Algorand, a Proof-of-Stake (PoS) blockchain protocol, has invested an undisclosed quantity in FlexID to broaden its Self Sovereign Identification (SSI) platform, based on an announcement.
FlexID is a digital identification platform that goals to avail its decentralized digital identification community in rising markets. In doing so, the agency hopes to assist over 1 billion those who lack formal identification. Notably, that is FlexID’s first funding deal.
Based by Zimbabwean serial know-how entrepreneur Victor Mapunga, FlexID seeks to alleviate monetary exclusion. Mapunga created the platform out of frustrations with the banking system, excluding people with out identification paperwork.
The Algorand funding comes beneath the affect class, figuring out FlexID as a catalyst for international monetary inclusion. Particularly, FlexID intends to start out by serving to 400 million Africans who can not entry banking companies as a result of they lack identification paperwork.
Based on Mapunga,
“Identification is foundational to modern-day commerce. With out an ID, one can not take part within the financial system even on the most elementary ranges corresponding to entry to primary telco companies, cell cash and banking.”
He added that missing an ID additionally limits entry to training and healthcare. Moreover, nationwide data are chaotic normally, additional rising enterprise prices. Nevertheless, FlexID offers an answer that introduces the casual sector to the formalized financial system.
Touting the platform, Mapunga mentioned farmers can simply entry credit score and inputs.
Africa continues warming as much as the web3 ecosystem
Africa continues warming as much as crypto and blockchain applied sciences to streamline monetary inclusion. Earlier this week, Nigeria teamed up with Creating Africa Group to launch a large crypto challenge on Algorand. This initiative seeks to roll out a country-wide pockets and an IP alternate market.
Earlier than this, the Central Africa Republic introduced plans to launch Africa’s first authorized Bitcoin funding platform. Based on the plans, the nation intends to call the platform Sango.
Explaining why the nation needs to develop the platform, President Faustin-Archange Touadera mentioned,
The formal financial system is now not an possibility. An impenetrable forms is conserving us caught in programs that don’t give an opportunity to be aggressive.
The Central Africa Republic additionally turned the second nation to embrace Bitcoin (BTC) as authorized tender after El Salvador. The Nationwide Meeting handed a invoice to make BTC authorized tender to assist enhance the native financial system and safety.
