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PeyCash transfer solution for Venezuelans with blockchain technology

June 25, 2020

Venezuelan Ricardo Ferrer Rivero, who lives in Germany, has created an application especially for Venezuelans. This is A digital wallet for mobile phones that enables purchases and transfers in US dollars.

With PEY.Cash, you can make purchases and receive or send transfers in digital dollars without having to use a bank account abroad.

The application protects buyers and sellers in countries affected by hyperinflation without having to use a bank account abroad. The digital currency used is the USDC, which is backed by real US dollars and securely stored at recognized financial institutions. This means that this digital currency can be transferred to a bank account in dollars or bolivars at any time.

Venezuela sank into hyperinflation

PeyCash transfer solution for Venezuelans with blockchain technologyPeyCash transfer solution for Venezuelans with blockchain technology

Venezuela is in a political, economic and social crisis. With a devalued bolivar, hyperinflation that exceeds expectations, sanctions that make it impossible to get cash in foreign currency, oil production at the lowest level, and a standard of living that is too expensive for an average Venezuelan.

In this way, the country’s economy has achieved a window of relief in “foreigning” the currency for several months.. In many parts of the territory, it is common to observe the circulation of the dollar or the euro. Much of this money goes to Venezuelans thanks to transfers from relatives abroad.

With this in mind and in the face of this problem, is coming into the country as an alternative to the difficulty of getting dollars free without the need for bank accounts or regulatory agencies. A platform that manages digital dollars only with your mobile phone, from where you can send and receive money and is able to buy / pay in facilities and even transfer money between users in the community.

It is a safe, fast, and easy-to-use tool that requires no special knowledge to use.. Transfers received and sent via are unlimited and, above all, do not generate commissions. Founded in 2013

PEY GmbH was founded in Hanover in 2013 by Venezuelan Ricardo Ferrer Rivero with the aim of accelerating the transition to digital payment modes.

The company has developed various products, including Bitcoin wallets for Android and iPhone., Cryptocurrency payment terminals for businesses, a Bitcoin business wage payment service, and a Bitcoins buying service in partnership with American company BitPay.

Pionero’s recruitment campaign

The beta version will be available in July 2020. If you want to be one of the forerunners and promoters of this community, you can participate in crowdfunding, where you can become a pioneer with just $ 19.

The person becomes one of the pioneers of and part of the premium user community, the first to use the application with preferred plans without maximum purchase limits and discounts. In addition, for every new user who stays active, you will receive a bonus of up to USD 90 per month for one year.

The company will use the money raised as part of the crowdfunding campaign to highlight the technological development of the application that is already underway. The blockchain platform is used to ensure that transactions are recorded using encryption mechanisms that protect users’ transmissions through thousands of servers.

Among other things, offers the possibility to enable transactions from one wallet to another using digital stable coins, which are secured by real US dollars on par 1 to 1.

Thanks to the alliance with the company Cryptobuyer, it will also be possible to pay more than 1,000 affiliated dealers. The trial version for Venezuela will be available in July 2020 and officially released in October and can be downloaded from the Apple Store or Google Play.

With its founder “PEY”, it supports the people of Venezuela with economic independence by accelerating the transition to digital payment methods using blockchain technology.