Wala Folds in Africa

[wry]

One of the things many people talked about Bitcoin helping with was "be your own bank."  So one of the good use cases I always thought was helping people without access to good banks in less developed countries.

Wala was a crypto service provider that helped people with payments in Africa.  Guess what?  With no clear revenue stream, they folded.  The article gives some good information about the number of users, both claimed and an estimate of actual, but what makes me sad is I keep thinking crypto can help people in these less wealthy countries and instead they keep getting even more screwed over!

What is your expectation of Bitcoin?  Can it help people in less developed countries or is it just a tool for the already rich?

Link to story:  https://www.coindesk.com/wala-was-africas-perfect-crypto-success-story-until-it-collapsed

[Enzo]

Personally, I see bitcoin as a tool for the established, not necessarily rich, but people who can afford to take the risk of using a crypto currency. I definitely don't believe in it being a viable option for helping under-developed countries and people. Just not enough structure behind it to make that profitable in any way. Just my 2 cents though

[williamshennie9]

Any company that forms should have proper procedures in place to manage the way in which transactions are treated. They should have insurance to cover their customers if they do fold as well.