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A significant portion of the world’s population operates outside the bounds of the traditional banking industry with informal capital, leaving them without a way to document their financial transactions or prove their liquidity to potential creditors.

As Founder of Koibanx, Leo Elduayen has harnessed blockchain technology to develop a tool that will allow the unbanked to create and develop credit histories, as well as send and receive payments through an API. “We position ourselves as partners with the current financial industry.

We have the means, we have the know-how, we have the expertise in this kind of niche technology that will allow them to take their business to this new sector,” says Elduayen. Koibanx has created just two years ago, but they’ve already acquired two major clients: the second largest bank in Columbia and the largest creditor in Argentina. Tune in to hear all the details.

Elduayen also discusses:

  • How the payment system works, including the creation of client-sponsored cryptocurrencies used only within the Koibanx system
  • The potential to build a more in-depth blockchain-based reputation with input from various sources, including relationships with suppliers and geolocation identification
  • How the system will allow for increased efficiency, reduced costs and complete user-control

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