EPISODE 17: Crypto adoption for the unbanked with Richard Ells
BlockSpeak 17 is about something completely different and features Richard Ells, the CEO of Electroneum, a company that is using the power of blockchain to unlock the global digital economy for the world’s unbanked with a revolutionary new digital ecosystem.
Electroneum (ETN) is a user-friendly, mobile-oriented cryptocurrency that can be mined on any smartphone running Android, allows transactions to be settled instantly via its Instant Payment System, and has more tha 2.5 million users around the world, operating in more than 140 countries.
Anyone can start mining and transacting Electroneum for free by creating an account and installing the app on their phones.
The miner runs in the background and consumes virtually no processing power, battery life, or data. Mined coins are paid out regularly and users can spend them immediately from the app at an expanding suite of online and offline stores that accept ETN as payment.
While operating in these 140 countries, Electroneum has a particular focus on Africa and the unbanked, taking its lead from the extraordinary M-Pesa project that was spun out of a Vodacom project in Kenya more than 12 years.
M-Pesa has been so successful, that more than 50% of Kenya’s GDP now goes through the platform and not only has allowed access to the country’s unbanked, it also offers merchants and traders a new and efficient way to do business.
Electroneum wants to do this without the middleman (the operator) and make this a P2P process where an African (or anybody) can pay for something at a stall or shop, scan their ETN code and pay instantly.
In this interview, Ells is challenged as to the viability of this cryptocurrency and whether it’s all as easy as it seem. Moreover, many ‘white saviours’ have come to Africa with aid and other some promises.
Ells is also challenged on this, but stand strong and builds a very strong case in what he is doing to provide crypto for the unbanked and much, much more.
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