Nauticus is opening digital currencies to the developing world

Highlights

  • Nauticus has opened up digital currency to the developing world, helping to mitigate the issue of the 1.7 million worldwide ‘unbanked’ people.
  • Digital currencies will eliminate the 5-10% international transfer fees cost and alleviate the slow and expensive international payment system currently in place.
  • This opens up new, achievable options for those in developing countries to access wages and transfer money to families at home.

Melbourne-based Fintech Nauticus has opened up digital currency to the developing world, helping to mitigate the issue of the 1.7 million worldwide ‘unbanked’ people. Nauticus itself saw firsthand the impact of digital currency in the developing world when attempting to pay their customer support staff. With a majority of staff without bank accounts, payment was expensive and slow with 5-10% fees and conversion costs.

With access to digital currency, Nauticus employees can now opt to be paid in their choice of digital currency, practically fee free and instantly. This also opens up the flexibility and decreases costs associated with transferring monies internationally. The 5-10% transfers fees will be non-existent with the option to redirect these monies back into the economies of these developing countries.

From opening trade in the fourth quarter of 2018, Nauticus offers a total of 15 digital currencies with a goal of reaching 100 digital currencies and six foreign currencies by the end of 2019.

 

About Nauticus

Nauticus is a Melbourne based fintech company that provides user-friendly and secure crypto banking and eCommerce solutions utilizing blockchain technology, underpinned by the Nauticus Coin.