Cryptocurrencies Are Elevating The Lives & Livelihoods Of Millions Across Under-Developed Economies
15 October 2021 - 5:11AM
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This year, the use and acceptance of cryptocurrencies have
experienced brisk expansion, especially in developing and
under-developed regions like Latin America and Africa. Clouded by
hyperinflation, decades of political and economic problems, feeble
national currencies, and scarcity of traditional financial
services, young populations within these regions with access to
smartphones and the internet are playing a critical role in driving
the mainstream adoption of cryptocurrencies. With the El Salvador
government accepting bitcoin (BTC) as a legal tender, there has
been an increased demand for decentralized financial (DeFi)
opportunities for BTC users, especially layer-2 scaling solutions
that help extend the capabilities of the Bitcoin network. Following
El Salavador’s decision, BTC acceptance has surged across
developing countries, including Ghana, Kenya, Botswana, Zimbabwe,
Mexico, Chile, Colombia, Panama, Peru, and others. As a result of
this unprecedented growth, cryptocurrency projects and protocols
are increasingly introducing support for real-world use cases,
emphasizing ease of use. From highly-regulated trading exchanges to
underlying blockchain protocols, groundbreaking platforms are
rapidly shrinking the accompanying adoption obstacles. The outcome
is greater mainstream financial services accessibility for global
unbanked and under-banked populations, not to mention opportunities
to generate income via a range of DeFi products and solutions.
Mainstreaming Crypto By Bridging The Real-World Gap CoinZoom, a
US-based cryptocurrency exchange, is one of the most prominent
names spearheading the efforts to build an open and inclusive
decentralized financial ecosystem. Besides being a highly regulated
exchange operating in more than 140 countries, CoinZoom also offers
several crypto-centric features that make lives easier for the
global population. As a crypto exchange, CoinZoom is suitable for
both experienced and new traders, and its suite of connected
products adds immense value for users. A range of CoinZoom Visa
cards supports crypto payments across 53 million merchant stores
worldwide. At the same time, the accompanying CoinZoom Earn feature
allows users to earn up to 20% APY on their crypto savings
accounts, far outstripping interest-bearing bank accounts.
Moreover, the ZoomMe remittance service helps members to send and
receive both fiat and cryptocurrencies across the globe for no
fees. Another project on a mission to bring a positive change in
the African region is Jelurida, a Swiss blockchain company that
enables enterprises to develop decentralized applications (dApps)
using its Nxt, Ardor, and Ignis blockchains. Jelurida’s ecosystem
offers public, private, and hybrid blockchain solutions designed to
solve real-world problems. Since its inception, the platform has
facilitated experimentation of several promising real-world
blockchain projects like HotCity, Cycle4Value, and TreeCycle. As
the use of digital currencies develops across Africa, Jelurida
Africa DLT, an offshoot of the Swiss firm Jelurida, has engaged in
prelaunch project testing and other goals ahead of additional
expansion to a larger number of African nations. Jelurida Africa
aims to assist established companies, start-ups, and individuals to
understand blockchain technology and provide consultancy,
education, and top-notch solution deployments. Last but not least,
RSK (Rootstock) is a smart contracts solution built on the Bitcoin
network. With El Salvador legalizing bitcoin, the demand for
protocols that enable businesses to support real-world use cases on
the network has reached an all-time high. RSK, with its suite of
products and features, brings Ethereum’s smart contracts
functionality on the Bitcoin network while ensuring industry-grade
security, faster transactions per second (TPS), and lower gas
costs. Leveraging RKS, Kripton Market, an online marketplace
focused on offering products and services to bitcoin users in El
Salvador and other regions. With RSK, Krypton Market has launched a
campaign across El Salvador to educate merchants and the general
public about crypto’s real-world use cases and benefits. Other
RSK-based solutions like Beexo, Money on Chain (MOC), Defiant, and
Tropykus Finance will also participate in this campaign. The
Kripton Market is currently being used by 150 stores, with an
additional 564 stores expected to join as part of a software update
with Procom and Innovacion y Desarrollo. Also, every supporter will
contribute to bitcoin’s utility in El Salvador, whether it is
through sending payments, paying for goods and services, QR code
transactions, or door-to-door shipments.
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