Innovation

EasyShare launches beta mode with cryptocurrency technology

EasyShare, a fast, reliable, and super affordable way to send and receive money to anyone in Africa using crypto has officially launched in beta mode in Africa.

By using innovative low-cost crypto-technology to drastically cut transaction fees, Easyshare will also allow consumers to perform micro-transactions safely, securely and affordably.

Speaking on the launch of the beta platform, Co-founder and Head of Partnerships & Community at EasyShare Africa, Ben Onuoha,  said: "Easyshare was born out of a lot of research. Bitcoin and Ethereum have definitely offered more people access to the global financial system -- but African consumers have repeatedly told us that Bitcoin and Ethereum can still be way too expensive to use in many cases, and it is therefore, not necessarily the answer for the financial needs of all communities.

More African Bitcoin and Ethereum users are increasingly using other cryptocurrencies which offer better value for money”

Onuoha added: “In response to consumer demand, we are solely focused on the ease of sending and receiving value through cryptocurrency using the most affordable means. Our vision is to bring Decentralized Finance (DeFi) to low and middle income countries where remittances account for 5 per cent or more of GDP and make these DeFi services more accessible."

According to him, the threshold for sending and receiving money using crypto on EasyShare.Africa is capped at a maximum of US$2,500 per transaction and a minimum of US$1. “Users can seamlessly send money to a mobile wallet or bank account using crypto in five easy steps.

“EasyShare.Africa supports a wide range of cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Tether (USDT ERC20) and other low transaction cost cryptocurrencies such as Binance Coin (BNB), Litecoin (LTC), Tether (USDT TRC20) and Tron (TRX).”

He said that more cryptocurrency options would be added in due course. “Easyshare.Africa platform is crowdsourcing to meet its expansion plans In addition to serving ordinary consumers. We are committed to extending our impact, by pioneering the world’s first decentralized network of verified peer to peer crypto-powered remittance agents” he said.

Current crypto remittance systems and peer to peer platforms use centralized escrows to guarantee settlement. This centralized escrow model is oftentimes plagued with bad actors, as well as centralized judges and juries settling disputes. EasyShare.Africa improves on this crypto peer-to-peer remittance model by adding a decentralized layer where verified remittance agents can stake SHARE Token – the native crypto of the Easyshare ecosystem - as collateral/insurance to guarantee the agents complete transactions.

The Easyshare model is poised to contribute to eight out of the seventeen United Nations Sustainable Development Goals (SDGs) by making a case for the unbanked and underbanked through offering various services such as micro remittances, microfinance loans, savings, insurance, payments, e-commerce and more for low-income populations in Africa and other emerging markets.

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