Tribal aims for Latin American SMBs using blockchain, crypto
The global cross-border payment market totaled $903 billion in 2021, and the worldwide blockchain and cryptocurrency market is expected to reach $23 billion by 2028, according to Vantage Market Research.
Fintech companies such as San Francisco-based Tribal see big opportunities in challenging established payment services for cross-border trade using blockchain and cryptocurrencies.
While cryptocurrencies have been under fire in recent months as their values have fluctuated wildly, the basic blockchain technology on which many cryptos are based is being adopted quicker in emerging markets such as Latin America, the Middle East and Africa, said Mohamed Elkasstawi, chief strategy officer of Tribal.
“In the Middle East, even though you are a startup and you raise $10 million or $20 million, it’s still very hard to get a bank account for your company,” Elkasstawi told FreightWaves. “It can take up to three years to get a credit...
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