Blockchain consultancy Moonwhale picked for bitcoin ATM project

Odyssey Financial Group has partnered with Singapore-based blockchain consultancy Moonwhale Ventures to develop a new hybrid ATM and blockchain remittance system.

The brainchild of US retail banking support organisation Odyssey Financial, which has a line in ATM ‘vending machines’, MoneyFi is a new, alternative remittance system aiming to provide greater financial inclusion and lower transaction fees through hybrid ATM and blockchain technology. To develop the project, Odyssey Financial has partnered with Singapore-based blockchain consultancy and investment platform Moonwhale Ventures.

“We believe that Moonwhale can expand the revolutionary concept of MoneyFi worldwide,” said Odyssey Financial founder and CEO Sebastian Ponceliz. “After the review of several proposals, we decided to go with Moonwhale Ventures not just only for its solid and clear ideas regarding the crypto asset ecosystem but also for the professionalism of their management.”

Founded last year by experienced IT-sector consultant Danny Christ and angel investor Stefan Bergström, Moonwhale Ventures was established to connect blockchain projects and investors, and serves tech start-ups and small and medium enterprises with blockchain implementations, expansions, fundraising and go-to-market strategies – describing itself as dedicated to driving the global adoption of blockchain technology.For the MoneyFi project, which aims to branch out globally, Moonwhale will provide technical, operational and financial support along with advisory on blockchain tech implementation – supported by what the firm states as an industry network in excess of 50,000 connections. Moonwhale will also take on the task of developing attractive investment and token models, marketing and go-to-market strategies.

With Odyssey’s existing and pre-ordered network of advanced and crytocurrency-supported ATMs, MoneyFi is described as essentially an app that consists of a wallet and an exchange for the ease of currency conversion and near-instant, blockchain-powered money transfers. “They are not going to be just cashiers for people to get money,” said Ponceliz, but will also issue pre-paid cards and support ecommerce together with cryptocurrency transfers.

“We believe MoneyFi has what it takes to build a world-class Internet of Money with its innovative approach,” said Christ, who is currently based out of Kuala Lumpur but has professional experience spanning the majority of Southeast Asia. “MoneyFi’s mission aligns with our core belief in blockchain technology’s revolutionary capabilities in optimising the value chain, in this case, payment and remittance services.”

Since its inception, Moonwhale has established a number of international partnerships, including, most recently, with Dubai-based tech and fintech investment advisory Burj Financial. “Despite the uncertainties over cryptocurrencies, blockchain technology has been well-received within the Middle East as the majority of the countries have a positive approach towards the emerging technology,” said Christ. “Synergies are plenty between Moonwhale and Burj Financial”.

Related: Boston Consulting Group among backers of New York cryptocurrency bourse Bakkt.