Episode 28 of Hashing It Out features Fonbnk founder Christian Duffus, who joins Elisha Owusu Akyaw to discuss innovative ways to onboard new crypto users in developing markets.
The African continent is considered a significant market for crypto adoption due to its youthful population, flawed economic management by governments, and inadequate financial infrastructure for internal and global connectivity., host Elisha Owusu Akyaw is joined by Christian Duffus, founder of Fonbnk, to discuss the complexity of onboarding users from the continent.
Duffus started Fonbnk to provide a suite of on-ramps and off-ramps for people looking to enter the Web3 industry from developing countries. His fascination with digital payments is linked to the growth of mobile money on the African continent. Duffus observed people transfer balances and exchange them for other things with digital value on Facebook and in WhatsApp groups. The experience led to the creation of Fonbnk, and the company’s primary focus is on cash-first economies in Africa.
Owusu Akyaw points out how companies such as Fonbnk deploy on-ramps with interesting digital assets, like airtime, and how that significantly differs from how other people transact globally. Apps like Fonbnk allow users to convert airtime — digital credits for making calls and accessing the internet — into cryptocurrencies like USD Coin . Duffus explains that because many people are unbanked, building the next wave of financial technology on Web3 makes more sense.
“From a product standpoint, I definitely think you’re going to see much more on-chain activity, whether it’s the introduction of homegrown protocols as well as DApps and other projects that take into account the specific peculiarities, opportunities of the respective countrywide or continentwide markets, behaviors that uniquely exist in Africa. “
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