Annually millions of foreign workers from developing countries send money back to their relatives via banks, by hand or using other un-accountable ways. This remittance money is estimated at more than 500 billion dollars each year and private banks charge their higher percentage to exchange money from foreign currency into local currency.
Zillionize has invested in ButterCoin – an open source, digital currency-oriented trading engine used to arrange trades in an order book. The purpose of ButterCoin was to open local exchanges in developing countries where most of the remittances are transacted to facilitate cheaper cross-border currency transfer.