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Tell us about yourself and your team
I’m Minh, the engineering lead and the official grantee for Moneyhome. I’m one of the cofounders of Harmony and I recently shifted focus on building a set of tools and applications in the blockchain and fintech space. While I’m building the minimum viable product for MoneyHome, I’m also working with a partner in India, BankofHodlers, who is helping us with solving for the fintech rails in India.
Tell us about MoneyHome. What problem are you trying to solve?
Moneyhome is a solution for cross-border payments using Harmony blockchain as the instant settlement financial rail. Imagine using western union or the likes for sending money between US to India, but minus the fees and the multiple days delay in receiving money. With Moneyhome, when you send USD to a family or friend in India, the local Indian Rupees will be received in a few minutes, with negligible fees. We make this possible by using a stable-currency on Harmony blockchain.
You can a glimpse of how this works here:
Cross-border finance has been around for a while. What advantage would blockchain have in making the experience better?
The current SWIFT messaging system for cross-border transactions is old, archaic and costly. It requires several parties in the value chain to coordinate, which drives the cost and time for these transactions up, and this financial and waiting pain is borne by the people sending or receiving money.
Blockchain changes this by acting as the instant settlement layer between any parties in the world. With a scalable blockchain like Harmony, one can easily transact any asset instantly and with negligible fees, because now there are no intermediaries needed for these transactions.
It’s almost like sending a text message or email to someone in another country, you don’t care which country they are in, as long as they receive your message instantly. We’re trying to bring this same experience with money, using stable digital currencies as the medium of exchange over blockchain as the global financial rails.
There are a lot of Layer 1 projects, many of them are good, and then there’s Ethereum. Will there be a winner-take all or is there room for many chains and ecosystems to thrive? As a Harmony co-founder, you have a unique perspective here. What’s unique about Harmony that maybe the market doesn’t know about but should?
It’s early to tell if it’s a winner take all market or not. Having been in the blockchain space for more than 3 years now, I think what matters most is clear focus on the problem you’re trying to solve. At Harmony, now that the blockchain is ready for utility, we must bring stablecoins and liquidity to connect global payment corridors. What is unique about Harmony is that they have been figuring out the pain points across the entire cross-border value chain very well.
Once the blockchain is ready, and there are stablecoins to act as medium of exchange, how do we ensure we get local fin-tech partners to help us with the first and last mile for completing these transactions is key — these are all the questions Harmony is working hard on.
If you could have your wish, five years from now, where do you see MoneyHome?
Being the global (5 years) or regional (2 years) paypal or venmo, but with no fees and instant money transfers.
If you weren’t in blockchain, what would you be doing instead?
Fintech. I like anything that connects technology and money. Blockchain in my opinion meets this criteria as well, but if it wasn’t blockchain than anything related to finance+technology.
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