MICROCAPITAL BRIEF: Everex Raises $17m in “Initial Coin Offering,” Anticipates Offering Mobile Remittances, Microcredit Using Blockchain Technology in 2018

Everex, a Singapore-based startup with plans to offer microfinance services using its own virtual currency, recently closed its first token sale, raising BTC 1,580 (USD 5.4 million) and ETH 49,479 (USD 11.7 million) from 8,300 buyers. The firm describes its work as “deploying fiat currency on the blockchain providing affordable immediate microfinance on mobile devices.” Blockchain is a record-keeping system that is resistant to tampering and is often used to record financial transactions on multiple computers so that the data is not dependent on any single machine. Everex employs the blockchain system of Switzerland’s Ethereum Foundation, which is uses open-source technology to facilitate exchanges of funds and the documentation of contracts.

During a pilot program in 2016, Everex enabled transfers by 100 migrant workers from Thailand to Myanmar valued at a total of USD 24,000. In addition to remittances, the firm plans to offer microcredit, bill payment and foreign exchange services, with cash-out available at bank machines and retailers. During 2017, Everex plans to expand to Russia, and during 2018 it expects to grow to additional Asian countries as well as the Middle East.

Everex is waiting to distribute the tokens it recently sold, pending a “full security audit” by Switzerland-based Validity Labs AG.

By Aleks Marceau, Research Associate

Sources and additional information:

Everex press release:

Everex home page:

The EVX token from Everex:

MicroCapital on Ethereum and UN in Syria:

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