MarilynJean Media Interactive announces plans to enter remittance market using Bitcoin

FinTech | August 6, 2015 By:

On July 24, MarilynJean Media Interactive announced its plans to enter the multi-billion dollar remittance market using Bitcoin to effect transfers.

A Bitcoin remittance transaction would involve purchase via a bitcoin exchange and transfer to a bitcoin remittance company who would then send the money to the recipient. Typically this would be completed in a matter of minutes and limit fees to around 2% of the transaction value.

“With legacy remittance companies and traditional banks continuing to charge high fees while hiding other fees via poor exchange rates, it’s hard to see a future where they will continue to be relevant,” said MarilynJean Media president Peter Janosi.

MJMI is one of the first publicly traded companies to shift focus exclusively to the bitcoin and cryptocurrency space and will be the first such company to offer international money transfer.