Business Platform for Borderless Remittances and Transactions REMIIT Successfully Holds its First Community Meetup in Korea

SEOUL, South Korea, Aug. 28, 2018 /PRNewswire/ -- REMIIT (CEO Stevie Ahn), a blockchain-based decentralized remittance and transaction platform, announced the successful completion of its first meetup in Korea with over 100 local institutional investors and community members attending.

"People's lives are reflected in the remittance," said Stevie Ahn during the welcome speech. On REMIIT, he said, "It is a project for the parents with children studying overseas and foreign workers. Our platform finds the shortest route optimized for each transaction when individuals and companies conduct overseas transactions like remittance and payment." REMIIT's development team, business discovery team, and even UI and design teams were all present at the meetup to provide a status update on the project.

"We set out to develop a platform that allows faster, safer and more affordable remittances and transactions for borderless businesses, and we will make our users view the transaction information transparently, communicate through an exclusive message channel and enter into a contract in an optimized way," explained CTO Min-seob Hong, who is leading REMIIT's technology development.

Dr. Jae-woong Jeong who is in charge of token economy in the project talked about the theory of the impossible trinity (also known as the trillema), a concept that it is impossible to achieve a fixed foreign exchange rate, free flow of capital and independent monetary policy simultaneously. He explained the background that REMIIT adopted 2 tokens for free capital movement and an independent monetary policy out of those three. "To serve as a remittance and payment platform, REMIIT uses a compensation system that pays people who contribute to promoting the platform and issues REMD tokens that are traded in its own exchange (REX)," he said. "REMD token can be exchanged in external cryptocurrency exchanges and legal tender in each region," he added.  

After the meetup, an airdrop event was held for the attendees. At the afterparty, attendees asked questions freely on various topics including REMIIT project's decentralization and ecosystem.