HoneyCoin, a rapidly growing cross-border web3 super app, has announced its partnership with MYKOBO, paving the way for its launch in Europe. The partnership aims to empower users across all 27 EU Member States which includes Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden, to seamlessly deposit, withdraw, and send digital euros to over 140+ countries not including OFAC sanctioned territories or any jurisdictions under global sanction controls.
“Our partnership with HoneyCoin allows us to continue our joint vision to make digital tokens not only accessible but also financially inclusive.” Seyi Akin-Olugbemi (CEO – MYKOBO).
Along the same lines, David Nandwa, CEO/CTO & Founder of HoneyCoin stated,
“We’re thrilled to be partnering with MYKOBO for our launch into Europe. Both teams share the same values in eliminating the borders and limitations that inhibit connectivity and accessibility whilst still paying close attention to regulatory compliance and security. At a time where the world is seeing a global shift in payments & technology with stablecoins hitting an inflection point in real-world usage and the embedding of AI & machine learning into consumer products, HoneyCoin is at the very forefront o this digital transformation that’s currently happening and we believe that MYKOBO is as well.”
The Changing Landscape of Remittances
Europe has historically been a significant contributor to remittances into Africa and the US. Recent data highlights that remittances between these regions account for billions of euros annually, providing essential financial support for countless families and communities. However, these transactions often come at a high cost, with fees consuming a significant portion of the funds being sent.
According to the World Bank, remittances to low and middle-income countries reached $540 billion in 2020, with Europe being one of the significant contributors. Europe’s remittance flows to Sub-Saharan Africa alone were estimated at over $40 billion in the same year.
However, the true concern lies in the cost of sending these remittances. The global average cost for sending $200 was around 6.5% in 2020, with Sub-Saharan Africa experiencing even higher costs at approximately 8.5%. These percentages might seem small, but when translated to actual euros, they represent billions that could have otherwise supported families and communities in the receiving countries
By leveraging blockchain’s inherent security and the user-centric designs of both HoneyCoin and MYKOBO, the two companies expect to drastically reduce fees, faster transaction times, and an overall improved experience.
“Through this partnership we’re combining our expertise in building consumer-facing products with the infrastructural superiority that MyKOBO has in the digital asset issuance space to innovate, disrupt and improve the experience that consumers and business have.” David Nandwa CEO/CTO of HoneyCoin.RELATED; Despite Crypto Downturn, Celo Reinforces Focus on Web3 Advancements in Africa