Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

CEO of Electroneum: Cryptos Empower the Generation

CryptocurrencyMar 31, 2021 09:01AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
CEO of Electroneum: Cryptos Empower the Generation

Cryptocurrencies are empowering a generation. This is what Richard Ells, the CEO and founder of Electroneum and AnyTask.com, said to thousands of attendees at Blockchain Africa Conference 2021 this March.

According to him, Electroneum and AnyTask.com, enabled thousands of online freelancers worldwide to earn cryptocurrency within the past years.

A British entrepreneur launched Electroneum and ETN-powered freelance marketplace AnyTask.com in 2017 and 2019 respectively. The platform allows access to the global digital economy to anyone with a smartphone and without even having a bank account.

According to Richar Ells, the number of people without access to banking services was at 1.7 billion in 2018. But a very small number of blockchain startups have unlocked the global digital economy for the world’s unbanked since.

Mr. Ell referred to the electronic bank transfers, which can take a vast amount of time and can be impractical for smaller amounts:

It simply would not make sense to send $5, for example, from the UK to Nigeria or from New York to Senegal without the cost of that transfer being significantly higher than the amount sent.

Meanwhile, cryptocurrencies like Electroneum have empowered thousands of people with sending the smallest amounts in ETN tokens cheaper and faster.

Mr. Ells recalled that for the first 30 months after its launch in 2017, Electroneum managed to bring in millions of users to the world of crypto who may have not gotten involved otherwise.

According to him, they got into cryptocurrency because of the simple process, allowing them to earn virtual currencies by mobile phone simulated mining.

Electroneum in Africa

5% of Electroneum’s global user base resides in Africa. Richard Ells pointed out that Africa has the youngest population in the world and is “a hugely important place in terms of cryptocurrency.”

As states the World Bank’s and United Nations’ report, the young population means a larger upcoming workforce and more opportunities for  innovation and economic growth.

Mr. Ells noted that Africans are highly entrepreneurial and active on the AnyTask.com platform. There are over 57,000 AnyTask users across 54 African countries, representing 8.5% of the total user base that totals nearly 671,000, reports Electroneum.

On the Flipside

  • The development of Electroneum has been relatively slow and did not have clear direction until recently.
  • The competition is growing around Electroneum as projects like Cardano (ADA) shifting their interest towards the unbanked African market.
  • The price of ETN has rallied since February, but it still is almost 90% lower than its previous ATH in 2018.

Electroneum is a mobile phone-focused crypto platform that offers a revolutionary instant payment system. The focus of Electroneum is to provide the quickest and safest crypto transaction with minimal fees for the world’s unbanked population.

Continue reading on DailyCoin

CEO of Electroneum: Cryptos Empower the Generation
 

Related Articles

India to regulate, not ban, crypto: Cabinet documents
India to regulate, not ban, crypto: Cabinet documents By Cointelegraph - Dec 03, 2021

According to reports from local media, the Indian government will not move for an outright ban on crypto and will instead regulate the sector. On Nov. 23, Cointelegraph reported...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email