{"id":10765,"date":"2021-08-10T15:54:08","date_gmt":"2021-08-10T15:54:08","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/personal-savings-feature-added-to-west-african-platform-facilitating-crypto-to-fiat-conversion\/"},"modified":"2021-08-10T15:54:08","modified_gmt":"2021-08-10T15:54:08","slug":"personal-savings-feature-added-to-west-african-platform-facilitating-crypto-to-fiat-conversion","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/personal-savings-feature-added-to-west-african-platform-facilitating-crypto-to-fiat-conversion\/","title":{"rendered":"Personal Savings Feature Added to West African Platform Facilitating Crypto-to-Fiat Conversion"},"content":{"rendered":"

Duniapay, a digital banking platform created by three students from Burkina Faso, has added a personal savings feature to its banking application that already provides residents from some 14 West African countries with a flexible digital platform to access financial services. <\/strong><\/p>\n

Using a Stablecoin to Save<\/h2>\n

The new feature, which is viewed as another demonstration of the game-changing potential of blockchain technology, comes with an offer of over 8% annual interest on savings. This interest rate offer according to Duniapay surpasses the typical 3.5% interest that is offered by most traditional banks.<\/p>\n

A statement released by Duniapay reveals that this new feature became possible following the creation of the cxof stablecoin which was \u201cdeveloped by Duniapay on Celo\u2019s decentralized finance ecosystem.\u201d It is this stablecoin \u2014 which tracks the region\u2019s CFA franc (XOF) \u2014 that enables residents of these countries \u201cto easily save money and to earn interest.\u201d<\/p>\n

As Radha Mathur of Duniapay explains, this interest rate feature is a step up from the firm\u2019s initial mission of enabling \u201cmoney transfers and conversions from crypto to fiat currencies for the people of West Africa.\u201d<\/p>\n

<\/p>\n

Currency Swapping<\/h2>\n

The statement also claims that the cxof stablecoin will allow residents to \u201ctransact globally by swapping natively between multiple stable currencies available on Celo [cEUR, cUSD and others].\u201d<\/p>\n

Duniapay\u2019s introduction of a privately issued stablecoin to users in West Africa comes a few weeks after the regional parliament warned<\/a> residents to be wary of the risks associated with cryptocurrencies. The parliament cited cryptocurrencies\u2019 lack of a central authority to monitor transactions as well as the concentration of assets in just a few hands as some of the risk factors.<\/p>\n

However, in its statement, Duniapay suggests that its operations are conducted \u201cwithin a safe, secure, and regulated environment.\u201d In addition, the cxof stablecoin users are able to freely trade this \u201con any Celo compatible wallets.\u201d<\/p>\n

What are your thoughts on this story? Tell us what you think in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nAltcoins, Blockchain, celo, Cryptocurrencies, digital platform, Duniapay, Financial Services, interest rate, personal savings, Stablecoin<\/p>\n","protected":false},"excerpt":{"rendered":"

Duniapay, a digital banking platform created by three students from Burkina Faso, has added a personal savings feature to its banking application that already provides residents from some 14 West African countries with a flexible digital platform to access financial services. Using a Stablecoin to Save The new feature, which is viewed as another demonstration…<\/p>\n","protected":false},"author":0,"featured_media":10766,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-10765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10765"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=10765"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10765\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/10766"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=10765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=10765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=10765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}