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RemittDAO is committed to helping people who can’t get banking services or State-issued ID. We host workshops to on-ramp those who’ve been ignored by traditional finance into digital remittance solutions that can be used without a bank or documentation. Now they can participate in global finance- without asking authority for permission.
RemittDAO is an online community of people who care about financial inclusion for the 2 billion people who cannot receive banking services. Especially the 170+ million migrant workers from developing countries and the 80+ million asylum seekers/refugees worldwide. The often lack identification, are in debt, and/or have poor social credit. Whatever the reason, they can only interact in a local context.
Digital currency wallets disrupt this legacy of exploitation. A starving boy in an isolated village can now participate in global finance without kowtowing to banks, or to a central authority of any kind.
This is the most humanitarian impact that crypto can provide mankind: Radical inclusion and decentralized remittance payments for those left behind from banks. Archaic payment service providers (like Western Union) have been profiting off the backs of unbanked people for centuries.
But wait. The digital remittance tools that can be used to send money to/from families WITHOUT A BANK are already here! We don’t need to wait any longer.
But how can we create impact? RemittDAO believes outreach is key to connect & introduce a new financial system that is free from middle-men, long wait times, and hidden fees. A coordinated push for education & outreach is what it takes to familiarize overseas workers with the tools to save money & time with each transaction. Over time, this builds wealth in poor families.
RemittDAO doesn’t play favorites with digital remittance tools. Whichever solution best meets their personal/geographic needs is the one we will demonstrate. We don’t shill. We don’t charge a fee. We are not VC funded.
We look at the individual as a person, and conclude the best way to make remittances. It’s not rocket science, its 21st century financial literacy.
Our beneficiaries have no appetite for risk & need to experience digital tools for themselves first hand, risk free. Only then will change happen.
There is a choice: keep paying high fees & putting trust in strangers with your paycheck, or upgrade to a digital tool that’s secure, fast, a fraction of the cost, and ideally, redeemable for goods or fiat in their home country.
It’s only after building trust and providing a safe space to familiarize themselves directly with the tools, that change will happen.
This more important today than at any point in human history. If the goals of remit doubt, or not achieved quickly, a CBDC will soon be the only option. This will force them to surrender, personal information that could be used against them for the rest of their lives. A CBDC is a dark path with plenty of opportunities for further exploitation of the underclass. If decentralized tools aren’t taught to them soon, it may be too late.
We don’t stop there. We create sustainable support groups for all beneficiaries beyond remittances. Transport, housing, food, abuse, neglect, and exploitation are all important areas that need assistance to individuals. RemittDAO is establishing a fund that will allocate resources to beneficiaries in need.
We welcome local & native populations to take ownership of RemittDAO, to vote on decisions within the DAO and be rewarded for their help.
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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