Cash2VN - the Vietnamese-born Crypto Remittance platform which has been operating in the South East Asian country since 2015 recently launched its Affiliate scheme.
Cash2VN allows its users to send money to any Vietnamese Bank account or to a variety of cash offices across the nation (currently serving Saigon, Hanoi and tourist hub Hoi An) - with no need for the recipient to know/understand anything about Crypto.
Cash2VN belongs to the pioneers in the "Rebittance" industry which saw various startups trying to tackle the issues of high costs of international remittances via the utilization of Cryptocurrencies for border- & bankless value transfer.
However, due to changing economics of transactions on the Bitcoin Blockchain various of these firms had to pivot their business model and adapt their technology in order to remain competitive in the international money transfer industry.
"The circumstantial statistical evidence provided by the Cash2VN team seems to indicate that transactions on bitcoin and ethereum blockchain (the “base layer”) are not viable for much longer as payment mechanisms for retail users." ( Cash2VN - Quarter 1 / 2021 report )
As one of the deliberate design choices made, the Affiliate scheme is operating in a non-custodial way.
Rewards are paid immediately upon a referral conducting a transaction via the platform.
Alex Winter, founding member of Vietnamese Crypto Exchange Platform BitcoinVN and the creator of Cash2VN commenting on the design choice:
"It only makes sense to reward our users for shilling our product, and we do it the bitcoin way: through peer to peer payments directly into their wallets. Our users can pick between BCH, DASH and USDT on SLP for receiving their rewards, which are the only viable options we currently support when it comes to cheap and reliable online payments."
The platform has seen especially an uptick amidst Digital Nomads based which are often part of the unbanked population due to the increasingly strict banking regulations in Vietnam as well as among people who employ freelancers and service providers based out of the South East Asian nation.
The team of Cash2VN is constantly looking for possible service improvements - and can be reached among other channels via their official Twitter account.
If you are looking to test out the platform and support Alex' work - you can do so via this affiliate link.
Or create your own here.