Credit: https://blog.humaniq.co/the-changing-status-of-the-worlds-unbanked-populations-5b460c82b058
Around the world, more than two billion people do not have access to financial services; one of the main reasons is they do not have the ability to pay the fees associated with these financial services. Most of the unbanked individuals are from developing countries, who belong to poor society. In one hand we have a modern society with digital product and financial services, on the other hand, we have individuals who lack basic financial services, which is pulling down the growth of country and individual.
Another problem for unbanked is limited infrastructure for banking, in developing countries, without verified identification, it is difficult the engage in any type of financial transactions. Without identification, the creation of credit history, lending and deposit are impossible. Subsequently, it makes unbanked countries difficult to get out of poverty.
Blockchain technology has the power to overcome these issues and allowing unbanked and underbanked customers to have an efficient financial alternative. With the help of Blockchain technology, implementation of “know your customer” become easy and robust. Moreover, it makes the transfer of funds much more affordable and removes the fees to open an account. And all these things initiated over the internet, and indeed all developing countries are equipped with Internet.
By removing intermediaries and third parties, transaction fees plunged drastically. There are various companies who are trying to exploit the opportunity of Blockchain and creating innovative products. One such company is Capverto, it is an extensible open source platform to make blockchain applications.
Capverto exchange is targeting on unbanked and underbanked population. It will bridge the gap between fiat and cryptocurrency world by combining familiar instruments such as an international prepaid card with innovative banking and trading features centered on the CAP utility tokens.
Underneath are the features of Capverto exchange:
International prepaid card
The international prepaid card is a reloaded prepaid Visa card, which means it can be used for the value placed on the card anywhere in the world. You can buy items online and shop in the store and over the phone. The prepaid card of Capverto exchange is available in multiple tiers starting from $100. By holding it for a minimum of six months, card purchaser will receive CAP tokens in their token. Reliability of Capverto utility token and usability of prepaid card helping Capverto exchange to build the foundation of the new system for unbanked and underbanked individuals.
Online bank-like service
The web portal of Capverto exchange allows customers to initiate a peer to peer transfer with the help of IBAN and Swift account number. These services will be backed by comprehensive security measures. No one would be allowed to initiate the transaction in Capverto exchange without receiving the proof of address. Moreover, KYC, AML, and 2FA will be used to prevent unauthorized access. Capverto exchange will take lower fees for the P2P transaction as compared to the market. The system will be built based on the convenience of unbanked customers.
Cryptocurrency exchange
Cryptocurrency exchange is a platform where customers can trade digital currencies for other assets, such as fiat currency or other cryptocurrencies. Capverto exchange will provide an intuitive cryptocurrency trading experience. Innovative features such as copy trading and direct API connection to Binance to track the price and history will be the part of Capverto exchange. Moreover, automatic selling if value dropped to 40% and taking P2P lending instead of selling assets will be possible in Capverto exchange.
Cryptocurrency Insurance
Cyber attacks and technical glitches put immense pressure on the cryptocurrency exchanges. Capverto would be one of the exchanges who will partner with RiskPoint to hedge against potential losses. This will give assurance to the customers that their trading funds are secured and protected.