Duniapay, a digital banking platform created by three college students from Burkina Faso, has added a private financial savings function to its banking app which already gives residents of some 14 West African international locations a versatile digital platform to entry companies. monetary.
Use a Stablecoin to avoid wasting
The brand new function, which is seen as one more demonstration of the game-changing potential of blockchain know-how, comes with a proposal of greater than 8% annual curiosity on financial savings. This rate of interest supply in keeping with Duniapay exceeds the everyday rate of interest of three.5% supplied by most conventional banks.
An announcement launched by Duniapay reveals that this new function turned potential following the creation of cxof stablecoin which was “developed by Duniapay on Celo’s decentralized monetary ecosystem”. It’s this steady coin – which tracks the area’s CFA franc (XOF) – that permits residents of those international locations “to simply lower your expenses and earn curiosity.”
As Radha Mathur of Duniapay explains, this rate of interest function is a step up from the corporate’s unique mission of enabling “cash transfers and conversions from cryptocurrency to fiat foreign money for inhabitants of West Africa ”.
Foreign money trade
The assertion additionally claims that the cxof stablecoin will permit residents to “commerce globally by buying and selling natively between a number of stablecoins obtainable on Celo. [cEUR, cUSD and others]. ”
Duniapay’s introduction of a personal stablecoin for West African customers comes weeks after the regional parliament warned residents to be cautious of the dangers related to cryptocurrencies. The parliament cited cryptocurrency’s lack of central authority to observe transactions in addition to the focus of belongings in just a few fingers as among the threat components.
Nevertheless, in its assertion, Duniapay means that its operations be performed “in a protected, safe and controlled setting”. Furthermore, cxof stablecoin customers can commerce it freely “on any Celo appropriate pockets”.
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