Stellar Lumens Network Ignites Decaf’s Drive for Financial Inclusion
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- Stellar-based payment protocol Decaf is promoting financial inclusion in Latin America and Africa.
- Its offerings help users manage remittances and secure their assets against currency devaluation.
In a bold move towards advancing financial inclusion in underserved regions, the Stellar Lumens network has partnered with Decaf to bridge the gap between cryptocurrency and traditional fiat systems in Africa and Latin America.
This partnership exemplifies the potential of blockchain and crypto to drive financial inclusion, empower individuals, and bring about a financial revolution in regions that have historically faced significant barriers to accessing traditional financial services.
Stellar and Decaf Bridges the Gap Between Crypto and Fiat
For many residents of Latin America and Africa, traditional banking systems have long underserved their needs, leaving them struggling with high remittance fees, currency devaluation, and limited access to international payments for remote work.
In this financial landscape, crypto has emerged as a lifeline for people in countries like Venezuela, Argentina, Colombia, and Nigeria. However, the inability to seamlessly transact with crypto in their day-to-day lives has forced many to turn to intermediaries, incurring hefty fees in the process.
In response to these issues, Decaf, a blockchain-enabled platform built on Stellar, has emerged as a game-changer, focusing on remittances and payments with a mission to make crypto accessible, and user-friendly, and bridge the gap between fiat and digital assets.
Stellar has one of the most prolific payment networks that is focused on promoting financial inclusion, particularly in areas where residents have limited access to digital payments, and it is currently ranked as the top blockchain for off-ramp locations by asset.
Decaf leverages the efficient and low-cost infrastructure of the Stellar network to provide a secure and accessible platform for its users. The result is faster, cheaper, and more trustworthy transactions that empower individuals in Latin America and Africa.
According to Decaf’s Co-founder, Rick Daniel, “The Stellar network is super efficient and it costs almost nothing to send money abroad or conduct a transaction…But the real beauty of the Stellar network is not just the technology, but that it is also trusted.”
Real-World Impact of Decaf
So far, thousands of Latin Americans are now navigating effortlessly between the crypto and fiat worlds using Decaf via the Stellar network. This represents a major shift in the way people manage their finances and access international payments.
Decaf’s impact extends beyond transaction convenience to addressing the issue of currency depreciation. Decaf users offload approximately $200,000 worth of USDC, a stablecoin pegged to the US dollar, each week. Individuals and families in Latin America and Africa can now protect their wealth from depreciation and economic instability, providing them with much-needed financial security.
It is worth mentioning that Decaf is not just limited to Latin America and Africa. Users across six continents leverage Decaf’s partnership with MoneyGram, a leading international money transfer service, for on and off-ramps. This partnership widens the reach of Decaf’s services and provides an invaluable bridge between digital assets and fiat for users worldwide.
