Inflation & high volatility are a menace in emerging markets, especially African countries. Fiat currencies lost double-digit values in just a few days, and only barely recovered from the rate drop after months of multiple price swings.
Saving in these local currencies is usually not a preferred option for individuals and businesses that find themselves in such economies, but they are locked in.
Unfortunately, bracing yourself against the fiat devaluation in these regions is equally challenging. While the straight path to shield your savings from fiat devaluation is buying and shoring up savings in FX—a relatively more stable currency like the US dollar, access to this FX lifeline remains significantly limited, until stablecoins showed up.
Dollar-pegged stablecoins, a type of digital asset that tracks the value of the dollar one-to-one, changed the game by democratizing access to FX globally. Their lightning transaction speed, near-zero fees, global accessibility, and most importantly, dollar-peg intrinsic characteristics won the hearts of the emerging markets & the digital asset market at large. It unlocked more possibilities for everyone.
However, this new paradigm of money is yet to be maximized for every day transactions in these high adoption markets.
Nigeria, a stablecoin-predominant high-adoption market, ranked #2 in the Chainalysis crypto adoption index 2024, received nearly $60B worth of digital assets between July 2023 & June 2024. That same year, in the first quarter, stablecoins made up the largest portion of the sub-$1M transactions, totaling nearly $3B in transaction volume completed in the country. Regardless, the primary utilization of these stable digital assets remains ramping on and off value, even with the progressive regulatory framework now being developed in the country.
The Finna team thinks adoption can be deeper. Stablecoins, which are a form of programmable money, can be harnessed beyond just being a store of value in emerging markets to unlock unprecedented and innovative ways of utilizing money for easier payments, remittances, lending, and more.
These pains and prospects of stablecoins in emerging markets propelled the Finna team to build an inflation-resilient infrastructure for stablecoin-backed lending, payments, and remittances.
Finna is an ecosystem designed to lower the barrier for individuals and businesses to hedge value in stable digital assets, starting with fiat-backed, dollar-pegged stablecoins by simplifying onboarding and, at the same time, unlock innovative utilities for your stablecoins so you don’t need to off-ramp to local Fiat currencies every time you need to utilize it.
Fitted with a swap for you to instantly switch between Fiat and stablecoins, access to FX is brilliantly simplified. Users only need to complete an effortless KYC process to get started. Once in, you can immediately use your stablecoins as collateral to secure Fiat loans with Finna Lend—well suited for individuals & businesses who would like to hold on to their stables while sourcing fiat liquidity to meet every day & operational needs. Finna is already cooking up some more utilities in its ecosystem to give your stablecoins superpowers. The goal? Unlock unprecedented utilities for your stablecoins & rise to be the go-to app for Stable digital assets utilization doing so. “Best platform I’ve used since Binance; smooth and fast…” said Eze, a trader on Finna.
Finna has seen rapid growth since its mobile application launch on iOS & Android platforms. With surging sign-ups and a host of partnerships, it expects to gain even steeper traction and process higher volumes in the coming months.
With such growth comes great responsibility & being a custodial solution in Nigeria requires Finna to be compliant with the regulatory frameworks now taking shape in the country. Envisaging its growth, Finna has acquired a number of licenses to stay on the right side of the law even as it innovates around Stablecoins.
Finna’s innovation has not gone unnoticed either. It secured multiple media mentions even by cointelegraph & was labelled as one of the top Web3 Apps to watch out for in Africa by AppAfrica. Finna has also received multiple grants from reputable chains like Celo and the second largest stablecoin issuer, Circle & earned a seat in the Circle alliance.
All of these Finna has achieved by strategically bootstrapping on an angel investment of $100k, from an oversubscribed angel, family & friend round, with a small elite team. With all the impressive milestones it smashed in the past year & its next super app version in the works, Finna is now getting set for its next lap of fundraising and wave of users!
Finna invites you to join them in their journey of stablecoin innovation in EMs.
Check Out Finna Using The Official Links Below.
🟢 Website – https://www.Finnahq.com
🟢 X – t.me/FinnaHQ
🟢 Telegram – t.me/FinnaHQ
🟢 Instagram – https://www.instagram.com/finnahq_/
