(GoldSilverBitcoin) – Everex, formerly Midas Reserv, is making waves in the crypto-cash industry thanks to its contributions in cash-transfer technologies. Based on the Ethereum blockchain, Everex’s central product, Cryptocash, allows individuals to transfer cash across borders instantly in form of national currency on a blockchain. Applicable to remittance and cash transfers, Cryptocash is a digitized form of cash backed by national currencies thanks to Everex’s partner institutions.
But, the company didn’t start out as Everex, and it did not start out with its eyes on developing a cash system. Instead, operating under the moniker Midas Reserv, the development team and its executives worked on a digital gold system.
The company’s website is still online. “Midas Reserv is the umbrella fintech blockchain development company specializing in asset digitization protocols,” reads its FAQ section.
Before the re-brand, the company apparently worked on the digitization of commodities (MRGold), equities (MRShares) and simplification of payments and other transactions (MRMoney) by combining the world’s oldest asset, and its the new digital paradigm for assets.
“We use proof of Issuance protocol, which allows us to issue into (bitcoin) blockchain various assets in the form of ‘coins’ with the same attributes as bitcoin, while representing different values and are backed by physical asset reserves stored with the third-party custodians,” reads the Midas Reserv website.
The coins are designed to represent investment grade gold bullion (MRGold), shares of companies (MRShares) and equivalent of fiat currencies (MRMoney).
“We started with digitizing physical gold on bitcoin blockchain under Midas Rezerv (MRGold) name in Thailand back in 2015,” Everex CEO and Founder Alexi Lane told Crypto Coins News. “Soon enough we understood that in order to successfully conduct business on blockchain, both product and payments must be on blockchain. Having just one part won’t make the business model scalable. Therefore, we put gold aside and switched to cryptofiat, with the idea to get back to gold, once it will be available for regular Joe to purchase and trade it with cryptocash. At this time bitcoin is the only tradable cryptocurrency in the world. We even call it “world’s reserve cryptocurrency”, as many altcoins now are priced on exchanges not to USD, but BTC.”
He added: “However, the time when bitcoin will become globally acceptable is still far from now. So we want to introduce regular Joes to cryptoworld today through the introduction of cryptocash, which will open global crowd -finance space on a global scale.”
The company’s token sale in support of Cryptocash, Chainy, The Everex Wallet and Ethplorer, are designed to power a capital transfer system. It’s presale period, ending early AM on July 8 in Singapore, has an undisclosed cap. The following token sale starts July 24th and has a $15 million cap.
Everex also has plans on introducing micro-lending via blockchain standards, enabling individuals in disenfranchised locations to build public credit and receive loans.
The Singapore-based startup has received attention globally. In New York at the United Nations, it received a Remittance Technology Award (RemTECH) for “Service Originality.” Everex will also join seven other startups as a ‘Bluefin’ startup in Bangkok Bank’s incubator in the following months.