Fighting Inflation with P2P Fintech
Everyone’s money gets hit by inflation– UK was 10% last month. That means the money you worked for and saved buys less and less. And if you’re in the developing world like me, your money doesn’t just get hit by inflation. It gets slammed. Destroyed. Completely wiped out.
Hello from Cuba! My name is Camilo, and I’m the founder of XFXHub.com, a community of fintech entrepreneurs united by a common vision– to help our friends and families beat inflation– and a common coin: $XFX.
Many families living in countries with high inflation receive dollars or euros from family members who have left to work abroad in the U.S or the EU. These remittance payments of hard currency make it easier to live in countries whose currencies lose value rapidly against those less inflationary currencies. In Cuba, many families depend on remittances from friends and family in the U.S.
In Cuba and in many LATAM countries, as well as Africa and Asia, including India, local banks and money transfer companies apply terrible exchange rates and fees that result in families receiving much less money from the remittances they are sent.
The XFX community is solving this problem with peer-to-peer remittance. We’ve developed a simple fintech template that makes it easy for anyone to help friends and family convert USD, EUR, BTC or any other currency to local money at free market exchange rates and with low fees.
We have hundreds of independent P2P remittance providers in our community, and we’re collaborating to take XFX to the next level with discovery tools for free market rates of any currency and more.
Visit XFXhub.com to learn more. Join our Coin Community at XFX.slyk.io. Earn XFX by helping us grow. Redeem XFX for our P2P remittance template and to collaborate to help us build XFXhub into the leading P2P forex hub in the world.
@noakmilo this looks interesting. I am interested to know more. Let's catchup https://calendly.com/rabansal/15min
Yeah, for sure, I will book. Thank you!
thanks to remittances for many Cuban families it is salvation month after month
Graat for cuban people
I definitely see the need, outside as well as inside inflation context, Many people from my country who live in Europe or north America an who get paid by EUR/USD sell it in a parallel exchange market to avoid high conversion fess and the discount that governmental banks apply on the exchange to local currency ( to support local currency obviously ).
It depends if the country also has a consistent digital payment platform, in my country it is not the case and people are still paying and receiving in cash, that is why most of the time when somebody does a conversion, he has to meet the converter in person to do the transaction ( one send EUR/USD to a digital account, the other pays by cash ), I don't know if it works like that also in Cuba.
P2P is what made Airtm a great company. I wrote more about it here: https://timzparsa.medium.com/scaling-stranger-to-stranger-services-a6c6c541ffb1
This is one idea worth of validation, fighting inflation and protecting our finances is a must, tools like XFX just do that. No banks, completely decentralized, money gous directly to the person, a gate to Web3
Yo pienso que todo vina a raiz de la pandemia del covid 19, lo cual hizo que la economia cayera, lo que se produjo una gran inflacion en la misma, uno de esos paises es el nuestro, Cuba, pero gracias a la opcion del p2p hemos podido salir adelante en cuanto a esta inflación.