Tapping into the $20 Billion dollar global digital remittance market, Block Earner’s latest offering is set to unlock faster, more secure, and low-cost remittance opportunities for everyday Aussies
Sydney Australia, 6 February 2023
— Australian blockchain-powered fintech Block Earner today unveils its latest digital remittance offering in partnership with Polygon
a leading Ethereum scaling solution. Recognising the untapped opportunity in the growing, multi-billion dollar global remittance market, the partnership will allow Block Earner to bring faster and lower-cost digital currency remittance services to everyday Australians.
Since entering the market over 14 months ago, Block Earner has been on a mission to make the next generation of financial services borderless, frictionless and accessible to all, through the convergence of traditional and digital currency rails. Its latest move comes as Block Earner reaffirms its commitment to building more inclusive blockchain-based products and services for everyday users.
The partnership will leverage Polygon's fast and affordable network, to allow Block Earner users to send money to friends, family, and loved ones across the globe with transaction fees as low as one dollar per transaction and near-instant confirmation times.
In addition, the digital remittance offering will enable greater access and adoption of USD Coin (USDC), which is issued by Circle Internet Financial
(Circle), a global financial technology firm and the issuer of both USDC and Euro Coin (EUROC).
Australia is one of the leading money-sending nations globally with its immigrant-rich population. Currently, there are an estimated 7.6 million Australians that send money overseas (1) and according to the most recent World Bank data Australia sent close to US$4 billion in remittances in 2021(2).
Digital remittance is still relatively new, having been around for less than a decade, and is ripe for further disruption. With digital money transfer numbers expected to grow significantly in the coming years in Australia and around the world, Block Earner hopes to simplify the process for consumers using best-in-class technology to make sending money as easy as sending an email or a text message.
Charlie Karaboga, co-founder and CEO, Block Earner said: “We are excited to partner with Polygon to bring fast, secure and hassle-free, blockchain-based remittance to Australians.
“With the integration of Polygon's technology, the high fees and long wait times typically associated with traditional remittance services will be diminished, giving Block Earner users a seamless and secure experience.”
“The future of money across global markets stands at a critical turning point with everyday users increasingly seeking easy access to digital currencies including fiat-backed stablecoins. Through our partnership with Polygon, our remittance offering will allow Block Earner users to easily send digital currencies like USDC (stablecoin pegged 1:1 to the US Dollar) to anyone, anywhere in the world, using just an email address.”
The launch of Block Earner’s remittance service Block Send is slated for release in March 2023 and will be available to all Australian customers.
Hamzah Khan, Head of DeFi, Polygon Labs, said: "We are excited to partner with Block Earner to bring fast and affordable blockchain-based remittance services to Australians. This partnership demonstrates the potential for blockchain technology to disrupt the global remittance market and we look forward to working together to bring this innovative solution to more countries and corridors in the future."
Raagulan Pathy, Vice President of Asia Pacific for Circle added: "Block Earner’s work to bring the capabilities and power of blockchain and digital currencies to its users is inspiring to see. This is yet another step towards fostering greater adoption of digital currencies like USDC on the internet."
With its debut in Australia, Block Earner hopes to expand its remittance service globally and introduce additional fiat-backed stablecoins such as EUROC in the future, enabling more people to enjoy the benefits of blockchain-based remittance.
(1) Based on Australian Bureau of Statistics (ABS) migration data for FY19-20.
(2) Based on the latest World Bank Data for Personal Remittance in Australia for the year ending 2021.
Polygon is the leading blockchain development platform, offering scalable, affordable, secure and sustainable blockchains for Web3. Its growing suite of products offers developers easy access to major scaling solutions including L2 (ZK Rollups and Optimistic Rollups), sidechains, hybrid, stand-alone and enterprise chains, and data availability. Polygon's scaling solutions have seen widespread adoption with 19,000+ decentralized applications hosted, 1.6B+ total transactions processed, 142M+ unique user addresses, and $5B+ in assets secured. Polygon is carbon neutral with the goal of leading the Web3 ecosystem in becoming carbon negative.