A report described [here](https://apnews.com/press-release/business-wire/3813e139329c43f5bac43d985b7785cc) valued the global remittance market at $682.6b in 2018. The report estimates this market to grow to $930.44b by 2026.
The thing is, only $106.9b of global remittances [was estimated](https://www.statista.com/outlook/dmo/fintech/personal-finance/digital-remittances/worldwide) to be digital in 2021, primarily through custodians like Transferwise, Worldremit, and Remitly. The remaining volume is assumedly done through custodians like Western Union and MoneyGram for exorbitant fees.
It can only be a matter of time before the migrant worker population switches to low-fee crypto options. It’s a no-brainer compared to the fees charged by traditional remittance service providers. And with the global remittance market projected to continue growing, crypto can continue to cut into more and more market share.