• Tue. Nov 2nd, 2021

Cryptocurrencies improve the lives and livelihoods of millions of people in underdeveloped economies

ByHazel R. Lang

Oct 14, 2021

This year, the use and acceptance of cryptocurrencies has grown rapidly, especially in developing and underdeveloped regions like Latin America and Africa. Darkened by hyperinflation, decades of political and economic problems, weak national currencies and the scarcity of traditional financial services, the young populations of these regions with access to smartphones and the Internet play a vital role in the widespread adoption of cryptocurrencies.

With the Salvadoran government accepting bitcoin (BTC) as legal tender, there has been an increased demand for decentralized financial opportunities (DeFi) for BTC users, especially Layer 2 scaling solutions that help expand the capabilities of the Bitcoin network. Following El Salavador’s decision, acceptance of BTC increased in developing countries including Ghana, Kenya, Botswana, Zimbabwe, Mexico, Chile, Colombia, Panama, Peru and others.

Due to this unprecedented growth, cryptocurrency projects and protocols increasingly support real-world use cases, with an emphasis on ease of use. From highly regulated trade to the underlying blockchain protocols, breakthrough platforms are rapidly reducing the barriers to adoption that come with them.

The result is greater accessibility to traditional financial services for the world’s unbanked and underbanked populations, not to mention opportunities to generate income through a range of DeFi products and solutions.

Integrating Crypto Bridging the Real World Gap

CoinZoom, a US-based cryptocurrency exchange, is one of the most prominent names spearheading efforts to create an open and inclusive decentralized financial ecosystem. In addition to being a highly regulated exchange operating in over 140 countries, CoinZoom also offers several crypto-centric features that make life easier for the people of the world.

As a crypto exchange, CoinZoom is suitable for both experienced and new traders, and its suite of connected products add immense value to users. A range of CoinZoom Visa Cards supports crypto payments in 53 million merchant stores worldwide. At the same time, the accompaniment CoinZoom Win This feature allows users to earn up to 20% APY on their crypto savings accounts, far surpassing interest-bearing bank accounts. Additionally, the ZoomMe remittance service helps members send and receive both fiat and cryptocurrency across the world at no cost.

Jelurida, a Swiss blockchain company that enables businesses to develop decentralized applications (dApps) using its Nxt, Ardor and Ignis blockchains, is another project with a mission to bring positive change to the African region. Jelurida’s ecosystem offers public, private and hybrid blockchain solutions designed to solve real-world problems.

Since its inception, the platform has facilitated experimentation with several promising real-world blockchain projects such as Hot city, Cycle4Value, and TreeCycle. As the use of digital currencies grows across Africa, Jelurida Africa DLT, a subsidiary of Swiss company Jelurida, has engaged in pre-launch testing of projects and other goals for further expansion into more African countries. Jelurida Africa aims to help established businesses, start-ups and individuals understand blockchain technology and provide top-notch consulting, training and solution deployments.

Last but not least, RSK (rootstock) is a smart contract solution built on the Bitcoin network. With the legalization of bitcoin by El Salvador, demand for protocols that allow 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 contract functionality to the Bitcoin network while ensuring industry-grade security, faster transactions per second (TPS), and lower gas costs.

By leveraging RKS, Kripton Market, an online marketplace focused on providing products and services to bitcoin users in El Salvador and other regions. With RSK, Krypton Market launched a campaign across El Salvador to educate traders and the general public on the real use cases and benefits of crypto. Other RSK-based solutions such as Beexo, Money on Chain (MOC), Defiant and Tropykus Finance will also participate in this campaign.

The Kripton Marketplace is currently used by 150 stores, and an additional 564 stores are expected to join as part of a software update with Procom and Innovacion y Desarrollo. In addition, every supporter will contribute to the utility of bitcoin in El Salvador, whether that is by sending payments, paying for goods and services, QR code transactions, or door-to-door shipments.

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