Can Blockchain Change the Way People Bank?
Earlier today it was announced that a Qatar-based digital wallet app CWallet has received 2 million Qatari Rials in funding. This is roughly $500,000 is its USD valuation in various government grants and funding.
CWallet's Blockchain Banking App
The app is a blockchain-based digital wallet that aims on simplifying payments for migrant and domestic workers. The app offers financial services such as payroll, payments, paying bills and transferring funds abroad. This could potentially fulfil many cryptocurrency's promise of banking the unbanked. Considering that 1.7 billion people in the world are not registered with a financial institution, it is easy to say that it is a large market.
"Our goal is to financially empower those who are unbanked by providing a cheaper, more inclusive and cashless solution," says CWallet's' founder Michael Javier
Cryptocurrencies & CWallet
CWallet may make use of blockchain technology, but it does not use or accept cryptocurrencies as a payment method, at the moment. Users can deposit funds via bank transfer, credit/debit card and via money vouchers. Withdrawals and the balance displayed are also done in fiat currencies, notably the Qatari Rial.
The app is available on both on Google Play and iPhone's App store, with a newer 2nd version to release soon.
Should CWallet manage the funds that they have received wisely, and perhaps expand their marketing, we could hear a lot more of them in the future.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado