ST PETER PORT, Guernsey and NEW YORK, September 27, 2021 (GLOBE NEWSWIRE) – Global telephony provider Webtel.mobi (“WM”) – whose system and digital currency TUV make current cryptocurrencies redundant, replace CBDC and provide two fully operational alternatives to the SWIFT system – announced two additional installations in its system, which provide an instantly accessible and cost-free alternative to the global foreign exchange market.
These two WM installations – its Currency exchange and TUV digital currency exchange Facilities – give WM members the ability to set their own PP2P exchange rates directly with each other, and to perform instant currency exchanges with each other directly on the WM system platform. The savings on these transactions make the rates available in the current global foreign exchange market so unattractive that they can become redundant.
For example, in a standard conversion of the world foreign exchange market, if we convert 10,000,000.00 USD into euros, we will receive +/- 8,104,700.00 euros (Note: an indicative rate. The euros received will vary slightly depending on who the exchange is made, but it will be a similar result, within a few thousand euros).
If one were then to immediately convert Euro 8,104,700.00 back to USD, one would expect to recover plus or minus USD 10,000,000.00 – less some conversion costs. However, what will actually be recovered with an immediate conversion is only +/- 9,023,540.00 USD. Almost a million dollars would have simply disappeared. This exercise reveals the real costs of currency conversions through the global forex market.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/106d959b-c1e6-408d-99f9-50fd4366c8c5
The photo is also available on Newscom, www.newscom.com and via AP PhotoExpress.
These costs are due to three main factors. First, the legacy systems used in the global forex market are obsolete and cannot function according to 21st Standards of the century. Second, the global forex market is highly fragmented, with thousands of entities of different standards charging multiple fees. Third, the global forex market requires an extremely high number of middlemen to operate, who charge all of their additional fees and commissions on every transaction. Additional cost increasing factors can be found by searching Google for “Forex Scandalâ€.
In contrast, MW Currency exchange and TUV currency exchange facilities allow WM members to see what the exchange rates are in the global forex market and then set their own PP2P rates accordingly. For example:
- Member A wants to trade USD to get 8.1 million euros. He makes a request to a supplier of the world foreign exchange market and finds that it will cost him 10 million dollars to get 8.1 million euros.
- Member A then queries a global currency provider to see how much USD the € 8.1 million will buy, and finds that they will only buy +/- $ 9 million.
- Member A then sets its WM currency exchange offer to just over US $ 9 million for € 8.1 million; and therefore gets the same amount of euros for almost $ 1 million less than on the world foreign exchange market.
- If Member A sets their WM currency swap to, say, $ 9.5 million to make it attractive, it will still cost them almost $ 500,000.00 less compared to the world forex market rates. In addition, Member B who trades Euro for USD will also get almost USD 500,000.00 more than on the global forex market.
- The same savings potential at the same scale applies to any Swap amount in any currency on the WM platform.
| REQUIRED FEATURE | GLOBAL FX MARKET |
WM CURRENCY EXCHANGES |
TUV from WM CURRENCY EXCHANGES |
| Daily Value Volume | USD 6.6 trillion per day (net) / USD 8+ trillion per day (gross) | ||
| Convert around the world | Yes | Yes | Yes |
| Complies with applicable regulations | Yes | Yes | Yes |
| Account holders control conversions | No | Yes | Yes |
| Account holders set their own exchange rates | No | Yes | Yes |
| Regulations (RTGS) at 1/100e of a second | No | Yes | Yes |
| Conversions made from any mobile phone | No | Yes | Yes |
| Conversions made from any location | No | Yes | Yes |
| Conversions made anytime of any day | No | Yes | Yes |
| 24/7/365 conversion function | No | Yes | Yes |
| Live and after-hours conversion weekends | No | Yes | Yes |
| Instant confirmation to all parties | No | Yes | Yes |
| Real-time recordings and history | No | Yes | Yes |
| Centralized control worldwide | No | Yes | Yes |
| Global Uniform Standards and Safety | No | Yes | Yes |
| Works PP2P without intermediaries | No | Yes | Yes |
| Can be used online by Unbanked | No | Yes | Yes |
| Free to have an account | No | Yes | Yes |
| No service charge | No | Yes | Yes |
| No intermediary fees | No | Yes | Yes |
| No exchange rate difference fee | No | Yes | Yes |
| Completely free conversions | No | Yes | Yes |
WM is fully operational Currency exchange and TUV digital currency exchange Facilities are available to all WM members.
Resources:
Media contact:
Nick Lambert: [email protected]
Video on WM system and TUV digital currency:
https://youtu.be/XYBrCikUhn8
WM System and TUV Digital Currency Research Reports:
https://tinyurl.com/TUVresearch
Features of WM’s TUV digital currency:
https://tinyurl.com/TUVdata
WM URL:
https://webtel.mobi/pc (Tablets / Laptops / Desktops)
https://webtel.mobi (smart phones)
https://webtel.mobi/wap (pre-Smart mobile phones)
