HoneyCoin, the burgeoning cross-border web3 super app, has officially unveiled its partnership with MYKOBO. This strategic collaboration paves the way for HoneyCoin’s grand entrance into the European market. The overarching goal of this dynamic partnership is to empower users across all 27 European Union Member States, spanning a diverse range of countries such as Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden. This monumental undertaking will enable users to effortlessly deposit, withdraw, and transmit digital euros to over 140+ nations worldwide, with the notable exception of OFAC-sanctioned territories and jurisdictions under global sanction controls.

Seyi Akin-Olugbemi, CEO of MYKOBO, exudes optimism about this alliance, stating, “Our partnership with HoneyCoin allows us to advance our shared vision of making digital tokens not only accessible but also financially inclusive.”

David Nandwa, the CEO/CTO and Founder of HoneyCoin, echoes the sentiment, affirming, “We’re elated to join forces with MYKOBO for our European debut. Both teams espouse the same core values, which involve eliminating the borders and constraints that hinder connectivity and accessibility, all while remaining steadfast in our commitment to regulatory compliance and security. In an era where the world is undergoing a transformative shift in payments and technology, with stablecoins reaching a pivotal moment in real-world utility and the integration of AI and machine learning into consumer products, HoneyCoin stands at the forefront of this digital revolution. We firmly believe that MYKOBO is alongside us in this transformative journey.”

Europe has historically played a pivotal role in facilitating remittances to Africa and the United States. Recent data underscores that these cross-border financial flows between these regions amount to billions of euros each year, providing indispensable financial support to numerous families and communities. Nevertheless, these transactions are often marred by exorbitant fees that consume a substantial portion of the funds transferred.

According to the World Bank, remittances to low and middle-income countries surged to $540 billion in 2020, with Europe emerging as a key contributor. In that same year, Europe’s remittance flows to Sub-Saharan Africa alone were estimated to exceed $40 billion. However, the pressing concern lies in the exorbitant cost of sending these remittances. The global average cost for transmitting $200 stood at approximately 6.5% in 2020, with Sub-Saharan Africa grappling with even higher fees, approaching 8.5%. While these percentages may appear modest, they translate into billions of euros that could have otherwise bolstered families and communities in the receiving nations.

Leveraging the inherent security of blockchain technology and the user-centric designs of both HoneyCoin and MYKOBO, this formidable partnership anticipates a dramatic reduction in fees, expedited transaction processing, and an all-encompassing enhancement of the user experience.

David Nandwa, CEO/CTO of HoneyCoin, affirms, “Through this partnership, we amalgamate our expertise in developing consumer-facing products with the infrastructural prowess that MYKOBO possesses in the digital asset issuance sphere. Together, we are poised to innovate, disrupt, and substantially elevate the experience for consumers and businesses alike.”

Photo Source: HoneyCoin via Facebook

October 15, 2023
By Delino Gayweh
Serrari Financial Analyst