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RemittDAO is committed to enabling digital remittance payments among migrant worker families & displaced persons around the world. Especially for those who are unbanked.
RemittDAO is a collection of who believe the greatest social impact digital currency can provide is by facilitating remittance payments in migrant communities.
Often, migrants are ignored by banks because of a number of reasons. Physical outreach is the key to ‘migrate’ bankless people away from archaic payment service providers (like Western Union) to the digital remittance tools that are already at our fingertips. No bank required. This is designed to help migrant workers & displaced persons build family wealth with every paycheck.
There are 169 million migrant workers in the world. Our goal is to onboard them to whichever digital remittance solution meets their cultural/geographic needs. We don’t shill. We don’t play favorites. We are not VC funded. We look at the individual as a person, and conclude the best way to send remittances. Period.
We come from all over the world, but share one goal: Achieving financial empowerment for the most marginalized people groups.
RemittDAO is concerned with hosting education workshops for the unbanked workers to familiarize themselves with the digital remittance tools.
Migrant workers have no appetite for risk & need to experience digital tools for themselves first hand, risk free. Only then will change happen.
We are teachers without borders. We travel to cities where migrant workers are concentrated to teach the logistics of the selected digital tools, face to face. We host workshops showing there is a choice: keep paying high fees at Western Union every paycheck, or upgrade to a digital tool that’s lightning fast, a fraction of the cost, and redeemable for goods or fiat in their home country.
It’s only after giving space for migrant workers to familiarize themselves directly with the tools, that change will happen.
In order for this project to be sustainable, the natives of the countries we serve must become the teachers & support groups. We welcome local & native populations to take ownership of RemittDAO, to vote on decisions within the DAO and be rewarded for their help.
The migrants who become part of RemittDAO are entitled to receive free coding courses offered for their childres growing up in their home country. This will open doors to a career path in Web3, regardless of location. This is designed to break the cycle of poverty.
Once trapped in a world void of opportunity, now becoming the next generation of Web3 professionals, regardless of geographic location, nationality, or skin color.
For migrant workers, sending remittance payments is the lifeline for their families survival. But this comes at a high cost. Not only are they separated from their loved ones, many migrants are tricked, coerced, or threatened into harsh labor conditions, with no viable avenues for exit.
To make matters worse, families who are unbanked/undocumented are forced to resort to costly payment service providers (PSPs) who take a much higher percentage of fees & longer wait times than banks.
For migrant workers, this reoccurs every payday. Western Union is a popular PSP, but their competitors can be much worse. There are numerous predatory PSPs who target migrant workers because they’re uneducated or come from isolated villages. Scams and exploitation are rife.
Think about this:
The MORE wealthy you are, the LESS fees you pay to send money abroad. The more IMPOVERISHED you are, the HIGHER fees you pay.
Is that ironic? I guess not. It’s just another tax on being poor.
But to their families in developing countries, every dollar they keep is worth more than it is to their privileged counterparts. After all, in many developing nations, $1.00 is enough to feed someone for a day.
So we know theres a problem, but the digital tools needed to alleviate this are already available. This technology may be confusing at first, but that’s why we’re here. The solution is simple: Physical outreach. Our aim is to familiarize & establish educational support groups within local communities on the logistics of digital remittances. Familiarity won’t happen by itself.
It may be simple, but not easy. RemittDAO needs your help to make this happen. We need teachers who feel passionately for these families. It will be hard. It will seem impossible. But once people realize that digital currency is here for humanitarian goals, the global narrative around crypto will forever changed.
Rather than creating yet another digital tool to facilitate transactions, RemittDAO’s mission is different. RemittDAO’s mission is to:
– Coordinate with local migrant support groups, NGOs, & social impact DAOs in the region. Build a community of people who care about the issue.
– Provide F2F learning workshops experiencing sending & receiving digital remittances on the tool that meets their needs.
– Promote Web3 culture among those in developing nations.
Let’s teach kids in developing countries how to code, while their Mom works in Saudi Arabia. Let’s teach Blockchain essentials to kids who’s Dad works in Singapore. This is building Web3 culture & breaking a cycle of poverty.
There’s no time like the present: The remittance industry is expected to hit an all time high of $774 Billion in 2022. If we could help just 0.01% of those transactions, we would be saving millions of dollars for some of the poorest people in the world.
Let’s build wealth and break the cycle of poverty at the same time.
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A: No. If a digital service better meets the needs of a particular user, then it will be demonstrated, regardless if there’s a digital token involved. It’s the right thing to do. RemittDAO is unbiased on which tool it recommends. Any secure digital service that meets the needs of the user will be supported in RemittDAO workshops.
A: Most migrant workers have children who have been left at home. This is a vital time for growth for these kids. So why not learn web3 skills? For our most engaged users, RemittDAO gives them access to learn Web3 skills from home. First project: Create your own video game by writing code! Web3 skills can provide the opportunity to break the cycle of poverty and work from anywhere with only a laptop and internet connection.
A: As RemittDAO is still in its baby stages, we are narrowing our focus to migrant workers in select countries. Among them are Southeast Asian nations.
A: In order to reach the most members of a culture, there must be integration of native educators & support leaders. Thats why Active members and engaged users of RemittDAO services can earn governance & reward tokens. However, the most important reward natives will receive is for their children. Their kin will be eligible to enroll in the free web3 skill courses. They can even receive their own individualized laptop. This is designed to break the poverty cycle.
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Denver, CO
remittdao@gmail.com
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