Why Investors Should Pay Attention to Electroneum
In the western world, we spend a lot of the time trying to figure out how to become more efficient. This means using our technology better, making things faster, and cutting out the inefficient processes. But this has left a huge opportunity overlooked: the unbanked.
There are approximately 350 million unbanked smartphone users who are itching to become part of our economy and participate in trade with us. And finally there are companies like Electronerum who aim to let them.
What is Electroneum?
At its core, Electroneum is a mobile friendly cryptocurrency. And just like mobile phones allowed for social networks to proliferate at a much higher scale, Electroneum aims to reach mass usage by maximizing their cooperativeness with mobile technology.
The company raised approximately $40 million in the ICO, and even though they faced security issues in late 2017, they have recovered and made significant progress since. One such partnership is with XIUS, a telecommunications and payments giant.
Currently, the company has approximately 2.5 million users and is experience lightning-fast growth. To put it in perspective how broad their goal is in terms of the “unbanked”, their Android application is currently available in 20 different languages. PWC has estimated the total market value of the unbanked to be $3 trillion, which gives a good idea of where Electroneum is going with their exceptional viral growth.
The Unique Business Model
The big question is, why aren’t we adding more mobile users to the digital market? Most of the time, it is because they are difficult to reach in the same way that companies add more users in the West. This is why Electroneum has done so well by developing partnerships with mobile operators.
Mobile operators stand to benefit by experiencing transaction cost savings, and they can also see the writing on the wall in terms of needing a software partnership to capitalize on these users.
With an instant payment system in the patent pending stage, Electroneum’s solution is planned to go live in Q3. Instant crypto payments will not allow instant spending in ETN, but also receiving and use of electronic point of sale systems.
The end solution is to bring many more of these 350 million unbanked users online and connect them with the western economy. This will allow them to interact with the resources of the Western economies, and create massive opportunities for both sides.
The Buying Opportunity
Electroneum’s coin, ETN, is a key component of the ecosystem, and as demand goes up, the price is expected to increase as well. Currently bouncing around between $0.01 and $0.02, there is a lot of upside potential for investors once this company starts to gain traction in the developing world.
Electroneum is making rapid and tangible progress towards the goal of mass adoption, and this will only continue as more partnerships bring more users to the table.
Featured image courtesy of Shutterstock.