AlphaPoint and Netki, a provider of decentralized identity services and blockchain payment facilitation technologies, have announced that they are partnering on joint program to facilitate the onboarding of new cryptocurrency users in as many countries as possible.
The two companies will work together to offer crypto-friendly customer support for every single country in which either company operates or has an office. Additionally, the partnership aims to provide accessibility with regard both fiat currency (USD) and cryptocurrencies into markets otherwise inaccessible by traditional methods due to banking regulations such as those imposed by major financial institutions like Visa.
AlphaPoint and Netki announced their joint partnership at Bitcoin 2022 today, and their readiness to welcome nations around the world to jion El Salvador as pioneers in financial inclusion by working together to implement macroscale cryptocurrency onboarding projects.
Only Netki and AlphaPoint, which have developed and operated national scale crypto platforms, can design and deploy secure, reliable solutions for nations’ crypto initiatives.
Similarly, Chivo Wallet in El Salvador has been instrumental in the successful implementation of the Bitcoin bill and allowing over 70% of the country’s unbanked population to access financial tools.
Chivo realized the need to hire seasoned players in the cryptocurrency space after overcrowding after the initial launch. As a result of their expertise in scaling, security and fraud prevention, they chose Netki and AlphaPoint.
Using Netki’s Know Your Customer (KYC)/Anti-Money Laundering (AML) product, OnboardID, over 4 million users were onboarded to Chivo in 45 days. Besides being fast, easy, and intuitive, OnboardID has saved Netki clients more than ten times in fraud prevention than they invested in the product.
The success of Netki and AlphaPoint in implementing a nationwide bitcoin adoption platform was based in part on the company’s scalability and fraud prevention, according to AlphaPoint’s co-founder and CEO, Igor Telyatnikov.
Chivo is powered by AlphaPoint’s frontend and backend infrastructure, which includes mobile applications, mobile point of sale systems, a merchant website portal, and call center support software. Lightning integration also allowed for nearly instant low-fee Bitcoin transactions via QR and Lightning addresses, even allowing for transactions as small as one satoshi (below a penny).
Netki CEO Justin Newton said understanding user experience/flows, having experienced technical teams with security expertise, and being prepared in advance to make Bitcoin adoption work are the keys to making Bitcoin adoption successful. AlphaPoint has created a platform on which your country’s economy can be run. We partnered with them for this reason.”
The recently created joint platform has a high degree of flexibility, allowing countries to customize the servies and experiences according to their own needs, including support for Lightning, CBCs and other crypto currencies.
As the populace adopts one set of services, the next set of needs are revealed, allowing the platform to be tailored to local needs.
El Salvador and its citizens are already reaping numerous benefits from the agreement – lower remittance fees, ability to make online digital payments, and other forms of financial inclusion for their citizens – these and other benefits can be realized by countries exploring similar opportunities, including increased tourist numbers, foreign real estate investment, foreign business investment, and easier access to alternative financing, like the Bitcoin Bond.
A country that adopts bitcoin as legal tender will have the advantage of being perceived as an innovator internally and externally, and this perception will benefit foreign company creation and job creation.
However, launching such ambitious projects entails numerous risks, including adoption community acceptance, scalability, security and fraud. By choosing the right partners, countries can effectively mitigate the risks and increase the chance that their initiatives will be successful.
Their experience with one of the only successful projects of this kind demonstrates their ability to build applications and flow that are intuitive to both power users and users who are using financial applications for the first time.
Even users who are new to financial service can use and benefit from the application due to its intuitive design and native language instructions.
As broader adoption occurs worldwide, the combined platform can easily handle the scale required.
There are today many more active Chivo users than the entire banking sector of El Salvador, and it can easily handle increased growth. THis is made possible by a high degree of automation, where computerized tools replace processes where other platforms require human intervention.
Supporting a platform this way lowers staffing costs dramatically.
The United States is only the first country to participate. Other governments have already contacted us to express their interest in Bitcoin as a way to promote financial inclusion, and we are prepared to make that happen, Newton said.
The way bitcoin and other cryptocurrencies can enhance a country’s profile, increase financial inclusion and introduce innovation into its economy is an area being explored by dozens of nations. Other governments are already seeking to replicate and expand el Savador’s success.
By leveraging Netki’s and AlphaPoint’s unique experience to avoid missteps and dramatically accelerate the implementation timeline, countries can lessen unnecessary costs, risks and negative user experience while realizing the benefits of adopting cryptocurrency.
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