MarilynJean Interactive (MJMI.QB) Sets Its Sights on $24B Philippines Remittance Market

Henderson, NV, October 12, 2015 (Newswire.com) - ​MarilynJean Interactive (MJMI.QB) today announced it has entered into advanced discussions with a provider of Bitcoin-based remittance services.

The potential remittance partner is a fully licensed money services business on the cutting edge of the remittance space, using Bitcoin to effect low cost transfers, primarily to the Philippines.   With a well-established brand, multiple Bitcoin ATMs, solid financial partnerships in the Philippines, MJMI’s management is excited about the potential synergies that could result from this relationship.

"We are very excited to be in advanced discussions with this potential remittance partner. They are at the forefront what we expect will be a massive shift in the way global remittances are effected. "

Peter Janosi, President of MJMI

In 2014, according to Focus Economics, remittances to the Philippines hit a record high, exceeding USD 24 Billion, accounting for roughly 8.5% of that country’s GDP.  Those funds came primarily from overseas workers sending funds home to their families.  Traditional remittance companies charge upwards of 8% fees on the total funds being sent, in addition to less than favorable exchange rates and taking up to 3 days to clear for pick up.  Using Bitcoin, transfers can be effected in virtually real time at a fraction of the cost to the user.  Funds can be sent directly to the recipient’s bank account or made available for pick up at a partner location or even via a cardless ATM withdrawal. 

In a Bitcoin based remittance transaction, an overseas worker would deliver funds to a remittance provider.  This service provider would buy Bitcoin on behalf of the customer and then transfer the coins, paying less than 1% to do so, to the selling partner in the recipient country.  The selling partner would then sell the Bitcoins and then transfer the funds to the final recipient.  Because there is a price difference between the buying and selling of the Bitcoins, it is possible for the two transfer partners to profit sufficiently from the Bitcoin trade to offer the transfer service for a significantly lower fee than any traditional currency (known as FIAT) based remittance service.

Bitcoin therefore offers the potential to completely alter the landscape of worldwide money transfers. 

The two companies share a vision on the massive opportunities in this space as well as on the future direction of expansion, namely servicing the remittance markets in Mexico and India.  In addition, both companies agree that acquiring and operating a Bitcoin exchange would allow the partners to offer a seamless, end to end solution to customers.  More sophisticated clients could eventually use their own Bitcoin wallets to move money through a jointly designed system, allowing them to effect transactions from their mobile phone through a licensed and trustworthy remittance system.

Peter Janosi, MJMI’s president said: “We are very excited to be in advanced discussions with this potential remittance partner.  They are at the forefront what we expect will be a massive shift in the way global remittances are effected.  Their team shares our view that remittance fees are exorbitantly high and that current providers profit excessively by offering poor, often hidden, exchange rates.  We believe that, in this area, Bitcoin has tremendous promise to disrupt a system that unfairly charges high rates to hard working people who have left their families to work overseas in hopes of providing them with a better life. We believe the growth potential in this sector is massive and that we are on the right track in terms of identifying the right partners who share our vision”.

MJMI is in the business of providing safe and accessible services for the users of Bitcoin and other crypto-currencies.

MJMI is currently exploring partnerships with several existing Bitcoin and crypto-currency exchanges as well as manufacturers and operators of Bitcoin ATMs.  Such a combination would place the company in an exciting position to offer an end to end solution for trading in various crypto-currencies and potentially capture a share of the lucrative markets of Bitcoin trading and remittance services, just as these markets appear poised to undergo massive growth.

About Bitcoin and Crypto-Currencies

Bitcoin and other crypto-currencies are a medium of exchange using cryptography to secure transactions and control the creation of new units.  Bitcoin became the first decentralized crypto-currency in 2009.  Crypto-currency is produced at a rate which is defined when the system is created and publicly known.  By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers.  However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control.  Many people believe crypto-currencies, and in particular bitcoin, hold the promise of being the most significant advancement in global finance in modern history.  The advent of bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence.

Richard Branson, head of the Virgin Group, is quoted on his company’s website as saying: “I have invested in Bitcoin because I believe in its potential, the capacity it has to transform global payments is very exciting.” 

Heavyweight investment bank Goldman Sachs (NYSE: GS), announced on April 30th 2015 that it had partnered with Chinese investment firm IDG Capital partners to invest $50 million in a Bitcoin start-up.  Numerous high-profile firms have begun accepting Bitcoin as a payment method including: Dell Inc. (NASDAQ: DELL), Dish Network Corp. (NASDAQ: DISH), Expedia Inc. (NASDAQ: EXPE), and Overstock.com (NASDAQ: OSTK).

MarilynJean Media Interactive is among the first publicly traded companies focused on bitcoin and the crypto-currency space.  The company’s trading symbol is MJMI.QB.

Website: www.marilynjean.com

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