Fun

Personal Savings Feature Added to West African Platform Facilitating Crypto-to-Fiat Conversion

News Feed - 2021-08-11 12:08:48

Personal Savings Feature Added to West African Platform Facilitating Crypto-to-Fiat Conversion


Duniapay, a digital banking platform created by three students from Burkina Faso, has added a personal savings feature to its banking application that already provides residents from some 14 West African countries with a flexible digital platform to access financial services. Using a Stablecoin to Save


The new feature, which is viewed as another demonstration of the game-changing potential of blockchain technology, comes with an offer of over 8% annual interest on savings. This interest rate offer according to Duniapay surpasses the typical 3.5% interest that is offered by most traditional banks.


A statement released by Duniapay reveals that this new feature became possible following the creation of the cxof stablecoin which was “developed by Duniapay on Celo’s decentralized finance ecosystem.” It is this stablecoin — which tracks the region’s CFA franc (XOF) — that enables residents of these countries “to easily save money and to earn interest.”


As Radha Mathur of Duniapay explains, this interest rate feature is a step up from the firm’s initial mission of enabling “money transfers and conversions from crypto to fiat currencies for the people of West Africa.”


Currency Swapping


The statement also claims that the cxof stablecoin will allow residents to “transact globally by swapping natively between multiple stable currencies available on Celo [cEUR, cUSD and others].”


Duniapay’s introduction of a privately issued stablecoin to users in West Africa comes a few weeks after the regional parliament warned residents to be wary of the risks associated with cryptocurrencies. The parliament cited cryptocurrencies’ lack of a central authority to monitor transactions as well as the concentration of assets in just a few hands as some of the risk factors.


However, in its statement, Duniapay suggests that its operations are conducted “within a safe, secure, and regulated environment.” In addition, the cxof stablecoin users are able to freely trade this “on any Celo compatible wallets.”


What are your thoughts on this story? Tell us what you think in the comments section below. Axie Infinity Hits 1 Million Daily Active Players, First NFT Project to Hit $1B All-Time Trade Volume ALTCOINS | 3 days ago There’s 30 Doge-Like Tokens Today — New Daddy Doge Jumps 57% This Week, Promises To Be First in Space ALTCOINS | 6 days ago Tags in this story Blockchain, celo, Cryptocurrencies, digital platform, Duniapay, Financial Services, interest rate, personal savings, Stablecoin


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

David Attlee13 hours agoEuropean regulator: CASPs should work on protocol interoperability, self-hosted walletsThe proposed new industry guidelines are intended to address issues around AML and CFT rules.1519 Total views
25% of US Adults Plan to Start Investing in Crypto, Survey Shows
25% of US Adults Plan to Start Investing in Crypto, Survey Shows A U.S. consumer survey shows that 25% of respondents who currently do not own cryptocurrency plan to start investin
Mt. Gox Stirs The Market With $1 Billion Bitcoin Transfer—What’s Going On?
Este artículo también está disponible en español. Bitcoin took center stage again as Mt. Gox moved 12,000 BTC, valued at over $1 billion, to an unknown wallet. This occur
Soaring Sell Orders Contrast Sharply with Bitcoin’s Renewed Bull Run
Soaring Sell Orders Contrast Sharply with Bitcoin’s Renewed Bull Run Alongside the cryptocurrency’s meteoric climb over the back half of 2020 and early 2
Biggest Movers: SAND Surges on HSBC Partnership — MKR, WAVES Both Nearly 10% Higher
Biggest Movers: SAND Surges on HSBC Partnership — MKR, WAVES Both Nearly 10% Higher SAND was higher on Wednesday, as it was announced that HSBC was set to enter the Metaverse via
Lykke crypto exchange acknowledges hack after halting withdrawals
Christopher Roark4 hours agoLykke crypto exchange acknowledges hack after halting withdrawalsThe Lykke team acknowledged that they halted withdrawals after an attack drained $22 million in crypto from its wallets on June
Crypto Craze: Investor Nets A 3,360% Gain, Turning $86,000 Into $3.75 Million
Este artículo también está disponible en español. In another fabulous story from the crypto market, an investor has realized a staggering 3,360% return, transforming an i
Binance execs detained in Nigerian capital despite country exit
Helen Partz13 hours agoBinance execs detained in Nigerian capital despite country exitSenior Binance execs Tigran Gambaryan and Nadeem Anjarwalla have been detained at a government property since Feb. 26.4335 Total views
OVR Land Map: The Biggest Detailed 3D Map of the Real World With NFTs
OVR Land Map: The Biggest Detailed 3D Map of the Real World With NFTs sponsored OVR AR Metaverse goes to a whole other level.Italian company OVRis announcing today the creation of t
Shiba Inu All Set For ‘Bull Show’, Eyes 180% Rally – Analyst
Este artículo también está disponible en español. Shiba Inu (SHIB) is stirring up excitement again. The meme-based cryptocurrency has seen bullish momentum lately, grabbi
Proof-of-Work Proponents Question Validator Censorship as 59% of Staked Ethereum Is Held by 4 Companies
Proof-of-Work Proponents Question Validator Censorship as 59% of Staked Ethereum Is Held by 4 Companies Prior to The Merge, Ethereum used to have dozens upon dozens of mining pools
Ethereum Price Stalls In Tight Range – Big Price Move Incoming?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu