SureRemit Basic Review
|Start ICO||09 Jan 2018|
|End ICO||09 Feb 2018|
Ticker symbol: RMT
Project Type: Financial Services
Extended company description: Ecosystem for global non-cash remittances, built on the basis of blockchain technology.
Company: Greenhouse Investment Holding Company
Public ICO Start: 10.01.2018
Public ICO End: 10.02.2018
Token Sale Duration (weeks): 4.4
Token type: based on Stellar
Total number of tokens: 1,000,000,000
Tokens available (Pre-Sale + Public ICO): 500,000,000
Price of 1 RMT: $0.02
Accepted payments: XLM, ETH, BTC
Bounty: The program is active until the end of the ICO.
Token role: Functional
Team (number of persons): 6
Advisors and partners (number of persons): 6
Twitter: Posts: 79, Followers: 3038
Telegram: Subscribers: 706
Reddit: Subscribers: 50
Medium: Subscribers: 50
Instagram: Posts: 7, Followers: 1210
Linkedin: Subscribers: 21
Facebook: Subscribers: 2525
YouTube: Posts: 2, Subscribers: 11
SureRemit is an ecosystem for global non-cash remittances, built on the basis of blockchain technology.
The system enables people to send funds, for example to family and friends in their home country. The main idea is that those who have migrated abroad can send vouchers for specific amounts without any additional costs.
The ecosystem consists of the following components:
- Traders in various sectors (e.g. pharmacy chains, retail stores, grocery stores, etc.).
- Housing and communal organizations.
- Cellular communication operators.
Within the ecosystem, the SureRemit token (RMT) will be used to access vouchers and pay invoices for remittances. Clients will be able to select the country to which they want to send funds, find a suitable merchant, create a voucher order via SMS or e-mail, and pay for it with a RMT token. Once an order is received, the token will be frozen until the voucher is withdrawn from the SureRemit system. When this happens, the token is transfered to SureRemit.
In the future, it is planned to activate direct acceptance of RMT tokens by ecosystem partners, which they in turn will be able to convert to fiat.
Eray Altili (Linkedin) — Information Technology Architect for the United Nations, formerly Architect and Information systems engineer at NATO, senior system engineer at IBM.
Boris A. Reznikov (Linkedin) — Director of partnership at Stellar.org, formerly senior consultant at Deloitte Consulting, director of corporate governance advisory services at D.F. King & Co.
Nathan Windsor (Linkedin) — Blockchain consultant at Macroscape Inc., marketing, branding and user interface specialist at Rchain Cooperative, CEO of Tunicity.
Maomao Hu (Linkedin) — Operating director at Kora, formerly product, sales and marketing specialist at Middlelink Technologies, LLC, director of sales and implementation of AI at Capco Digital.
Charlene Chen (Linkedin) — Chief operating officer at Bitpesa, formerly: Consultant at Grameen Foundation and Microsave, head of marketing and innovation department at KickStart International.
Dickson Nsofor (Linkedin) — CEO of Kora, formerly technology engineer at the United Nations, founder and chief business development specialist at Lixon Mobile.
KPMG, Shell, Coca-Cola, Nestle, DHL and more than 200 corporate customers already use their digital vouchers.
Green House Capital — an investment firm that has collected the largest portfolio of FinTech companies in Africa.
Musha Ventures — investment fund.
Uzoma Dozie — Nigerian banker, investor, economist.
CRE venture capital — investment fund.
500 Startups — venture fund.
Dibetso & Molapisi Investment house (n/a).
The project has experienced specialists who have created an already functioning service, Suregifts, whose affiliate network will also accept the RMT token. The project is arousing interest from the blockchain community.
Strengths of the project:
- The existence of an affiliate network accepting the project token.
- The project has attracted venture investments prior to staging its ICO, which shows the level of trust in the project by investors.
- There is an MVP.
- The project has a well-elaborated package of documents.
Weaknesses of the project:
- The low growth of the conversion market on a global scale (however, this issue can be compensated for by growth in the Africa region in which the project is specializing).
Market and industry
According to the World Bank Group, remittances decreased by 2.4%, to $429 billion in 2016, after declining by 1% in 2015. Only South America showed an increase of 6.9%. The fall is due to the economic crisis and the decline in oil prices. However, as soon as the economic situation stabilizes, the volume of remittances is expected to increase by 4.4%.
Moreover, according to an IFAD report, remittances to developing countries have increased by 51% over the last 10 years. [http://pubdocs.worldbank.org/en/992371492706371662/MigrationandDevelopmentBrief27.pdf], [https://www.ifad.org/documents/36783902/4a5640d9-e944-4a8c-8007-a1bc461416e6]
According to the team there are about 250 million people who send more than $600 billion a year to back to family and friends in their countries of origin. In addition, more than 40% of these remittances are intended for specific uses such as food, clothing, medicine, school fees, or the payment of utility bills. The Bank of Mexico reported that the amount of money sent home by Mexicans living abroad amounted to $24.8 billion in 2015, for the first time overtaking oil revenues as a source of foreign income. Money transfers to Nigeria exceed $20 billion.
Comments: Based on the analysis, the remittance market should soon stabilize and again demonstrate growth. In general, the field of remittances is growing slowly.
The team pinpoints the following competitors in the field of remittance:
Crypterium — a crypto bank with contactless payments available to everyone.
Worldcore — an online payment system.
Utrust — a platform that allows one to make payments in cryptocurrency, make instant conversions and transfers.
Summary: The main difference from the competition is the project's specialization in the countries comprising Africa and South America, and the fact that SureRemit already has a functioning service, Suregifts, which will be the basis of the project.
Engineering features of the platform
The platform will function as follows:
- Sender: Acquires a Remit token (RMT) and is then able to purchase a voucher. Acquires a voucher for the required product or service.
- Recipient. Receives the voucher via SMS or e-mail. These vouchers are accepted by Suregifts network partners (a network of merchants accepting digital vouchers as payments).
- Merchants. Merchants can accept digital vouchers through simple redemption systems. Ecommerce vendors can implement SureGifts plugins or APIs for acceptance on their sites.
The platform is built on the basis of blockchain technology.
The SureRemit token (RMT) is built on the basis of the Stellar Network.
Comments: SureRemit already has a mobile application available for testing. The platform includes a ready functioning service - SureGifts. According to the team, SureGifts has 300 partner traders. More than 80,000 SureGifts vouchers have been redeemed. [https://itunes.apple.com/us/app/sureremit/id1102261592?mt=8], [https://play.google.com/store/apps/details?id=com.suregifts.sureremit]
In the future, with the development of the technology and amount of data it is planned to implement the following:
- March 2018 — release of a beta version of the application.
- 2nd quarter 2018 — release of the final version of the application.
Comments: According to the team, the platform itself is ready. The only component that is in need of reworking is the mobile application. The project will then focus on attracting partners and clients.
The project has no GitHub account.
Comments: On this issue, the team replied that it is not yet ready to disclose the code.
We checked the site and documentation of SureRemit for sufficiency and consistency in order to make an investment decision.
The website also provides information about the project, the ecosystem, conducting the public ICO, the roadmap, sponsors, partners, frequently asked questions, advisors and the team. The site is available in English. An additional feature of the site is the frequently asked questions and answers section.
Summary: The documentation provides insight into the project. Principles of the platform’s operation are described in sufficient detail.
Tokens to be issued for sale,%: 50
Public ICO Start: 10 January 2018
Token type: based on Stellar
Accepted payments: XLM, ETH, BTC
Price of 1 RMT: $0.02
Crowdsale duration: 4 weeks, until 10 February 2018
RMT is a utility token built on the basis of the Stellar Network; it is the currency for the platform, usable for the purchase of digital trading vouchers. All operations on the platform will be carried out using RMT, which can be purchased using fiat or cryptocurrency.
Advantages of using Stellar Network:
Token limit: 1,000,000,000
Advantages for token holders: The tokens are functional, they can be used for the purchase of platform services or be sold.
Additional issue of the tokens: No
Tokens are sold in several stages:
- Pre-Sale Starts: December 8, 2017.
- Pre-Sale Ends: January 9, 2018.
- Crowd Sale Starts: January 10, 2018.
- Crowd Sale Ends: February 10, 2018.
Max Goal: $ 10,000,000
Minimum Goal: $ 2,000,000
The project has allocated 10,000,000 RMT to the bounty program. The program will be open in the following directions:
- Other (Videos, Meetups etc).
Summary: The project has an extensive bounty program. All the terms of the program are specified under the link.
To participate you need to have a Stellar wallet; the rewards will be allocated to this wallet after the end of the ICO.
In addition, the project has an open direction: Country representation.
Token and capital distribution
Tokens and capital are distributed according to the following scheme:
Summary: Tokens do not affect the distribution of shares in the company.
Development plansRoadmap of the project:
Roadmap of the project:
- 2nd Quarter 2018 — expansion to the markets of Central Asia and India
- 4th quarter 2018 — expansion to the markets of South America and Asia
Summary: The team has provided a scaling strategy. In addition one can find a description of the marketing campaign in the white paper. There are plans to use digital marketing (offline communities, social networks, etc.), the organization of shares in the form of gifts, the introduction of corporate rewards and loyalty programs.
The team consists of 6 people, as well as 6 advisors. Information on the principal participants of the team (LinkedIn) is as follows:
Olaoluwa Samuel-Biyi (Linkedin) - CEO and remittance specialist. Co-founder of Suregifts, venture partner at GreenHouse Capital Africa, senior manager of Venture Garden Group, formerly: Business analyst at Jumia Nigeria.
Babafemi Lawal (Linkedin) — Technology specialist. Co-founder of SureGifts, formerly: Head of BI and business analyst at Jumia Nigeria, data management/retail specialist at Samsung Electronics.
Adeoye Ojo (Linkedin) — Operational director. Co-founder of SureGifts, formerly: E-commerce consultant at UBA, senior marketing analyst at Jumia Nigeria.
There are 3 other people in the team.
Summary: All members of the team indicated their affiliation with SureRemit. The team is mainly from Africa, and most members have worked with SureGifts. The team also specialists in marketing, digital products and software. However, we would like to note that the marketing specialist leads several other projects as well.
Information about the project is available on a variety of popular services such as Twitter, Telegram, Medium, Reddit, Linkedin, Instagram, Youtube and Facebook. The project has a bounty program open.
The project is active on social media. The team answers users' questions in Telegram. There are regular news updates on Twitter and Facebook.
The format of articles about the project indicates that they are mostly written to the project's order or taken from other communities where the possibilities of introducing cryptocurrency in African countries are discussed.
Comments: User interest in the project is gradually growing. The marketing campaign is mainly developed on Twitter.
Analysis of the SureRemit website traffic based on the Similarweb.com data showed the following:
Traffic sources: Similarweb
Comments: direct: 70.9, referrals: 0, search: 0, social: 29.1, mail: 0
Search traffic: 0
Referral Links: 0
Analysis of the SureRemit website traffic based on analysis data [https://a.pr-cy.ru/token.sureremit.co/] showed that:
Site evaluation: 0.7
Traffic: visitors: 6565 , views: 26,250
Social activity: The total social activity is 2555 points. Facebook shares — 2555
Summary: Based on available data on the project, it can be concluded that the interest of users in SureRemit is growing. Traffic on the site over the last month has increased by 400 people. The team has an active advertising campaign on Twitter and Facebook, and it is communicating with the public via Telegram.
You can contact the developers through the following links: