OKEx Says Crypto Is the Future of Money for Consumers in Unstable Economies

One of the world's biggest crypto exchanges by trading volume believes digital currencies can provide financial freedom to consumers in countries where instability and inflation are making fiat payments impractical.

According to data released by the World Bank, in 2017, about 1.7 billion adults remain unbanked - without an account at a financial institution or through a mobile money provider.

In general, the popularity of crypto is steadily increasing among people who are unbanked or live in countries with high inflation rates.

Blockchain technology in crypto can effectively eliminate most of the hassles involved with third-party intermediaries, and it reduces remittance fees.

The world has shown a growing interest in crypto - and a broader range of use cases - which coincides with crises affecting fiat currencies around the world.

In order to make an entry step to crypto, OKEx's consumer-to-consumer trading platform enables users around the world to convert a plethora of currencies to popular coins - such as bitcoin, ether and litecoin, as well as the tether stablecoin.

A broad range of fiat currencies are currently accepted on OKEx for customer-to-customer trading, including the Chinese renminbi, British pound, Vietnamese dong, Russian ruble, Turkish lira, Thai baht and the euro.

This international focus means billions of people around the world will have the ability to convert their funds into crypto using a currency that is local to them - providing an alternative for consumers in developing countries who no longer have confidence in fiat.

In time, the company believes that the world's financial ecosystem will be based on blockchain, making it easier for the unbanked in developing economies to access the services they deserve.

The future of moneyWhile cryptocurrencies can be volatile, the exchange believes that digital assets can put control back into the hands of the consumers.