested to be paid in Nauticus' own digital currency, the Nauticus Coin (NTS).
"They implemented it and I never imagined to experience so much faster and seamless transactions than what I experienced before," he says.
For Nauticus Founder and CEO Bryan Ng, it underlines the power of digital currencies to transform payments for the world's unbanked.
"I'm from Malaysia originally and I like to be able to offer employment to people from developing countries. Over the years many employees have regularly sent money back overseas to their families," explained Ng. "So I'm very aware of the difficulties much of world's population face when it comes to affordable and reliable payments and banking."
With 267,000 accounts in 84 countries around the world, Nauticus is well on its way to becoming Australia's first globally focused digital financial marketplace. Trading launched in the fourth quarter of 2018 and the platform now offers 15 digital currencies and AUD, with a goal of reaching 100 digital currencies and six foreign currencies by the end of 2019.
The Nauticus mobile app and wallet launches this month, and a forthcoming upgrade will enable users around the world to send and receive money across borders instantly, at a cost 50 times less than the major wire transfer services.
Ng explains he wants to see the 5%-10% that users currently pay to wire money internationally put back into the economies of developing countries.
"Imagine a million people transferring $100 each -- they'll save $10 million in fees," he said. "That money can instead be spent on health, education and improving living standards. Those savings can mean changing a community for the better."
Join the Nauticus community today and help make cross border payments simple and affordable for everyone.
Sign up at Nauticus.io
SOURCE Nauticus Digital