Kambista Estimates Increase in Currency Exchange with the Integration of the Cathio Remittance Platform
LOS ANGELES, CA, June 27, 2019 (GLOBE NEWSWIRE) — CurrencyWorks™ (TSXV and OTCQB: CurrencyWorks™), which designs, builds and manages digital currencies so organizations can grow their businesses by attracting, engaging and retaining customers through the creation of their own digital currency, announced today that, Cathio Inc. (“Cathio”), currently a subsidiary of CurrencyWorks™, for which CurrencyWorks™ is building a digital wallet and digital currency, has entered into a Memorandum of Understanding (“MOU”) with Kambista S.A.C (“Kambista”), the first fintech currency exchange platform in Peru.
“CurrencyWorks™ project Cathio, was founded specifically to reform the transfer of money and resources in the Catholic economy by applying technology to offer an easy-to-use payment solution that responds to the needs of the Catholic community, nonprofits and institutions.” Said Bruce Elliott, President CurrencyWorks™ “This proposed agreement is a fantastic integration project that leverages Cathio’s payment processing technologies.”
Under the terms of the MOU and proposed agreement, Cathio will build and test a remittance platform with Kambista whereby individuals or organizations will be able to transfer funds from the United States to foreign countries. Kambista is the first fintech currency exchange platform in Peru, providing people and small/medium enterprises the chance to exchange US dollars to Peruvian Soles at a competitive rate via online transactions.
Kambista was founded in 2016 and was the first to implement the mobile exchange business model in Peru and one of the first fintech’s in the country. Kambista started operations in 2017, exchanging a total of US$200 million and fulfilling over 100,000 transactions to date. They are projected to exchange an additional US$200 million in 2019 and will soon be expanding operations into other Latin American countries.
“This is a perfect fit for both Cathio and Kambista. Some of Kambista’s largest clients are Catholic organizations and the remittance platform that Cathio is creating in partnership with Kambista will advance Cathio’s mission of connecting people of good will with good works by reducing costs in getting funds to the Peruvian people, and also allow the movement of funds from US non-profits to support important faith based initiatives and missionary work while continuing to support the good works of the Church.” said Cathio CEO Matthew Marcolini.
Over 80% of the Peruvian population is Catholic.
The remittance platform to be built by Cathio will fulfill regulatory requirements for foreign transfer of funds while Kambista will fulfill regulatory requirements for the foreign exchange.
Timeline for completion of beta testing the platform is Q1 2020.
“We are very excited about our partnership with Cathio. There is a situation in many countries, such as Peru, where citizens earn their income in Peruvian Soles but require US dollars to transact on items like mortgages, the purchase of cars, travel, and even for savings.” said Daniel Binfaz, CEO and Co-Founder of Kambista.
CurrencyWorks™ (TSXV and OTCQB: CurrencyWorks™) creates and manages digital currencies for innovative brands to grow their businesses – attracting, engaging and retaining their customers through the creation and use of their own digital currency. CurrencyWorks™ enables brands to provide additional payment options at lower costs while owning more of the transactional data chain and driving new models for customer loyalty. CurrencyWorks™ leverages its expertise in blockchain technology and regulatory compliance to deliver branded digital currencies for its clients.
For more information on CurrencyWorks™, please visit us at: www.currencyworks.io. For additional investor info visit www.currencyworks.io or www.sedar.com and www.sec.gov searching symbol CurrencyWorks™.
Cathio Inc. was founded in 2018 and is working to transform the way the Catholic community moves money. By bringing innovative technology and best practices from the tech world, Cathio is providing a turnkey solution for Catholic organizations to bring their financial transactions into alignment with their beliefs. Cathio was created to address the needs of the Catholic church. With changing demographics and confidence in the Catholic Church, Cathio is creating a solution that incorporates tools to increase donations, move money with reduced cost and greater visibility while driving Catholic community engagement. Visit Cathio’s website for more information: https://www.cathio.com/
Bruce Elliott, President
Arian L. Hopkins
Phone: 424-570-9446 ext. 2
Phone: 424-570-9446 ext. 8
Disclaimer for Forward-Looking Statements
This news release contains “forward-looking statements.” Statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the statements: that Kambista estimates increase in currency exchange with the integration of the Cathio remittance platform; that the remittance platform that Cathio is creating in partnership with Kambista will advance Cathio’s mission of connecting people of good will with good projects by reducing costs in getting funds to the Peruvian people, and also allow the movement of funds from US non-profits to support important faith based initiatives and missionary work while continuing to support the good work of the Church; that the remittance platform to be built by Cathio will fulfill regulatory requirements for foreign transfer of funds while Kambista will fulfill regulatory requirements for the foreign exchange; and that timeline for completion of beta testing the platform is Q1 2020.
The material assumptions supporting these forward-looking statements include, among others, that there will be no material variations in current regulatory environments in which Cathio or Kambista operates; the perceived benefits from the remittance platform will be as expected; Cathio and Kambista will be able to obtain any necessary financing on acceptable terms; and that the remittance platform will be operational on the expected timeline. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the risk that Cathio and Kambista will be unable to efficiently build the remittance platform on the expected timeline; the risk that there may be negative changes in general economic and business conditions; the risk that either Cathio or Kambista may have negative operating cash flow and not enough capital to complete the remittance platform; the risk that either Cathio or Kambista may not be able to obtain additional financing as necessary; the risk that there may be increases in capital and operating costs as a result of working on the remittance platform; the risk the cryptocurrency and other trading platforms are relatively new, largely unregulated and may not be accepted by the public as a payment platform; the risk that the remittance platform may be subject to fraud and other failures; the risk that there may be technological changes and developments in the blockchain and cryptocurrencies that make the remittance platform obsolete; risks relating to regulatory changes or actions which may impede the development or operation of the remittance platform; the risk that other competitors may release platforms similar to the remittance platform; and other general risks involved in the cryptocurrency industry.
Any of these risks may cause Cathio’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Further, although the Cathio has attempted to identify factors that could cause actual results, levels of activity, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause results, levels of activity, performance or achievements not to be as anticipated, estimated or intended. These forward-looking statements are made as of the date of this news release, and Cathio assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law, including the securities laws of the United States and Canada. Although Cathio believes that any beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.