What Is Everex?

What is Everex (EVX)?

Everex is a decentralized application that provides the ability to make P2P payments and trade financial products using digital assets (tokens) and smart contracts. The global payment service Everex provides small and medium-sized businesses with safe access to world markets with prices that were previously available only for multinational corporations. Using Everex, small and medium-sized businesses can safely send and receive payments abroad. Being protected by smart contract technology these payments can be made in any currency and at the best exchange rates. Everex uses the Ethereum blockchain for all services, providing customers with complete transparency in the transaction process.

The Everex (EVX) token was created for several purposes. First of all, EVX will grant a 50% discount on fees incurred on the Everex platform if a person employs it as a default payment method. In addition, EVX will be used as a cashback reward point in a coming product line. Now the main focus of the project is the application of Everex technologies to card payments and fiat payment gateways.Basically, this tech will allow merchants to receive daily sales from their stores in fiat stablecoins in a few minutes vs a few days. As well, the cost of accepting Visa/Mastercard will be much lower than current. So instead of pushing payments with cryptocurrencies, Everex team promotes the integration of blockchain technology on a backend of card payments. They believe that it should dramatically lead the user adoption as so many people use bank cards in daily transactions.

In the spring of 2019, the Everex token made a sharp jump and in a day its price increased by 258%. The coin's capitalization exceeded $24 million; it took 146th place in the rating of the largest digital money by this indicator. The token began to grow after the moment when developers of the project announced in their Twitter account that they’d received permission from US regulators to perform domestic and international cryptocurrency transactions.

Where did Everex (EVX) come from?

Everex ICO was held in the summer of 2017. During the ICO period $25,840,000 was raised, which is 99% of the hard cap.The project’s CEO, Alexi Lane, is a fintech entrepreneur, investor, and manager with over fifteen years of experience in the financial services industry. Previously he worked at Morgan Stanley and Wealth Strategies Group.The co-founder of the project, Alexander Kakunov, has also been working in the software industry for more than fifteen years. The past three years Alexander has dedicated to blockchain-based application development.The team consists of specialists working in various areas - technology, customer support, microcredit, an advisory group on money transfers, blockchain systems, and security issues. Everex has many years of successful experience in the blockchain industry. Among previously created projects by Everex are Ethplorer and Chainy.Ethplorer was created for Ethereum token transactions monitoring. Chainy — an independent service on the basis of the Ethereum blockchain.

What are the advantages of Everex (EVX)?

1. Corporate usage
   
   The algorithm of banks is quite difficult and long. On the blockchain network, payments are processed much faster. Everex financial technology solutions help the project become more effective. It provides an affordable option for small and medium-sized enterprises.
2. Stablecoins offering
   
   Everex provides its users with access to a number of stablecoins tied to the current exchange value of such national currencies as US dollars and euros.
3. Quick deposits and withdrawals
   
   You can deposit money and convert it into stablecoins with one click. Withdrawals are available at currency exchanges and ATMs globally.
4. Digital Escrow: payments can be sent with a one-time PIN
   
   Recipients can unfold the assets only using the PIN which they get from the sender.

What are the disadvantages of Everex (EVX)?

1. Reliance on the volume of one exchange
   
   The success of the platform is directly related to the volume of exchanges which the project collaborates with.
2. Token volatility
   
   Compared with other similar projects, the EVX token is not stable enough.

How to exchange crypto on SimpleSwap?

If you loved this article and want to continue the trip to the Crypto World by purchasing some coins, you might use SimpleSwap for that. Just follow the guide below:

1. For example, you want to swap BTC to ETH. Select the currency you want to exchange (e.g. BTC) in the first drop-down list. Then enter the amount you want to swap.
2. Select ETH in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
3. Click the Exchange button.
4. Enter the Recipient's Address. ETH will be sent there. Be careful and make sure you use the correct address.
5. Create the exchange.
6. You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to ETH exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.