Two fintech heavyweights stated that their collaboration will be focused on empowering the unbanked populations of Africa with reliable retail payments and earning instruments.
Cudos partners with Tingo to solve poverty problems in Africa
According to the official statement shared by decentralized cloud data storage network Cudos (CUDOS) and mobile payments processor Tingo, the two teams began a long-term strategic partnership.
New Look ?— CUDOS (@CUDOS_) November 17, 2021
? We're excited to announce that our website has undergone an amazing upgrade. We appreciate the Cudos community for their support ?
Visit the new #CUDOS website here ?https://t.co/2rRnW5ioUO #CUDOS #Blockchain #blockchainnews #blockchaincommunity #tech4good pic.twitter.com/VgPsMcJe5Z
Tingo and Cudos will cooperate in addressing poverty in Africa through the popularization of smartphone-based applications that can access blockchain nodes.
Tingo has already onboarded 10 million users in Nigeria and other West African countries. As such, it is ready to explode into the second-largest market for Bitcoin (BTC) and crypto, surpassed only by the U.S.
The integration of Cudos' decentralized cloud storage tools will allow Tingo to create a financial ecosystem that would be run by Nigerians, paying them salaries and addressing their routine needs.
This crucial announcement was made on stage at AIBC Malta, a global event dedicated to cutting-edge practices in the spheres of artificial intelligence, the "Internet of Things," UI and quantum computations.
CUDOS token to go live on CoinField
Pete Hill, VP of Sales at Cudos, stresses that the partnership with the Web3.0 company is aligned with Tingo's mission and long-term vision:
Our vision of a "decentralized, sustainable and connected world where no computing is wasted" is coming to fruition with this new partnership with Tingo. As Tingo is in the process of listing its subsidiary company, Tingo Inc (OTCQB: IWBB), on the New York Stock Exchange, it is refreshing to share the same ethos of creating technology and business models for the betterment of communities. Positive social impact is the driver behind this deal, providing financial security to millions of users initially.
Within the new collaboration, Cudos Network will also have its CUDOS token listed by CoinField, an EU-regulated exchange recently acquired by Tingo International Holdings.
As covered by U.Today previously, Cudos Network launched the second phase of its incentivized testnet, dubbed Buzz, with increased rewards and new missions for participants.