Evervex and OmiseGo are often compared as competitors, but this could not be further from the truth. Both coins are label as “micro-lending” projects, which has A LOT of people confusing Everex as a mere copy of the mighty Omisego. I won’t be going too much into the background of Omisego, as it has gotten a lot of attention due to it’s “All-Star” adviser team and some stickers on a skateboard, but maybe I can shed some light on Everex, which just came out of ICO a couple months ago.
Everex, like OmiseGo, is a financial technology company that specializes in applying blockchain solutions to cross-border payments, trading, and lending. Without a bank account, you are enabled to borrow, transfer, and trade in any fiat currency anywhere in the world. Unlike OmiseGo, Everex has already completed a successful pilot of their cross-border remittance system with transfers between Myanmar and Thailand that occurred over a year ago.
Since the test pilot, Everex has developed 3 WORKING blockchain products: Ethplorer, Wallet, and Chainy. You can go to the Everex website, download the wallet, and start receiving, sending and borrowing money instantaneously. Now that Everex has their products ready to use, what do they plan to do with them?
Here is where OmiseGo and Everex differ. Everex can act as a service to this as well, but OmiseGo is targeting the industry of businesses and merchants cross-border. We have already seen that Omise, the parent company of OmiseGo, partner with McDonald’s Thailand, but there’s one major difference that puts Everex in front of OmiseGo when it comes to a certainly massive industry.
This puts Everex at a massive advantage when it comes to acquiring partnerships with banks. Everex has an existing partnership with Bangkok Bank, which is one of the largest commercial banks in Thailand with 1,200 branches within Thailand with 32 international branches in 15 economies, including fully owned subsidiaries in Malaysia and China. Everex was also sought after by the Bank of China (Hong Kong) to explore the application of Everex technology for South East Asia remittances. On November 22, 2017, Everex and Bank of China HK held a meeting that ultimately led to the signing of a Non-Disclosure Agreement (NDA), a step that could end in a possible partnership. With the idea from one of Everex’s investor companies, the Everex team is working to put together a working group to create a test pilot for SME trade finance transactions between China and Thailand. If you take a glance at their whitepaper, you can see that all of the goals are designated to find real-world uses starting in SE Asia, and expanding across the world in 2018.
I for one am very excited for Everex, as we watch them revolutionize the banking and financial industry with the help of blockchain technology.