News Newtown Partners Invests in Wala Platform for the Unbanked

Newtown Partners Invests in Wala Platform for the Unbanked

-

- Advertisment -

Newtown Partners, led by Vinny Lingham and Llew Classen, have announced an equity investment in Wala — a startup aiming to provide financial services to the unbanked. This investment comes just ahead of an October token sale supported by Wala.

Also read: Singapore Workforce to Receive Pay on the Blockchain With CrossPay

Join the Bitsonline Telegram channel to get the latest Bitcoin, cryptocurrency and tech news updates: https://t.me/bitsonline

Wala: A Bank Account Without the Bank

Wala
Concept art for the Wala platform

The Wala platform provides banking services to regions of the world where people have trouble accessing traditional banking institutions.

Wala’s business model is to bridge the gap between banks and unbanked people with blockchain technology. By building a consumer-facing platform on the Ethereum blockchain, the company plans to let consumers transact with blockchain-based tokens, which are then settled as fiat payments with partner banks.

If successful, Wala users will have access to those banks, without ever actually dealing with them. All consumer activity would theoretically take place in an Ethereum-based, token environment.

In order to make the platform functional, Wala has pursued banking relationships in their target markets.

The startup said it has tested prototypes of its platform in over 100 countries, reaching 1 million consumers without traditional banking access.

When it is ready to roll out a full version of the service, Walla plans to start in Africa, and then expand globally.

Commenting on its equity investment from Newtown Partners, Wala founder and CEO Tricia Martinez told press, “The depth and breadth of [Newtown Partners’] expertise. . .will be key to the future success of Wala.

At press time, Newtown Partners has not disclosed the amount it invested in the startup. Bitsonline inquired about the amount, but has not yet received a response.

Partnering with Dala Token Sale in October

Later this month, Wala will serve as the launch partner for Dala, a financial services token. Dala’s goal is to provide a common unit of account and microeconomic incentive for blockchain-compatible platforms in emerging markets. Through such integration, the Dala team claims its token will support the continued development and scaling of these platforms.

The token sale begins on October 15 and will continue for 4 weeks, with a goal of raising US $30 million. The token sale will use Vinny Lingham’s Civic app to provide identity verification to token sale investors.

Do you think this platform will be successful? Share your thoughts in the comments below.


Images via Pixabay, Wala

The post Newtown Partners Invests in Wala Platform for the Unbanked appeared first on Bitsonline.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Make Fast and Secure Trades Using Bitengo.io

Bitengo.io is a Cryptocurrency trading platform that allows users to buy and sell their Cryptocurrency in a...

Network Security Using Cryptography: Everything you need to know

This article will describe what is Network Security Using Cryptography and everything you need to know before...

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...
- Advertisement -Newtown Partners Invests in Wala Platform for the Unbanked

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...

How to double your crypto

Most of us have a small gambler deep inside our souls. We love to feel the thrill...

Must read

Make Fast and Secure Trades Using Bitengo.io

Bitengo.io is a Cryptocurrency trading platform that...
- Advertisement -Newtown Partners Invests in Wala Platform for the UnbankedNewtown Partners Invests in Wala Platform for the Unbanked

You might also likeRELATED
Recommended to you