Unbanked and Identity
Millions of people throughout the globe are without the most important form of identity - financial identity. Through cryptocurrencies and DeFi these people are given financial identity. The goal is to provide a means of banking to these 'unbanked' and 'underbanked.'
Through the tools of digital wallets, global cryptocurrencies, price-neutral stablecoins, universal lending, and borrowing, financial identity on DeFi is growing.
In this section, we break down how DeFi is bridging the gap between the global banked and the unbanked without a bank.
How is DeFi Banking the Unbanked?
One in five people in the world is unbanked. This means they don't have a bank account. No way to save, invest for the future, or receive credit. They are left out of the financial system.
The pace of smartphone and internet adoption is increasing. DeFi and cryptocurrencies are banking on this adoption growth to provide a banking solution to the unbanked.
This will allow the unbanked to build a financial identity and help them participate in the digital economy through blockchain technology.
Finanical Identity Tools
We'll cover the building blocks of the Unbanked and Identity. These will be along the lines of:
- Need: How the unbanked in the developed, developing and underdeveloped world need a financial identity?
- Creation: How can the unbanked create a financial identity with crypto and DeFi?
- Tools: What are the tools in DeFi that can bank the unbanked?
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