We are one world, borders should not limit our ability to interact and transact with each other.
The world we live in today is heavily globalized. Supply chains are commonly spread over multiple countries, with an ever-increasing number of businesses outsourcing to capture the best or most cost-effective talent in the world. Furthermore, there are over 258 million economic migrants. These shifts in how we work and how businesses operate mean that there is an immense demand for quick and cheap cross-border payments. The rise of economic migration has led to a booming remittance payment industry, with money sent from developed countries to developing ones now standing at $444 billion per year.
Right now, cross-border payments are expensive, with fees being as high as 5% to 10% to process a transaction.
An economic migrant could be charged $20 in fees to send just $200 from Europe to Africa. With Nimiq, the same cross-border transaction can be completed for less than a cent and be executed in around a minute.
Needless to say that businesses can leverage this advantage too.
Another big problem with fiat currencies is that they are regularly used as political tools. Some governments don’t allow citizens to transfer more than a certain amount of money out of the country each year.
NIM is completely free and unaffected by borders, jurisdiction, embargos and capital controls. This freedom empowers Nimiq users to be in full control of their funds and to send cross border payments without restrictions.