Cryptocurrency Africa

FinTech Tingo and Blockchain Cudos Partner to End Poverty Premium in Nigeria

Mobile FinTech Tingo has announced its collaboration with the decentralized cloud computing network Cudos to tackle the poverty premium through mobile monetization applications which will lead to the empowerment of over 9 million Nigerians, enabling them to earn an income from their smartphones.

The significance of this collaboration extends to the whole industry as Cudos will be the first blockchain connecting consumers to scalable computing through smart contracts. These are the foundations for powering the metaverse, and in this case providing a whole country with decentralized computing.

The impact of the collaboration will initially extend to almost 10 million devices across the Tingo network. As a unique agri-fintech business that has delivered significant impact to rural communities, Tingo’s partnership with Cudos will enable the creation of a distributed cloud for Nigerians, run by Nigerians, that pays Nigerians. Considering that the country is the second-largest Bitcoin market after the U.S., the significance is unprecedented. After Nigeria, Tingo will expand across Africa and South America, broadening the positive impact further.

The importance of the collaboration, however, goes beyond financial inclusion and freedom. It unites social and environmental needs, focusing on economic empowerment while reducing the ecological impact of computing. The partnership would enable people to run monetization applications on their smartphones. This would create a fully inclusive digital ecosystem through the distribution of Cudos’ technology to millions of smartphones.

In this partnership with Tingo, Cudos has the opportunity to scale a highly distributed smartphone cloud computing network across Nigeria first before expanding into other regions. Ultimately, each community will leverage sustainable, scalable and cost-effective computing resources. This is a colossal collaboration as Tingo’s model supports farmers in rural Nigeria who would receive single-digit loans rather than the typical microfinance 25%+ interest through a separate collaboration with DeFi partners MELD. Farmers would use their phones to earn CUDOS.

CUDOS will not only become a currency for payments within this ecosystem, it will become a computing platform for Nigerian institutes and universities, benefiting those in rural areas with earnings and slowing the rapid migration into cities.

As a growing, scalable computing network, Cudos has over 500,000 business and individual accounts, contributing underutilized resources and earning simultaneously for its users. Similar to Airbnb’s online marketplace, Cudos’ sustainable model for computing reduces waste and distributes revenues fairly across the network. As part of the announcement, Cudos will list on CoinField, a European exchange recently acquired by Tingo International Holdings, increasing the community reach and liquidity for the CUDOS token.

“Our vision of a “decentralized, sustainable and connected world where no computing is wasted” is coming to fruition with this new partnership with Tingo. As Tingo is in the process of listing its subsidiary company, Tingo Inc, on the New York Stock Exchange, it is refreshing to share the same ethos of creating technology and business models for the betterment of communities. Positive social impact is the driver behind this deal, providing financial security to millions of users initially. As a partnership, we will build on this, expanding to other regions creating a circular economy of financial inclusion, security and democratized cloud resources. Close to 10 million users able to earn and spend CUDOS is also essential for the growth of our network,” commented Pete Hill, vice president of sales at Cudos.

With a focus on sustainability, Cudos is already over 2 million times more energy efficient than Ethereum and 100% carbon neutral. With a robust technology delivered ethically, the decentralized cloud provider attracted 22,000+ developers for its ongoing testnet “Project Artemis.”

Africa Money and DeFi Summit

The Africa Money & DeFi Summit will connect Africa fintech leaders, global platforms and thought leaders on the new opportunities in Decentralized Finance (DeFi) at the fourth Africa Tech Summit in Nairobi. An array of keynotes, panels and breakout sessions will deliver key insights and offer opportunities to connect, network and do business across the African fintech and DeFi landscapes

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