>>>Hydro Labs, Liquid, & the Reconstruction of Remittance
Hydro Labs, Liquid, & the Reconstruction of Remittance2019-08-22T17:39:00+00:00

Technological advances have shaped the lives of many, serving convenience on a silver platter, which has allowed us to live in ways unimaginable centuries ago. Innovation has become a root cause of scientific breakthrough, giving rise to hybrid automobiles, intuitive smartphones with facial recognition, biometrics, and technological advances in communication technology (satellites), which has improved interaction between families abroad using platforms such as Skype, Facebook and Telegram.

Taking a step back, we can observe how technology has transformed almost every aspect of our lives. In all aspects however, one industry that has existed for centuries has resisted change and is often frowned upon due to its high fees. This is because a large proportion of the money is drained away by the transaction costs of sending money internationally making remittance systems inefficient and expensive (Cirasino, 2013).


Remittance date back for centuries as a means for labor migrants to remit a portion of their income back home. According to data from the World Bank, the top remittance recipients were India with $79 billion, followed by China ($67 billion), Mexico ($36 billion), the Philippines ($34 billion), and Egypt ($29 billion) (The World Bank, 2019). 

In present time, the emergence of the blockchain technology has caused a massive breakthrough in remittance offered by Bitcoin and other cryptocurrencies, drastically cutting down fees as it eliminates going through middle men such as corporate banks. Many cryptocurrencies take advantage of a concept called “decentralization” in which the network is not owned by any entity, but rather a distributed network of transaction validators known as miners. 

Infographic 1. Blockchain vs traditional remittance tx time & fees [1].

According to researchers from Blockdata, blockchain-based transactions are on average 388 times faster and 127 times cheaper than bank-enabled remittance methods (Schweiger & Hangan, 2018). 


The issues surrounding the high cost of remittance is a global problem that affects both individuals and their families on personal levels. As remittances are cross-border payments, these payments are transferred to someone with a different country of origin and therefore are often affected by high costs from a variety of institutions. 


  • India: The country of India is the top country in the world by remittance inflow. It shouldn’t come to any surprise then that they stand to save the most money on fees with a modern remittance solution. Sending $200 cash from the United States to India for example would cost $16.86, or a whopping 8.43% [2]. This may not seem like a lot to send money overseas, but with India remittance transfers at $79 billion, the fees associated are as much as $6.6 billion globally. Earlier this year, it was shown that Indians living abroad have sent less remittance amounts this year and are expected to spend 2% less over each of the next two years. If lower fees could cancel out the expected drop, this could generate approximately $264 million returned to residents in India.


  • Africa: The above issues with remittance payments to India have already been a direct conversation for residents on the entire country of Africa, to whom many depend on remittance as a way of life, and where it constitutes a key part of the local economy. Sending money from the United States to Kenya using the same $200 example costs slightly less via cash at 5.9%, while sending to a mobile wallet comes in at unfathomable levels (around 13.3% according to WorldBank statistics). Lower-cost remittances literally translates into more food on the table for a substantial portion of the global population.
  • Mexico: The country of Mexico is home to a large portion of remittance recipients, 4.7% of all households relying on cross-border payments [3]. WorldBank statistics mentioned earlier report upwards to 7.8% fees as a result of remittance funding to the country.

For “wealthier” countries, it is easy to dismiss these issues because they may appear to be more affordable. However, high fees drastically affect lower-income areas of the world and shouldn’t be tolerated by other parts of the world simply because others can afford it. If you could pay 95% less on remittance with benefits that rival what’s currently available, wouldn’t that be something to celebrate? With no adverse effects by lowering the fees, while giving the opportunity to save billions that would be reinvested into the local economies.


Liquid has positioned itself as a global leader in the Asian region for cryptocurrency, and is positioned perfectly to help solve B2B remittance. With offices in Tokyo, Singapore, Manila, and Ho Chi Minh City, they are ready to create a world of financial inclusion for all through the democratization of finance.

“By simplifying crypto and its underlying financial tools, we can make crypto accessible to everyone –  all in one place.”

Similarly, Hydro Labs is building real world applications that can make financial technology easier and more accessible by solving big problems in need of change. We are focused on the problems within remittance, primarily because of the unsustainable fees, and are confident we can help solve this multi-billion dollar problem. 

With the positions Hydro Labs and Liquid hold on the issues of finance, a remittance partnership is a perfect match. Together with Liquid, we are poised to reconstruct the $700 billion-dollar remittance industry by making Hydro Pay accessible and seamless.

Leveraging the power of blockchain technology, Hydro Labs will make cross-border payments cheaper, faster, and more convenient to anyone in the world through the remittance feature built directly into Hydro Pay. This will be done by working closely with Liquid and integrating Liquid’s Quick exchange P2P and Remittance solutions into Hydropay, which allows users to “swap one cryptocurrency for another, safely and easily in a few steps”. This simplifies the process of buying and selling of cryptocurrencies which many users face in modern context. With Quick Exchange integrated, remittance experience will be hassle-free and efficient.

As part of our remittance partnership with Liquid, we have launched a rewards campaign to celebrate. We are rewarding each user who completes the KYC process with 5,000 HYDRO tokens credited directly to your Liquid account! 

Just use this referral link: https://www.liquid.com?affiliate=Yuq-IJKY670674

If you would like to find out more information about how you can earn these tokens, you can check out this simple guide. T&Cs apply and the token reward will be limited to a maximum of 10 million HYDRO. 

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Cirasino, M. (2013). We need to fix the leaks in remittance transfer systems around the world. The Guardian. Retrieved from https://www.theguardian.com/global-development-professionals-network/2013/feb/08/lowering-remittance-costs-world-bank

Ong, R. (2019). Record High Remittances Sent Globally in 2018. Retrieved from https://www.worldbank.org/en/news/press-release/2019/04/08/record-high-remittances-sent-globally-in-2018

The World Bank Group (2019). Remittance Prices Worldwide. Retrieved from https://remittanceprices.worldbank.org/en/corridor/United-States/India

FX Street. (2019). Mexico – There Are 1.65 Million Households That Receive Remittances. Retrieved from https://www.fxstreet.com/analysis/mexico-there-are-165-million-households-in-mexico-that-receive-remittances-47-of-total-201908061952

Schweiger, L., Hangan, D. (2018). REMITTANCE MARKET &

BLOCKCHAIN TECHNOLOGY. Blockdata. Retrieved from https://download.blockdata.tech/blockdata-remittance-market-blockchain-technology.pdf.


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