Rubius: A Crypto –Payment Ecosystem

Rubius: A crypto –payment ecosystem

Most of the world’s 2 billion unbanked adults live in developing economies. According to a Global Findex data, from 2015, 89 percent of adults in high-income economies report having an account at a formal financial institution; in developing economies, 41 percent of adults do.
Regionally, according to this same database, the rate of unbanked adults is highest in the Middle East and North Africa, at four out of every five adults, followed by Sub-Saharan Africa and South Asia. In several developing economies, more than 95 percent of adults do not have an account at a formal institution.

Disparities also exist by gender. Among adults in developing economies below the $2-a-day poverty line, women are 28 percent less likely than men to have an account at a formal financial institution. Indeed, there is a persistent gender gap of six to nine percentage points across income groups within developing economies.

Financial inclusion efforts aim not only to serve the unbanked, but also the underbanked. These are people who have poor or unreliable access to formal financial services – for example, customers who open a bank account to receive government payments, but withdraw all of the money immediately and thereafter operate in cash.

The solution: Rubius

The name of the company is Rubius, being also the name of the platform’s coin. The company is based in Tampa, Florida, United States of America.

The platform is about to design a software for its users which will constantly undergo upgrade. Among other steps to be taken is rebranding their products particularly in regions like the Middle East and North Africa to help garner a widespread reception and mass adoption, thereby reaching out to the unbanked population in those regions and elsewhere. The obsession here is about giving everyone access to banking and financial services. The team behind the project wants to create products that are open-source, free-to-use, and also have zero trust involved. These products will make use of decentralized applications and operate on already established blockchain platforms like Ethereum.

The road map of the enterprise is clearly spelt out. It will start as a software startup and grow into a conventional bank –World Bank that will offer financial services to the populace with zero trust through their consumer-facing software. This is crucial for the world of finance because the current banking model is no longer gaining traction and on the decline everywhere in the world. The model in practice is hinged on trust which explains the large number that remains unbanked globally. The ecosystem seeks to leverage the prospects and possibilities of the blockchain technology in giving everyone in the world basic financial services.

Rubius Protocol – is a decentralized blockchain solution that is designed for the purpose of the transfer and exchange of the local coin – Rubius or RUBYS. The coin is a decentralized cryptocurrency that is based on the ERC20 token standard.
Rubius Ecosystem – made up of a smartphone app referred to as Aryl, which is the project’s web-based exchange known as Rubiex, the coin will comprise all other intended products.





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