Community Currencies in Kenya launched by Bancor

Bancor is collaborating with Grassroots Economics in order to tap into local Kenyan economies
22 June 2018   1286

Cryptocurrency network Bancor has declared on June 18 about the run of “blockchain-based community currencies” in Kenya. As an official statement from the company claims, the currencies have been deployed to “[combat] poverty through the stimulation of local and regional commerce and peer-to-peer economic collaboration.” 

The currencies will be supported with money grew during Bancor $153 million ICO in June of last year. The initiative will be controlled by Will Ruddick, Bancor’s Nairobi-based Director of Community Currencies. Before this position, Ruddick constructed Grassroots Economics, a nonprofit that creates community currencies. Presently the nonprofit is serving more than 20 schools and 1,000 local businesses and works in partnership with the Kenyan government.

Communities should be afforded the same privileges as nations to develop their own prospering economies with the stability of their own currencies.
Will Ruddick
Director of Community Currencies, Bancor

Ruddick and the team at Grassroots will apply Bancor’s protocol in order to expand Grassroot’s existing paper currency system into a blockchain-built network. Firms from around the world who boost this initiative will be able to acquire and sell local currencies using major cryptocurrencies or credit, making it possible to rise the value of the community currencies from afar. The project will be initially piloted in Kibera and Kawangware, characterized by Bancor as “the two largest underserved neighborhoods in Kenya.”

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   94

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.

 

Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.