Key points
- In Latam and Africa traditional banking underserves its residence. It’s difficult to accept international payments for remote work, transfer fees are expensive, and the local currency can be volatile in an unstable economy.
- Decaf solves this problem with its non-custodial crypto wallet. Everyday people can receive money across borders without losing exorbitant fees, hold USDC to protect against inflation, and cash out into local currency when needed.
- Decaf has experienced explosive growth in 2023 by “leveling the playing field” for people in financially underserved markets.
In the heart of Medellin, Colombia, Maria, constantly worries about her savings. The rapid inflation and currency devaluation in her country means that the money she keeps in her local bank today might be worth much less tomorrow. On top of that, there are significant barriers of access to banking and investment products. For Maria and countless others, the fear isn’t just hypothetical — it’s a grim reality. Originally from Venezuela, this is a reality she has lived for decades.
The Reality of Unstable Banking
In several corners of the world, traditional banking systems are faltering. Currencies devalue overnight, savings vanish into thin air, banking institutions lose money, and people’s trust in financial institutions diminishes. Not only that, access to investments and ways to multiply savings are lacking. Sometimes crypto markets are the single accessible option that promises any type of yield or way to multiply money. This is particularly true in countries across Latam and Africa, where crypto has a real utility value, and as a result, adoption is highest.
Imagine having an online USD savings account, protected from the unpredictable waves of local economic turbulence. That’s what holding USDC (a digital stablecoin pegged to the US dollar) offers.
Decaf Wallet: A Revolution in Financial Autonomy
Decaf Wallet offers users a simple way to get paid in USDC, then cash out into local currency as needed.
It allows online workers like Maria to access the global economy in ways she’s never been able to before. Maria can receive an international payment without losing 4–9% of the amount. She can hold digital US dollars instead of her country’s volatile currency. And she can instantly cash out when needed.
Plus, this all happens in a non-custodial wallet. Maria controls her keys, so she controls her money.
How To Use Decaf Wallet
Decaf isn’t just a tool. For everyday people like Maria, it’s a ticket to financial freedom.
Here’s how Maria leverages Decaf wallet to sell her skills on the global market, and get paid internationally as a remote worker.
Step 1: The client acquires USDC
If Maria’s client does not already have USDC, they purchase USDC on a global platform like Binance or Coinbase (in V2 of Decaf Wallet users will receive US routing numbers and Euro SEPA to onramp to USDC).
Step 2: Transfer USDC to Maria
The client initiates a transfer to Maria’s Decaf wallet. They send her USDC on the Solana network.
Step 3: Maria holds USDC
Maria holds the USDC in her Decaf wallet until she is ready to cash out. This protects her from local currency fluctuations, inflation, and volatility.
Step 4: Cash out into local currency.
When Maria is ready to spend money in her local currency (e.g. for local living expenses), she can instantly pick up cash at one of 350,000+ MoneyGram locations around the world. The cash out process has no fees. Here is a guide.
https://youtu.be/Xpus2kH7fcA?si=onns3qlQ49CIsU4s
Maria can also withdraw her USDC straight into her local bank account, without needing to pick up cash. We’re working with a network of local liquidity providers who can provide fast bank transfers at the market’s most competitive foreign exchange rates.
Decaf’s growth figures are a testament to its effectiveness and appeal — boasting a 400% growth in July and another 600% in August 2023, with millions in USDC volume, and seeing no sight of demand slowing down.
“With Decaf Pay, receiving payments from my international clients has never been easier. I have the freedom to hold onto my earnings in USDC or convert them to my local currency, all while ensuring I get the best FX rates,” Maria comments.
It’s not just Maria in Colombia. Take a look at the users in Sierra Leone:
Stepping Towards Financial Stability
Decaf Wallet isn’t just a platform — it’s a financial revolution, granting unparalleled control and security in uncertain economic landscapes. Whether you’re a freelancer like Maria, or a business navigating global payments. Try out the Decaf Wallet today!
It’s more than just stability.
Not only that — they can invest and multiply their money. In a non-custodial wallet, they can swap their USDC on a Decentralized Exchange (DEX) into any token or investment they like in less than a second, without fees or middlemen. But more on that in the next article…
