Independent P2P Remittance Community
<aside> 👋🏼 Hi I’m Camilo. I’m from Cuba 🇨🇺 where the financial system and local money don’t work very well. This is for many reasons: socialism, the U.S. embargo, and sanctions against our government, just to name a few.
Many people in Cuba, including me, have launched P2P remittance businesses using Slyk, a fintech platform that makes it easy to launch digital money businesses. (Economist, Coindesk, and many others have covered this phenomenon, as it has brought some freedom, opportunity, and entrepreneurship to Cuba in a new way).
The benefit for people sending/receiving remittance to/in Cuba is that these independent P2P exchange businesses offer free-market (vs. government-fixed) exchange rates that are much better than the rates offered by the banks and big remittance businesses (like Western Union).
These independent remittance businesses also provide liquidity in a more secure way compared to dealing with street-level currency exchangers. They can also be private (just friends and family) vs. open P2P platforms such as localbitcoins or Airtm.
Here are some examples of such P2P remittance & donation businesses operating in Cuba using Slyk:
These Cuban entrepreneurs accept transfers in dollars or bitcoin or other cryptocurrencies and then deliver Cuban pesos (CUP) or the local e-dollars (called MLC) via electronic transfers from their CUP or MLC accounts. Some even deliver physical Cuban Pesos.
XFX makes it easy for you to make money helping friends and family with their remittance needs. All you need to do is choose the currency that you wish to receive (crypto or fiat) and the currency that recipients will receive (crypto or fiat). Below are two examples