Bitcoin cross-border remittance application Ke Ling Ke Ling received $1.175 million in seed round financing

Ke Ling Ke Ling is a multi-currency e-wallet app that users can use to transfer, receive and exchange currencies in multiple countries. Currently, it only supports RMB and New Taiwan Dollar.

Ke Ling Ke Ling is optimistic about the market of international small-amount remittances. For traditional offline overseas remittances, users need to queue up at the bank and fill out relevant forms, which is a very cumbersome and complicated process. In addition, the bank charges a fixed fee for each remittance, usually around RMB 150-200 for each bank receiving and paying.

After verifying the identities of both the payer and the payee, Keling Keling allows users to transfer money to each other directly in the App. Domestic transfers in the same currency are free, and cross-border exchange does not charge a handling fee. Keling Keling gives users a real-time exchange rate through an internal algorithm, and the account usually arrives on the same day or T+1.

In addition to traditional cross-border remittance channels, Ke Ling Ke Ling mainly uses Bitcoin to achieve cross-border funds, that is, first converting the remitter's currency into Bitcoin, and then exchanging it into the target currency in the recipient's country through the online platform . However, in actual operations, Ke Ling Ke Ling does not exchange transactions one by one. It has independently developed a set of algorithms to manage Bitcoin's price risks on the one hand, and to set exchange rates based on its own capital accumulation, Bitcoin's trading prices in various countries, and the demand for various currencies on the other.

Ke Ling Ke Ling's target users include international students, overseas purchasing agents and overseas shopping users, inbound and outbound tourists, and some merchants and enterprises with cross-border business needs. In terms of promotion, Ke Ling Ke Ling has gained some core users through word-of-mouth communication because it has indeed improved the efficiency of transactions. Ke Ling Ke Ling will also take the initiative to contact purchasing agents on Taobao, and at the same time carry out marketing in some offline areas where cross-border transactions are frequent. Currently, Ke Ling Ke Ling only supports the conversion of RMB and New Taiwan dollars, and other currencies are under operation and preparation.

The RMB is a controlled currency. Alipay and WeChat have actually obtained relevant regulatory approvals for overseas payments, but they are limited to consumer payments and cannot conduct cross-border direct remittances. It is foreseeable that as the scale of KeZero KeZero expands, competition (such as the squeeze of giants) and supervision (the regulatory authorities will definitely pay attention to the business after it starts to grow) will be problems that KeZero will face.

Wang Xinwei, CEO of Ke Ling Ke Ling, said that the company's current business is carried out in accordance with regulatory standards. From the establishment of the company to the launch of products and operations, domestic and foreign lawyers have been hired to help check and standardize. For example, its small remittance is limited to 10,000 yuan per day, and the annual remittance shall not exceed 100,000 yuan. With the expansion of business volume and the increase of transaction volume, the company will further improve its relevant qualifications.

In terms of competition, Wang Xinwei believes that there are many scenarios for payment. Even if Alipay is already very powerful, WeChat Pay can still grow, and there are more than 200 payment companies in the country that can survive. In the short term, the giants will not intervene in the field of small remittances. With the internationalization of the RMB, the policy supervision in the field of cross-border payments will become more and more flexible and standardized, and diversified payment needs will emerge in an endless stream. One product will definitely not be able to meet all needs. To achieve standardization, professionalism, and internationalization, Zero Zero will definitely find its own Niche.

Keling Keling has completed a seed round of financing of US$1.175 million from institutions such as Lianchuang Ceyuan, Lightspeed, and 500startups. The iOS version was launched two months ago and has accumulated more than 1,000 seed users. Founder and CEO Wang Xinwei graduated from Stanford and has a law degree from the University of Chicago. He later worked as a lawyer in Silicon Valley, engaged in venture capital management, corporate mergers and acquisitions.

Original text: http://36kr.com/p/5039743.html
Author: Lao Zha