UberFi Lands $50 Million Commitment to Issue Stable Coins for African Nations
UberFi was founded in 2020 to provide Central Banks with a turn-key solution to issue a Stable coin or digital version of a country’s fiat currency.
ATLANTA, GEORGIA, UNITED STATES, December 20, 2021 /EINPresswire.com/ — UberFi, a blockchain technology company implementing global Central Bank Digital Currency (CBDC) Ecosystems, has executed an MoU that pledges a commitment of USD$50 million from Innovaro Management, a company based in the United Arab Emirates.
The partnership calls for Innovaro to team with UberFi and create a Pan-African Joint Venture (Pan-A JV) to “issue multiple African Union stable coins in multiple currencies to be traded on a Blockchain-based transaction trading, clearing and settlement system with trading proceeds to be used to fund SME micro-loans and capital infrastructure needs in the African Union.”
Tom Meredith, the CEO and founder of UberFi, said the funds present “a tremendous opportunity to build on the successes we have already had in Africa, specifically in Kenya and Nigeria.”
UberFi was founded by Tom Meredith in 2020 to provide Central Banks with a turn-key solution to issue a “Stable coin” or digital version of a country’s fiat currency. UberFi also goes further than competitive blockchain technology companies by solving the problem every new payment platform encounters – immediate adoption.
It provides a free mobile wallet to every consumer and retailer, so a Central Bank can issue UberFi’s stable coins as a digital currency that is instantly redeemable at Point-of-Sale for the purchase of goods and services, as well as being convertible in real-time to prepaid phone minutes via BitMinutes, UberFi’s sister company. UberFi’s model enables instant use and credibility for every consumer and retailer in the country and is the only fully-developed CBDC Ecosystem out rightly owned and developed by a single provider.
UberFi’s hybrid DLT architecture allows scaling for wholesale and interoperable cross-border settlements and for Central Banks to raise capital by issuing digitized bond offerings (Bond DeFi) using UberFi’s proprietary interest-bearing Smart Coins and artificial intelligence.
Tom Meredith was destined from an early age to be involved in blockchain technology companies that enable the world’s central banks to create their own digital currencies.
Afterall, he received his Mechanical Engineering Degree from Stanford University in 3 years and went on to graduate with an MBA in Entrepreneurial Studies from Harvard Business School.
But what really accelerated Meredith’s journey was the work he devoted to the space more recently, which laid the foundation for where he is today. Inventor of the “Smart Token” and the patent-pending “Atomic Swap” digital wallet, Meredith created companies that tapped novel technologies. Specifically, he productized his Smart Tokens as the foundational technology driving the products and services of his company BitMinutes (pre-paid phone minute token); bridging the gap between traditional settlement networks such as MasterCard, SWIFT and the growing Blockchain networks such as Ripple and Ethereum.
As the CEO and CTO of UberFi, Meredith has caught the attention of the central bank community. UberFi creates custom “Stablecoins,” a digital version of a country’s fiat currency, for central banks. It is the primary reason we sought him out for the interview that follows.
Question: Why are we not seeing more central banks creating their own electronic currency?
Answer: Almost every single sovereign country on the planet will issue a digital currency in one way, shape or form within the next 10 years.
However, governmental officials are still very leery of blockchain and tokens. Even though Bitcoin’s been around for 10 years, there’s still a mystery about it. Who invented it? We don’t know. Who authorized it? Nobody did. How can it be legitimate? There’s still those lingering doubts and questions in the back of the minds, especially for the regulatory bodies who are responsible for central bank decisions and central bank implementations as well as those managing the money supply in those countries.
BitMinutes Inc., a financial services technology company leveraging blockchain and pre-paid minutes tokenization to provide financial inclusion to the global consumer, announced today that it has partnered with Fundación Génesis Empresarial (www.genesisempresarial.org), the largest microfinance institution in Guatemala to significantly expand financial inclusion in Guatemala by offering highly affordable digital financial services.
Together, the two companies will form the Trusted Agent Network (TAN-LA), which will immediately provide Guatemalans with free remittances (or wire transfers) from the United States, as well as microloans in the near future. For more on the TAN-LA, visit https://my.tanagent.com/
The partnership will also offer pre-paid phone time top ups using the BitMinutes token (BMT), which can be purchased and sent to any mobile phone, notably from a U.S. BMT wallet to any phone in Guatemala.
While BitMinutes brings its proven technology to the partnership, Fundación Génesis Empresarial (FGE) has Pronet, S.A. (AKISI) and its 50,000 locations in Guatemala. Customers of TAN-LA will ultimately be able to pick up their remittances at these locations.
Key to the partnership is the fact that the two companies have completed the integration of their respective platforms, making for a seamless transfer from the BitMinutes wallet to the Pronet, S.A. (AKISI)) wallet. The product roadmap also calls for the offering of microloans to Guatemalans, many of which are unbanked.
“Our mission with BitMinutes has always been to help the unbanked climb out of their economic circumstance and even create their own business and become an entrepreneur,” said Tom Meredith, the CEO and founder of BitMinutes. ‘We have already started fulfilling that mission in Nigeria, where we have a have a TAN that spans more than 1300 TAN agents, serving more than 7,000 Nigerians. We are on the verge of offering microloans there. In Guatemala, our partnership with FGE will accelerate our microloan program.”
FGE CEO said the timing of the service is perfect. “With this proven and reliable technology, we will be able to make a tremendous difference in the lives of millions of Guatemalans,” said FGE CEO.
About BitMinutes Inc., the Company
BitMinutes Inc. is a startup fintech company, founded in the U.S. BitMinutes tokens (BMTs) are exchangeable into universal prepaid airtime minutes. Prepaid minutes are already traded informally as currency within country mobile networks, available to billions of mobile phone owners. BitMinutes’ tokens also allow peer-to-peer value transfer to millions of bank and mobile accounts across 70 contracted countries and prepaid airtime top-ups to over 4 billion mobile accounts in over 120 countries. More importantly, BitMinutes plans to facilitate the expansion of micro-credit lending in communities where lending is rare and too expensive for most individual borrowers.