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Those can be hard to track, but are estimated to be as big as the formal channels. To do that, he adopted Bitcoin as a legal tender and launched a crypto wallet called Chivo, powered by Latin American crypto exchange Bitso. The exchange provides El Salvadorians with a commission-free transfer and payments experience both in BTC and the US dollar. Finally,part 3explores digital wallets, P2P payments, and cybersecurity.

U.S. banks have missed out onover $10 billionby neglecting remittance programs and allowing fintechs to scoop up this consumer segment, according toDanny Ayala. And last but not least, growing interest in the metaverse has created anew wave of investment opportunitiesfor crypto enthusiasts, and is likely to drive further investment in the space. In this 2008 paper , pseudonymous engineer Satoshi Nakomoto proposes Bitcoin, the first cryptocurrency. That said, VanEck is optimistic that there is potential for bitcoin to rebound to $30,000 in the second half of 2023 as inflation declines.

Wave of Crypto Remittance

In addition, because of the way they are constructed and their electronic dependance, Bitcoin and Blockchain remittances eliminate the need of having multiple transactions and/or steps for verification. This reduces the time of transaction from the traditional three days to an almost automatic and instant transaction. Moreover, the fact that transactions occur almost instantaneously, minimizes the probability that transactors lose money due to currency fluctuations. It is important to highlight that the advantages provided Bitcoin and Blockchain remittances mainly have an effect in the transactor’s experience. The fact that this method provides the transactor with such an improved alternative increases its potential and reduces the demand of traditional methods. Salgado personally has advanced beyond simple money transfers and is now a cryptocurrency miner and investor.

Market Intel

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. The list is long of the number of organizations that have come forward denouncing the derisking practice and clearly showing the damage to the financial services offered to the poorest and vulnerable around the world.

  • This decentralised exchange claims to offer the best rates by discovering the most efficient swapping routes across all leading DEXs.
  • As Ripple looks to modernize the way we move money across the globe, there will be many questions ahead.
  • The outlet also predicted that more transfers will be made in cryptocurrencies by 2025, adding that digital assets are likely to penetrate Africa’s remittance market despite the exclusionary policies of local governments.
  • It allows entities to send ETH without any intermediary service like a bank, thus protecting users’ wallet, ETHs, and their transactions.
  • Historically, banks have been considered the safe haven to park capital and receive funds — however, many younger consumers, who tend to be more familiar with digital wallets, increasingly prefer non-bank payouts.

SpectroCoin issues bitcoin debit cards that can be used in millions of shops worldwide and at ATMs for withdrawals. It is an open-source distributed ledger that offers great speed as compared to other blockchains. Waves is the blockchain platform that is used to create decentralized applications and smart contracts.

Disrupting Money Transfer in the MENA Region : A Tech Innovation Wave is Coming

The network is designed to enable cross-blockchain transfers of any data or asset, creating an interconnected ‘internet of blockchains’. SOL is the native token of Solana – one of the fastest programmable blockchains in the world that provides secure, scalable, decentralised apps and marketplaces. The brainchild of software developer Colin LeMahieu, Nano is underpinned by a protocol known as the Block Lattice.

It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs. At the time of writing the Waves market capitalization was over $900 million USD with a recent price rally of 107%, while USDN has a market capitalization of $100 million USD. To establish an even broader user base, the USDN has been recently ported into the Ethereum ecosystem, bringing USDN’s stablecoin pools and yield farming functionality to users of Ethereum-based protocols. In less than 2 months,’s USDN pool grew to over $150 million and still remains one of the most profitable pools, partially due to its inherent yield. Subsequently, Ethereum USDN was ported into the Binance Smart Chain, which is the third biggest chain. Last year, China ranked fourth on our global adoption index while the U.S. ranked sixth.

They will become real stable cryptocurrencies, rather than just digital money. Our interviews with experts in these countries revealed that many residents use P2P cryptocurrency exchanges as their primary on-ramp into cryptocurrency, often because they don’t have access to centralized exchanges. Stock markets are also crowded with intermediaries eating into cash flow. At the same time, they are charging high commissions while trying to keep these costs as opaque as possible from the end user.