“The World Bank estimates that migrants will send about $515 billion to relatives in developing countries by 2015, which is about 10 times the size of the U.S.’s budget for foreign aid. The old stand-bys like Western Union can charge around 10 percent for transactions in the market, an amount that Buttercoin co-founders Cedric Dahl and Bennett Hoffman find obscene. Buttercoin plans to open in India within the next three months and then to operate in six countries in nine months’ time. When they enter a market, they pair with local money transfer businesses to have legal compliance in the country.”
