Guides

Understanding Blue Chip NFTs 

This week’s educational Guide outlines the difference between the two exchanges, lists various examples of CEXs and DEXs, and dives deeper into the advantages and disadvantages.

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If you invest in crypto or want to start investing, you will likely look into buying, t your crypto assets on a Centralized (CEX) or Decentralized (DEX) exchange. 

This week’s educational Guide outlines the difference between the two exchanges, lists various examples of CEXs and DEXs, and dives deeper into the advantages and disadvantages. 

<h2 class="customH2" style="line-height:1.38;">
What is a crypto exchange?  </h2>

A cryptocurrency exchange is where you can buy and sell crypto. You can find different combinations of cryptocurrencies to trade on a crypto exchange. For example, you can trade Bitcoin for US Dollars (BTC/USD), Bitcoin for Euros (BTC/EUR), or Ethereum for US Dollars (ETH/USD). Decentralized exchanges, however, only let you trade one cryptocurrency for another, like Ethereum for USDC (ETH/USDC). 

A crypto exchange can do two types of trading: spot and futures. Spot trading is when you buy a cryptocurrency to own it. In futures trading, you buy the right to purchase the crypto while speculating on the market. 

<img height="368" src="https://coinfyi-uploads-production.s3.eu-central-1.amazonaws.com/posts/1180143/1692196647803" width="624"> 
 
Image Source: <a href="https://newsum.media/understand-crypto-exchanges/" style="text-decoration:none;">Newsum</a>

<h2 class="customH2" style="line-height:1.38;">How does a Centralized Exchange (CEX) work</h2>

A centralized cryptocurrency exchange, operated by a third party, oversees transactions, safeguards assets, and offers the infrastructure for trading. Transactions occur primarily off-chain on the exchange's central server. Such exchanges are subject to regulations like KYC and AML to maintain legality.

Centralized exchanges, favored by regular users, function as intermediaries between cryptocurrency buyers and sellers. Users deposit cryptocurrencies into exchange-controlled wallets for trading while the exchange manages trades, custody, and regulatory compliance.

A couple of well-known examples of CEXs are: Deskoin, Binance, Coinbase, and Kraken

<h2 class="customH2" style="line-height:1.38;">How does a Decentralized Exchange (DEX) work </h2>

Decentralized exchanges (DEXs) have emerged as alternatives to centralized exchanges (CEXs) in the past few years. Unlike CEXs, DEXs operate without intermediaries, relying on blockchain technology and transparent smart contracts for direct peer-to-peer transactions. 

In DEXs, transactions are facilitated through wallets. Most of the time DEXs do not require a KYC, allowing them to stay anonymous. “Not your keys, not your coins”, is often a term referred to by those using Decentralized Exchanges, as CEXs often hold custody of assets, where DEXs allow users to manage their private keys and secure their funds. r regulatory oversight, instead relying on automated market makers to match trades.

A couple of well-known examples of DEXs are: Uniswap, Hashflow, Paraswap, Chainflip, and 1Inch

<h2 class="customH2" style="line-height:1.38;">
Advantages and disadvantages: 
</h2>

Centralized exchanges (CEXs) have several advantages, including user-friendly interfaces, a wide variety of crypto for people to trade, and more liquidity. Furthermore, since CEXs are regulated, institutional investors and traders are more keen on using the exchanges. On the other hand, decentralized exchanges (DEXs) present benefits like privacy, which caters to those without access to traditional bank accounts. and they have reduced transaction fees. DEXs also have lower transaction fees and allow users to lend, borrow, and stake on the dapps. 

Nevertheless, both exchanges have their drawbacks. CEXs don’t allow users direct control over wallet keys, leaving users vulnerable to losing their assets in case of fraud, shutdown, or bankruptcy – for example, with what happened to FTX. 

Unlike CEXs, DEXs typically hold less liquidity due to a smaller user base. Furthermore, the lack of regulation exposes DEXs to potential illegal activities, discouraging participation from more significant investors. Finally, DEXs often need more comprehensive customer support, which can be challenging for users who need assistance.

<h2 class="customH2" style="line-height:1.38;">Final Remarks</h2>

Your digital asset security depends on your needs, and your chosen exchange best fits those. Both centralized and decentralized exchanges have advantages and disadvantages; understanding both is key to ensuring your assets stay safe. 

We post educational Guides regularly covering topics from DeFi to NFTs and Crypto security. Stay tuned for more. 
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What is the difference between Centralized versus Decentralized Crypto Exchanges?


We publish Educational articles every two weeks focusing on a topic central to the Web3 ecosystem. 


The Difference Between DApps and Protocols

In this educational article, we will review 10 tips on how to find undervalued assets

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Investing in cryptocurrency can lead to substantial gains or sometimes overwhelming losses depending on your decisions. Finding sound investments is hard work and can result in some levels of inherent risk. However, diligently selecting projects and conducting thorough research can reduce this risk and significantly increase your chances of success. 

This week’s educational article outlines 10 tips to help you identify potentially undervalued and appealing crypto assets/projects.

<h2 class="customH2">Checklist of finding undervalued assets and how to do your own due diligence: </h2>

<ol>
	<li style="list-style-type:decimal;">
Check the projects/assets' market cap and momentum: 
	Identifying undervalued crypto coins can be done by examining their market cap. For projects yet to launch, evaluating their initial market capitalization is crucial, as its value represents the total worth of token units in circulation following the token generation event (TGE). Projects with an initial market cap lower than their expected fair value have the potential for significant returns, as the market tends to align the token price with its fair value after the TGE. Generally, projects that launch with a lower-than-expected market cap are likely to increase in value until they reach their fair value. On the other hand, projects with a higher-than-expected market cap, often due to a temporary influx of orders, may eventually regress to a lower, fairer market cap. 
	 </li>
	<li style="list-style-type:decimal;">
Deep dive into its price history, trading volume, and number of holders: Study the token's price charts to identify its highs and lows of the previous year, month, week, and 24-hour period. <a href="https://www.tradingview.com/" style="text-decoration:none;">TradingView</a> and <a href="https://www.coinigy.com/en/" style="text-decoration:none;">Coinigy</a> allow you to read charts and candles. Additionally, under <a href="https://coin.fyi/markets" style="text-decoration:none;">Coin.fyi - Markets</a>, you can also see the price history of many assets.  
	 </li>
	<li style="list-style-type:decimal;">
Check its backers: Conduct due diligence on the project’s associated backers/investors. This involves examining the project's early supporters and paying close attention to noteworthy venture capital (VC) funds and angel investors who have come on board. Projects usually list prominent backers on their websites, primarily applicable to those receiving venture funding. Looking for well-respected VC funds with a proven track record and backers with a history of adding significant value to projects through marketing assistance, strategic guidance, development expertise, or other valuable contributions is ideal. It is also important to consider why industry experts may have chosen not to support the project.  
	 </li>
	<li style="list-style-type:decimal;">
Learn more about the team: More than often, you can find information about the founders and team members on the project's website or via news articles. Find out what background the founders have, if they have built start-ups in the past, what their skills are etc. Both teams and investors are paramount to the project, so the more impressive the resume, the better for the project.  
	 </li>
	<li style="list-style-type:decimal;">
Ensure you understand the technology and product: Crypto projects can be daunting and difficult to understand, especially if you are a newcomer. Before investing, make sure you understand what the utility of the asset is or what the “problem” the project is trying to solve.  
	 </li>
	<li style="list-style-type:decimal;">
Find out the project’s product-market fit: According to the previous bullet, understanding the problem the project is trying to solve will also help you identify its product market and growth potential. Important to note that make sure your sources are credible. Trend and market analyses by big consulting firms, credited business reviews, and institutional VCs are usually good sources of information during your due diligence.  
	 </li>
	<li style="list-style-type:decimal;">
Check its community size and engagement: How many Twitter followers, Discord members, and other social media followers does the project have? If it’s an undervalued asset, these numbers might be low, but keeping an eye on them will indicate the project's growth potential.  
	 </li>
	<li style="list-style-type:decimal;">
Take a look at its Social Media content: While checking out the amount of followers, scroll through the type of content. Is it engaging, high quality, and does the team communicate on a regular basis? Frequent posting and updates are also a good sign of a strong project with a goal to grow.  
	 </li>
	<li style="list-style-type:decimal;">
Deep dive into the tokenomics and token utility: More than often, the project has a whitepaper, litepaper, or tokenomics section on its website. Considering the tokens utility is important as it indicates what investors and holders will gain. A factor to consider is that even if the project is <a href="https://coinmarketcap.com/alexandria/article/5-ways-to-spot-an-undervalued-project" style="text-decoration:none;">solid highly inflationary tokenomics could lead to price suppressions if there isn’t enough utility. </a>Take a look at the projects vesting schedules, adisors, and if the project is taking measure to reduce the circulating supply - such as thought staking or burn mechanics.  
	 </li>
	<li style="list-style-type:decimal;">
Read other “Undervalued Assets” articles: Plenty of articles list the most undervalued assets of the month or the year. Though these are a great way to start, more often than, when a project or asset has already made its way to articles or Twitter, it might be too late – meaning the asset is not as “undervalued” as it would have been months ago. 
	 
	Moralis, a platform that simplifies web3 development, created <a href="https://moralismoney.com/" style="text-decoration:none;">Moralis Money</a> to help people find undervalued alt-coins before they hit the mainstream. In their <a href="https://moralismoney.com/blog" style="text-decoration:none;">blog</a>, they provide a step-by-step guide on finding undervalued assets and using the Moralis Money platform.  
	 </li>
</ol>

<h3 class="customH3" style="line-height:1.38;">Final Thoughts</h3>

Keeping in mind the top 10 tips when looking for undervalued assets, and doing research in crypto in general are key. Though this does not guarantee success nor is it at all financial advice, we hope the list can get you closer to identifying better opportunities within the market. 
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10 Tips on How to Find Undervalued Assets

In this educational article, we will review whether Luxury is now taking place in the Metaverse

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<h2 class="customH2" style="text-align:center;">Is the future of Luxury taking place in the Metaverse?</h2>

<h2 class="customH2"> </h2>

The global luxury industry has shown resilience in the past years, despite uncertain market conditions. Composed of eight main segments, where the luxury car, luxury hospitality, and luxury goods industries make up 80% of the total market, the global luxury industry grew to <a href="https://www.bain.com/insights/renaissance-in-uncertainty-luxury-builds-on-its-rebound/#:~:text=The%20luxury%20market's%20consumer%20base,compared%20with%2035%25%20last%20year." style="text-decoration:none;">$1.25 trillion dollars from 2020 to 2021. </a>The industry has expanded from traditional bricks and mortar consumer goods stores to offering their customers an omnichannel 3.0 structure, combining physical stores, e-commerce, and high-quality experiences. As the personal and experiential luxury trend continues, we see a strong disconnect between price and luxury consumption. More consumers are entering the luxury space, not because of consumption but because of the “feeling” it offers them. In fact, it is estimated that the luxury market consumer base will expand from <a href="https://www.bain.com/insights/renaissance-in-uncertainty-luxury-builds-on-its-rebound/#:~:text=The%20luxury%20market's%20consumer%20base,compared%20with%2035%25%20last%20year." style="text-decoration:none;">400 million people in 2022 to 500 million people by 2030. </a>

As we move into a new era of luxury driven by digitization, experience, and a new generation focused on sustainability, we are also seeing the emergence of a new trend - luxury entering Web3. With NFTs and the Metaverse gaining more sentiment over the past 2 years, more companies are looking into how they can integrate Web3 technology into their digital strategy. 

<h3 class="customH3" style="line-height:1.38;">Companies entering the NFT and Metaverse Space</h3>

Several luxury brands have recently entered the NFT and Metaverse space. For example, <a href="https://us.fashionnetwork.com/news/Metaverse-the-sandbox-joins-arianee-to-create-hybrid-brand-experiences,1394023.html" style="text-decoration:none;">Gucci, Paris Fashion Week, Richemont group, and other brands like IWC and Mugler</a> partnered with <a href="https://www.arianee.org/" style="text-decoration:none;">Arianee</a> – an enterprise specializing in blockchain solutions for consumer brands. The partnership went hand in hand with the Metaverse world, <a href="https://www.sandbox.game/en/" style="text-decoration:none;">The Sandbox</a>, as the above-mentioned luxury brands sought to enable customers to get a virtual NFT equivalent of the physical good they were buying. The partnership between the two “worlds” enables consumers to gain utility on their virtual NFTs by acting as an item of clothing, accessory, or good for personalized avatars in the Metaverse. 

Similarly, curated NFT marketplace, <a href="https://unxd.com/" style="text-decoration:none;">UNXD</a> created NFT collections with renowned fashion houses Dolce &amp; Gabbana, Jacobs &amp; Co, and recently announced a new partnership with Valentino. <a href="https://blockster.com/valentino-luxury-fashion-brand-is-going-web3-thanks-to-unxd" style="text-decoration:none;">UNXDs renowned collection with Dolce &amp; Gabanna’s Collezione Genesi generated around $6 million at the final sale.</a> In their collection Alta Moda, all digital pieces were personally designed by Domenico Dolce and Stefano Gabbana. The collaboration is an indication of how global fashion houses are combining physical and digital designs to create something suitable for the new generation of Web3 users. 

<img height="559" src="https://lh3.googleusercontent.com/DXmn0QjKacF0abOqlZqcZWdo4lOHARZK-gNK2buADSDQ4FhqMpOaLa0B3MvXEAX3kP7qUdgv5IO_mxXxqrcb3SD2g6Z_A7H1NGnez9IURCakUBtpAyR2YSHz1rabcPK5htrrn1rnPLedRFnA_QmjNKQ" width="624">

Another luxury brand tapping into the NFT space is Porsche. <a href="https://nft.porsche.com/" style="text-decoration:none;">At Art Miami 2023, Porsche released their new NFT collection featuring 2,363 iconic 911 NFTs.</a> Owners of digital collectibles by Porsche have a variety of customization options, a community of NFT holders, specially selected “money can’t buy” experiences as well as the opportunity to co-create Porsche's future in the Web3 universe. The step towards bringing an iconic model like the 911 to the virtual world again shows that timeless luxury houses that have existed for many years are looking to expand into a more digital space and see it as the future of tomorrow’s luxury strategy. 

<img height="280" src="https://lh3.googleusercontent.com/XXZOIupUgG2V41Wf05Vj9c5sIJ_NM-8d86-riaUzN_eQOsUo-fVr_MbHASKhYXKekEECMrkec1KM6gu71M0WxaMcv3iVq6L-RPTEsggly4yXFE-y-MWgWmSM869vUJZJtidv-pwR60pZKveeuoM3OwE" width="624">

 

<h3 class="customH3" style="line-height:1.38;">Advantages of Luxury Companies Entering the NFT and Metaverse Space</h3>

One of the main advantages of luxury companies entering the NFT and Metaverse space is that they can extend the omnichannel purchasing experience beyond physical and e-commerce boundaries to the Metaverse. By introducing the Metaverse and NFTs as an additional channel,  a new way for luxury companies to create immersive brand experiences arises. By creating virtual stores and fashion items, luxury brands can engage with their customers in new and exciting ways. Additionally, the Metaverse offers a unique opportunity for luxury brands to showcase their products and designs in a way that is not limited by physical space.

NFTs, on the other hand, can also provide a new revenue stream for luxury companies. NFTs can be sold at a high price point, and they offer a unique opportunity for luxury brands to create scarcity and exclusivity around their products.

The advantages of luxury brands joining the Web3 ecosystem go both ways. As more globally renowned brands join the industry and drop collections, more non-Web3 natives get interested. Widespread adoption is being sped up by brand collaborations as more people are intrigued by the new trend of luxury. For this, it will be imperative for the collaborating Web3 and luxury brands to put forward educational narratives that create an easy onboarding process for new users. 

<h3 class="customH3" style="line-height:1.38;">Disadvantages of Luxury Companies Entering the NFT and Metaverse Space</h3>

One potential disadvantage of luxury companies entering the NFT and Metaverse space is that they may face backlash from traditional customers who do not understand or appreciate these new technologies. Moreover, luxury brands may risk diluting their brand value by entering these spaces, particularly if they are perceived as gimmicky or irrelevant to the brand.

Not all forms of luxury can enter the digital space. If you think about a vineyard or 3 Michelin star restaurant in a remote area and creates a luxurious experience through the senses, it would be difficult to bring that into the Metaverse or in NFT form. In the future, it would be interesting to see what types of creative ideas luxury houses come up with to enter another channel.

<h3 class="customH3" style="line-height:1.38;">Future and trends we might see </h3>

The luxury industry is extremely resilient and growing at a face pace. As GenZ and Gen Alpha start to enter the market, we might see different values start to form in the Luxury and Web3 industries. As more people are looking for sustainable solutions, blockchain technology will need to start looking way more sustainable than it is now. It is exciting to see how many more collaborations are forming, and especially with the market shifting to more upward trends, we are hoping to see more from the luxury industry in the Web3 ecosystem. 
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 Luxury Meets NFTs

In this educational article, we will describe how crypto credit cards work

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<h2 class="customH2">What is a crypto card, and how does it work? </h2>

The number of crypto cards and crypto rewards programs is growing. Over the years, many banks, digital credit/debit card providers, and crypto exchanges took inspiration from the “traditional” cash back and rewards structure (i.e., airline miles, points, loyalty schemes) to build reward programs, which pay out in cryptocurrency. 

Crypto reward programs work like any credit card rewards scheme. But, instead of earning points, cash back, or miles, one can earn the cryptocurrency of their choice, for example, Bitcoin, Ethereum, EGLD, or Dogecoin.

<img height="249" src="https://lh3.googleusercontent.com/dGrI5B-jApJdl7frmAJZtiuEIHmuAAhfshQFa1SHxpexzSzmcE_D5X-MbIPpkG6COqJQHWdJLxVxFQfa3Z4BbBneRp429PTp0wE9in5Hc8t5DCnxYyR6EElrqMYJ2Zr4Fx-XSo_2SoBj2fsGr6NRoL4" width="624">

One can choose between a crypto credit card or a debit card, depending on user preference.

Crypto Reward Credit Cards work similarly to regular credit cards. One borrows money from the credit card issuer and pays it back towards the end of the month. Once a transaction is made, the user gets a percentage of the spend in rewards; most crypto reward cards offer between 1% and 3%. Credit card transactions are paid in fiat currency (i.e., USD, EUR, GBP), and rewards are either paid directly in crypto, in the token of your choice, or you receive cash back, which you can then decide to invest in the token of your choice. 

Some crypto credit card rewards programs, like the <a href="https://venmo.com/about/creditcard/" style="text-decoration:none;">Venmo Credit Card</a>, allow users to opt-in to the crypto rewards program but have a limited choice of 4 coins, which can be paid back in rewards.

On the other hand, Crypto debit cards are connected directly to a crypto wallet, such as Crypto.com or Binance. Debit cards can be pre-loaded with crypto, and the balance is drawn against purchases. Crypto kept in the wallet can also be automatically converted to fiat for each transaction. As with regular debit cards, one will need an adequate amount of funds in their account to make a purchase. 

For example, the<a href="https://crypto.com/" style="text-decoration:none;"> Crypto.com Visa Card</a> is a prepaid reward debit card. Depending on the amount of CRO (Crypto.com’s native token), one stake determines the number of rewards you get back on your cards and how many other benefits you have. The highest tier card requires staking $350,000 of CRO, rewarding you 5% on purchases and other perks such as lounge access, Netflix discounts, and more. One can also choose the $0 stake card, which gives no rewards but allows you to spend your crypto as fiat currency when making purchases.

<img height="375" src="https://lh4.googleusercontent.com/00YKUmQwdMI3O_neL-gK66183oMspwewJrRyAMH7UkLMZOVnk59dGJYIegFGDWZGQblfjtxwZ5TR6pIFDvZHNy7VauBXUwNsO8hy0EciSD6OflLlakyWvS7JZW1RCgMQf8qNIWX3C0dOzRNUnmH4OLQ" width="624">

<h3 class="customH3">Pros and cons of crypto cards</h3>

No matter the credit or debit card, there are always pros and cons when choosing whether a type of rewards system is right for you. The space of cryptocurrency is different from “traditional” rewards programs as they are classified as an “asset” and can grow or shrink over time depending on market conditions. Here are a couple of points about what makes a crypto card good and some things to look out for. 
 
<img height="356" src="https://lh3.googleusercontent.com/Buo_Ad7tV-d3UPPYNCAIgwGqujO3iuhWhqCl8L59aH35auqdmZv8olt5b68igv8YF8tPGNC8VorVleWuLReTyhthJfYSJcNQjrKRrvDuU7kcvO12oajQE4dfAYx21IoL3j-EqTPu0HZLa2-RuIpKg0o" width="624"> 
How to choose a Crypto Card?

<ol>
	<li style="list-style-type:decimal;">Can you take up more credit </li>
	<li style="list-style-type:decimal;">Remember, capital gains taxes might be applicable </li>
	<li style="list-style-type:decimal;">Is the card issuer the preferred merchant in your region? For example, most crypto cards work with Visa or MasterCard. </li>
	<li style="list-style-type:decimal;">Does it support the cryptocurrencies you want to invest in?</li>
	<li style="list-style-type:decimal;">Are there additional fees, the percentage of rewards, and other perks and benefits</li>
</ol>

<h3 class="customH3" style="line-height:1.38;">Bottom Line</h3>

More start-ups, established crypto companies, payment providers, and banks are looking into providing crypto options as rewards. If you are considering getting a crypto card or if your current card provider offers an opt-in solution for crypto rewards, make sure to evaluate if all these options make sense for you.
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How Do Crypto Credit Cards Work?

In this Educational article, we will describe how Crypto is changing the way we interact with Financial Systems

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Blockchain technology is changing how people, governments, companies, and other institutions think about banking and financial services. <a href="https://www.worldbank.org/en/news/feature/2022/07/21/covid-19-boosted-the-adoption-of-digital-financial-services" style="text-decoration:none;">As 1.4 billion adults globally remain unbanked</a> – representing almost one-quarter of our world’s population – blockchain technology is on the rise to become an alternative solution for people to participate in our global economy.  

“Unbanked” individuals are defined as those who do not have access to traditional banking services such as savings and checking accounts, loans, and other financial products. Currently, most of the unbanked population is concentrated in developing countries, particularly in Sub-Sahara Africa and Asia, <a href="https://borgenproject.org/unbanked-population/#:~:text=Melinda%20Gates%2C%20the%20co%2Dchair,have%20the%20largest%20unbanked%20populations." style="text-decoration:none;">with China and Pakistan holding the largest population of unbanked citizens.</a> That is not to say that developed nations don’t experience their fair share of people without traditional bank accounts; in the U.S. <a href="https://www.gao.gov/blog/more-7-million-u.-s.-households-have-no-bank-account.-why" style="text-decoration:none;">over 7 million households find themselves unbanked.</a> 

The most common reasons people do not open a bank account are: 

<ul>
	<li style="list-style-type:disc;">Not having capital</li>
	<li style="list-style-type:disc;">High or unpredictable fees</li>
	<li style="list-style-type:disc;">Lack of access to financial institutions</li>
	<li style="list-style-type:disc;">Lack of trust. </li>
</ul>

<img height="468" src="https://lh3.googleusercontent.com/8mX2IBPg2GaZlbll39IwPIGC1wly5YDUwWjF1MhQ5UCyl6DwPngbc5yJtea8NslHPrqP26PGhMQTHeOZH3D8lEySxaWd3NWK5HWiWS-ZIkLaN3hDTl7r6bmT0oi_TXMMtOd7tDMxuQoSrPgoZpcx5Z4" width="624">

This is a significant hindrance to economic growth and development, as individuals without access to essential financial services cannot spend, save, invest, and as a result, start businesses.

<h2 class="customH2" style="line-height:1.38;">Decentralization paving the way for the unbanked</h2>

Blockchain technology solves the above-mentioned problems by offering decentralized financial (DeFi) services accessible to almost anyone with a smartphone and an internet connection. Unlike traditional financial services, which act as gatekeepers to approve credit lines and essentially allow people to open accounts, decentralized financial services operate via a peer-to-peer (P2P) model, with a non-intermediary system governed by public, transparent, and secure networks. Even though DeFi has become a billion-dollar industry, it is estimated to grow from <a href="https://www.bccresearch.com/market-research/finance/global-decentralized-finance-market.html#:~:text=What%20is%20the%20projected%20market,39.5%25%20during%20the%20forecast%20period." style="text-decoration:none;">$9.4 billion in 2021 to $70.3 billion in 2027, at a CAGR of 39.5%</a> during the forecasted period – we are still in the early stages of reaching mass adoption.  

Championing the road to mass adoption are all the projects that came to fruition in the last year. For example, DeFi applications such as <a href="https://aave.com/" style="text-decoration:none;">Aave</a> and <a href="https://compound.finance/" style="text-decoration:none;">Compound</a> allow individuals to earn interest on their crypto holdings, while others offer loans. These services can be accessed with a smartphone and an internet connection, making it possible for individuals who were previously unbanked to access financial services without having to go through traditional financial institutions. Similarly, <a href="https://jambo.technology/" style="text-decoration:none;">Jambo</a>, a cryptocurrency project based in Africa, aims to help unbanked people access financial services using blockchain technology. The project provides services at lower costs and financial education resources to help individuals take control of their finances and better manage their finances.

<h3 class="customH3" style="line-height:1.38;">
<img height="289" src="https://lh6.googleusercontent.com/3n9J0Q1a2S7n8r72cJ_mvXNqJVNZC4faHEbEgSVEzlBv_dznE4FGtyu8RrCtHoW9TEuuvBLNKwHmZniIeCoNi6oQa8aI7W3vmlCcvcUgiRsOsvJx7BZ0AittDqB7I7ZDQKk8wttOU7FQXiSFfjGLU5A" width="624"> 
 
Altcoin Adoption 
</h3>

 
The rapid adoption of cryptocurrencies, specifically altcoins, is another way blockchain technology is “banking the unbanked.” For example, altcoins like Ethereum also allow peer-to-peer transactions, storage in digital wallets, and global accessibility. Individuals can therefore participate in financial systems by sending and receiving forms of payments. According to a study done by <a href="https://blog.chainalysis.com/reports/2021-global-crypto-adoption-index/" style="text-decoration:none;">Chainanalysis, global adoption grew by over 2300% in Q2 2021.</a> 

The reasons for increased cryptocurrency adoption in emerging markets, specifically in Nigeria, Kenya, El Salvador, and Vietnam, were the need to preserve savings due to currency devaluation, sending and receiving remittances, and carrying out business transactions. Comparatively, adoption in Western Europe, Eastern Asia, and North America was powered by institutional investment. 

<h3 class="customH3" style="line-height:1.38;">All roads lead to a decentralized financial system</h3>

In conclusion, blockchain technology can revolutionize how financial services are provided and make it possible to reach previously unbanked individuals. With its ability to provide secure, decentralized financial services, blockchain technology has the potential to help promote economic growth and financial inclusion around the world.
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