logo_anba_en logo_camera_en
13/06/2017 - 07:00hs
Share:

Brazilian entrepreneur presented bitcoin project in Dubai

A startup from Minas Gerais, Brazil, was chosen for a technology competition last month in the UAE. The company assists with bitcoin-based international cash transfers to natural persons.



São Paulo – A startup from Minas Gerais, Brazil, Coinaction has presented its business model in Dubai, the UAE in late May. The company assists its clients with international fund transfers to natural persons using bitcoins, the online currency, and it was selected alongside twenty other enterprises to show its work in the Arab country during the Smart Dubai Office & 1776 Blockchain Challenge 2017.

Press Release

Hoffer (center) and the Coinaction team: innovation

The event was a competition in which businesses employing blockchain, a modern data transmission technology, discussed their business models. Dubai hopes to become the world’s premier blockchain hub by 2020. For the Smart Dubai Office & 1776 Blockchain Challenge 2017, an US-based startup accelerator recruited 21 beginner companies from around the world. Coinaction was the only Latin American outfit to make the list.

Coinaction partner and economist Antonio Hoffert represented the startup in Dubai. He made his presentation on May 30. He said experience was great, especially for networking. Three out of the 21 participating startups won prizes. Coinaction wasn’t one of them, but still Hoffert believes the trip was worthwhile.

The startups outlined their business models to government officials, investment fund managers, executives and prospective customers. Coinaction hopes to find foreign investors, and Hoffert sat down with people from investment funds. However, no partnerships are in sight so far.

The event in Dubai was a local government initiative intended to develop a blockchain-based industry in Dubai, modernize local public services in the process, and bring together the finest brains in the global industry.

Hoffert believes Coinaction was picked because it uses bitcoins in a simple, streamlined way that’s intended to make people’s lives easier.

Coinaction has a website that makes international cash transfers simpler. The startup is not a money exchange, it only makes transactions easier for its clients. “We push the buttons,” explains Hoffert. Users are automatically registered with bitcoin brokers in two countries, and they get the cash in their bank accounts on the receiving end with no need to learn anything about the technology.

The service is intended not for tourists, but for residents – people who are legally living abroad and have bank accounts in the cities that they live in. Bitcoin exchange rates change from country to country depending on demand and supply, the startup partner explains. In Brazil, for instance, one bitcoin is now worth roughly BRL 10,000.

The Coinaction website features a simulator, so users can find out how much they’ll get with the regular and bitcoin-based transactions. Hoffert claims that although the bitcoin option isn’t always the cheapest, it’s always easier and quicker than the traditional way.

Coinaction currently covers only transactions involving Brazil and Chile. Colombia, Mexico and Peru will be added in the next few months. Hoffert says the Brazil-Chile bitcoin market alone is worth as much as 20 million bitcoins a year.

Minas Gerais and Chile

Coinaction is based in Belo Horizonte, Minas Gerais and in Santiago de Chile, Chile. The company’s development began in 2015 with work done by Hoffert and his two partners, designer Lucas Santos and computational mathematician João Malheiros. They all met in the Business School of the Brazilian Micro and Small Business Support Service (Sebrae), which they attended concurrently with middle school.

Hoffert holds a degree in Economics from Pontifícia Universidade Católica (PUC) in Minas Gerais. Prior to setting up Coinaction, he worked as a consultant. In 2014 and 2015, he drafted an economic development plan for the state of Minas Gerais. That was when he had the idea for the startup. Malheiros has won a prize for his work with international bank Merrill Lynch.

Coinaction has been through the Minas Gerais government startup acceleration program Startups and Entrepreneurship Ecosystem Development (Seed). It is currently affiliated with two other similar programs: Start-Up Chile and FIEMG Lab Novos Negócios, from the Federation of Industries of the State of Minas Gerais.

Quick facts:
Coinaction
PHone: +55 31 98898-2177
Email: lu@coinaction.com
Website: www.coinaction.com

*Translated by Gabriel Pomerancblum

Send by Email





Comments

Your comment will be sent to a moderator before being published.





imagem_form