Cryptocurrencies are democratizing the financial world. Here’s how

Cryptocurrencies are democratizing the financial world. Here’s how

Close to a third of the world's adults are "unbanked," and the problem is not limited to the developing world.





Mobile adoption is supporting financial inclusion globally.





Increased cryptocurrency adoption is also improving financial inclusion, as well as helping to grow wealth and safeguard assets.



Many people don't realise that opening a bank account, sending money to their friends, applying for a mortgage, and other basic financial services we take for granted are luxuries in the developing world.

According to the World Bank, close to one-third of the world's adults are "unbanked“, meaning they don't use formal financial services. That's nearly 2 billion people lacking access to the traditional financial system. They can't protect their money, gain access to wealth-building tools and services, or effectively plan for their future.

But the problem isn't just in the developing world.

The Federal Reserve found that 22% of adults in the United States are either unbanked or underbanked. That's roughly 63 million Americans who either have no bank account at all or rely on "alternative financial service products“ such as money orders, check cashing services, or payday loans to fulfil their financial needs.

These problems are exacerbated when a