Everex, a blockchain company developing Ethereum applications, has announced the expansion of its operations towards global, blockchain-enabled microcredit and fiat remittance services.



According to the official release, Everex mobile fiat transactions are based on its already existing Cryptocash service and mobile Ethereum wallet. Cryptocash, an Ethereum ERC20 token family, is pegged to fiat currencies and tradable on the Everex Wallet, as well as on third-party applications and exchanges. With the new product launch, users will be able to redeem Cryptocash against its fiat counterpart at ATMs, currency exchangers, and mobile service providers, thereby transferring fiat money instantaneously anywhere at extremely low costs.



The company further said that its remittance system was already tested last year, in which hundreds of migrant workers were able to transfer an aggregate amount of 850,000 THB from Myanmar back home to Thailand.



In addition, the new service will also allow users to request micro-loans in any currency from their mobile phones, Everex said. The credit scores, necessary to assess interest rates, loan periods, and risk, will be automatically generated on the spot, based on user behavior, social data, and spending patterns, which Everex collects through the company’s mobile wallet application.



“Generating credit scores on the basis of mobile data will allow us to serve the microfinancing needs of many un- and underbanked individuals which, due to the often deficient documentation and track records in the developing world, had until now no access to affordable credit,” Said Alexi Lane CEO and co-founder of Everex, adding that “Affordable credit is a key element of entrepreneurship and economic empowerment, and we’re proud to be able to provide this service”



Everex aims to bring two billion un- and underbanked individuals under the global financial system, by allowing them to access affordable instant micro-credit and global fiat transaction services from mobile devices. The seed capital to launch its micro-lending operation will be raised in an Initial Coin Offering (ICO) this summer. Everex has stated that it will use profits, not directly reinvested in growth, to buy its tokens (EVX) back from the market - ensuring that the company’s success is shared with token holders.