This year, the use and acceptance of cryptocurrencies has experienced rapid expansion, especially in developing and under-developed regions such as Latin America and Africa. Young populations with access to smartphones and the Internet are playing a key role in mainstream adoption of cryptocurrencies in these regions beset by hyperinflation, decades of political and economic problems, weak national currencies and a lack of traditional financial services.
With the adoption of bitcoin (BTC) as legal tender by the government of El Salvador, there has been an increased demand for decentralized financial (DeFi) opportunities for BTC users, especially layer-2 scaling solutions that enhance the capabilities of the bitcoin network. help in. Following the El Salvador decision, BTC acceptance has increased in developing countries including Ghana, Kenya, Botswana, Zimbabwe, Mexico, Chile, Colombia, Panama, Peru and others.
As a result of this phenomenal 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 reducing the barriers to adoption simultaneously.
The result is access to more mainstream financial services for the global non-banking and under-banked populations, not to mention opportunities to generate income through a range of DeFi products and solutions.
Bringing crypto into the mainstream by bridging the gap in the real world
Coinzoom, a US-based cryptocurrency exchange, is one of the most prominent names leading the effort to build an open and inclusive decentralized financial ecosystem. In addition to being a highly regulated exchange operating in over 140 countries, CoinZoom also offers a number of crypto-focused features that make life 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 to users. A range of CoinZoom Visa cards support crypto payments at 53 million merchant stores worldwide. Plus, the accompanying CoinZoom Earn feature allows users to earn up to 20% APY on their crypto savings accounts, much higher than interest-bearing bank accounts. Furthermore, the Zoommi remittance service helps members to send and receive both fiat and cryptocurrencies around the world at no charge.
Another project on a mission to drive positive change in the African region is the Swiss blockchain company Gelurida, which enables enterprises to develop decentralized applications (dApps) using its Nxt, Ardor and Ignis blockchains. Jelurida’s ecosystem provides public, private and hybrid blockchain solutions designed to solve real-world problems.
Since its inception, the platform has facilitated the use of several promising real-world blockchain projects such as HotCity, Cycle4Value and TreeCycle. As the use of digital currencies develops across Africa, Gelurida Africa DLT, a branch of the Swiss firm Gelurida, is engaged in pre-launch project testing and other goals before additional expansion into a larger number of African countries. Gelurida Africa aims to help established companies, start-ups and individuals understand blockchain technology and provide mentorship, education and top-notch solution deployment.
Last but not least, RSK (Rootstock) is a smart contract solution built on the Bitcoin network. With El Salvador legalizing bitcoin, the demand for protocols that would 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 contract functionality to the bitcoin network, while ensuring industry-grade security, fast transactions per second (TPS), and low gas costs.
Leveraging RKS, Krypton Markets, an online marketplace focused on offering products and services to bitcoin users in El Salvador and other regions. Along with RSK, Krypton Markets has launched a campaign in El Salvador to educate traders and the general public about real-world use cases and benefits of crypto. Other RSK-based solutions such as Bexo, Money on Chain (MOC), Defiant and Tropicus Finance will also participate in the campaign.
The Krypton Market is currently used by 150 stores, with an additional 564 stores expected to be included as part of a software update with ProCom and Innovation y Descarolo. Also, each supporter will contribute to the utility of bitcoin in El Salvador, whether it is through sending payments, payment for goods and services, QR code transactions, or door-to-door shipments.