R3mitt

Demo

About

Why are you participating for Based SEA? We’re excited to participate in Based SEA because this event offers a valuable opportunity to contribute to real-world onchain solutions through our product, R3mitt. As builders from Southeast Asia, we recognize the significant challenges faced by communities in the remittance space, and we’re working to address these issues. While we believe our solution aligns well with the buildathon’s focus on innovation and collaboration, we’re eager to learn from the brilliant minds in this space and contribute meaningfully to the growth of impactful, onchain solutions that benefit millions across Southeast Asia.

How it's made

What challenges are you focusing on? Our product focuses on solving a critical issue for millions of Indonesians who depend on remittances from family members abroad, as well as students receiving funds from home. These funds are essential for daily living, education, and local business investments. Unfortunately, the current system is burdened by high fees, slow transactions, and poor exchange rates, limiting the impact of these funds. Our mission is to develop a solution that makes remittances faster, cheaper, and more accessible, ensuring recipients receive the full benefit of the money sent to them. How does your submission address this challenge? R3mitt is built on Base, enabling cost-effective, near-instant transactions. By leveraging Base’s infrastructure, we reduce the typically high remittance fees to around $1 per transaction while ensuring transfers occur within minutes instead of days. Our platform bridges the gap between traditional and blockchain-based solutions, allowing users to send money through familiar methods like cash and bank accounts without needing technical blockchain knowledge. R3mitt facilitates seamless onchain transactions, maximizing the financial impact for recipients. Challenges we ran into During development, we faced two significant challenges: limited stablecoin issuance and liquidity. While stablecoins like USDC and EURC offer decent liquidity, expanding remittance services in Southeast Asia requires more local stablecoins. Additionally, improving liquidity is essential to ensure smoother, more reliable transactions. We’re working closely with developers and exploring partnerships to encourage local stablecoin issuance and boost liquidity. These efforts reflect our ongoing commitment to creating a more seamless remittance experience and improving the service R3mitt offers to its users.