Bitcoin is making headway in the remittance market, simply because it is a far cheaper option for sending money to anyone else in the world. Especially when comparing digital currency to traditional payment methods, there is a large margin of overhead fees that can be removed with a Bitcoin transaction. Satoshi Citadel Industries is building up their unbanked remittance service and have raised an additional US$100,00 in funding.
Satoshi Citadel Industries – Focusing on Filipino Remittance Service
If you take a look at the money remittance statistics, most of the funding is being spent on Filipinos working overseas and sending back money to their family and loved ones. And it is exactly this market that is being targeted by Bitcoin startup Satoshi Citadel Industries, as the company feels there is a far better solution to send money back from overseas.
A little known fact is that, while Bitcoin is quite popular in Asia, there are not that many “major” Bitcoin ventures to be found in that part of the world. Satoshi Citadel industries are one of the largest Bitcoin companies to date, and they have expanded their business model to encompass seven different Filipino startups.
Even though SCI has only been in existence since the beginning of 2014, their staff have grown exponentially. At this point, there are over 20 employees officially working for Satoshi Citadel Industries or one of their ventures. And that number may well grow considerably in the not too distant future, as SCI recently acquired Bitcoin exchange BuyBitcoins.ph.
This just goes to show you there is a huge untapped market in regards to Filipinos who are trying to make life better for their families and loved ones. Bitcoin and digital currency have always been intended to be used as a financial tool to that regard, and it is heartwarming to see progress is being made in key areas.
“The Philippines is at a turning point. We must stop thinking about how we can grow our current industries and begin to think about which new ones we can create. Philippine tech is the path to this future, and investors must pave the way,” Serial Entrepreneur Joe Maristela told the media.
Not Just About Achieving ROI
Some of our readers may be wondering why investors and entrepreneurs would put money into a service targeting a technologically underdeveloped country such as The Philippines. Granted, the tech scene in that part of the world is not exactly stellar, but when it comes to digital currency adoption, there is no better-untapped market than Asia.
“If you’re going to evaluate Philippine tech, based purely on numbers, there will be many other industries that will likely yield a much higher return on investment. But if you’re talking about the potential impact on the country, about changing the status quo and improving the lives of Filipinos, there is no greater opportunity.” Mr. Maristela told DigitalMoneytimes.
Satoshi Citadel Industries is targeting this area for a reason. With over two-thirds of the Filipino population still unbanked today, there have to be alternate ways of sending and receiving money. To avoid the high fees associated with money remittance, Bitcoin and digital currency are the only logical option. Plus, cheaper options need to be made far more accessible to the general population, instead of providing an option for just the tech-savvy people.
Source: SCI Blog
Images courtesy of Satoshi Citadel Industries and Shutterstock