Ethereum Classic Labs Presents: Saldo
What is Saldo?
Saldo is a digital wallet enabling people in the U.S. to pay companies/bills across borders via mobile phone app. The App uses a Fiat Token linked to the Mexican peso following the governments new regulator frame work and compliance. It facilitates money transfers without the need for queuing, commissions, and transfers to typical money sending centers, all with just a mobile app.
“Saldo is creating a platform for a new generation of e-money in developing countries.” — Marco Montes, CEO of Saldo.
How did you come up with this idea?
The past few years there has been so much growth in the blockchain space. Ideas that are brought to the table today were nearly impossible a few years back due to the lack of infrastructure. Marco had the idea of leveraging the infrastructure built by developers over the years to facilitate a means of international payment with the use of Fiat Token and Stablecoins
Stablecoins represent a new substrate for “neobanks” but there are a lot of issues both on the technical side and the legal side. Saldo is focusing on solving those problems in order to accelerate the creation and adoption of new financial services built with the use of Fiat Tokens. By doing this, Saldo can provide banking services for the undeserved populations.
What differentiates Saldo from others?
The Industry is still in the early stages of what people consider a revolution in the financial services industry. The use of digital assets can provide a new wave of financial services that capture populations affected by inflation. A unique difference between Saldo and it’s competitors is their vision. Saldo doesn’t see stablecoins as an opportunity for the world to adopt the Dollar or Euro, their goal is to use the technology to serve populations that today have limited access to banks. Saldo has the ability to improve monetary policy, facilitate interoperability of payment methods, and ultimately to be used as a tool that provides optionality to everyone in the world, including central banks in developing economies.
Why Ethereum Classic and ETC Labs?
Saldo’s vision has always been to deliver a solution that can work across all platforms and networks, connecting communities that lack the fundamentals of banking. The Ethereum Classic community shares the same ideology of being an interoperable solution in the blockchain space. Saldo values a strong social contract, a fundamental feature of distributed ledgers, and considers it crucial for implementation of fiat tokens. Ethereum Classic has the opportunity to position itself as the premier blockchain to offer cross platform functionality.
ETC Labs adds to this vision by having a network of interesting companies and individuals. Saldo cites two additional key reasons to apply the program; one, being their ability to create an ecosystem in which companies can leverage partnerships; second, these companies also share the same ideology of rethinking the financial system to help support under served populations.
Whats Next?
Saldo’s next steps are enabling cross border payments for migrant workers and refugees in the Latin America Countries. Once this endeavor proves to be successful, the team will push for the technology to be used by other companies around the world.
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