Hi everyone, My name is Daniel and I'm from Mexico, where me and my team have been working on alternative solutions for unbanked people to be able to transfer money domestically. Recently, regulators in Mexico have been working on the draft of a new "fintech law" http://www.mexico-it.net/fintech-mexico-regulations/ which includes the scheme of cryptocurrency exchanges. We believe plugging into a decentralized exchange is the right approach in order to compete with existing offers. Currently centralized exchanges in Latam are not really good , are centralized, their revenue model is based on commission per trade and can only list few pairs. We believe that by switching to a more innovative model where we are open to list as many assets as people want we are gonna be able to bring the growing number of cryptocurrency users. Our initial prototype is already working and will be online laters this month and includes just the pairs Mexican Peso - Lumens, MXN/XLM and Mexican Peso- Bitcoin. We are already integrating our service with exiting companies like saldo.digital where our users will not only be able to withdraw to any bank account but also pay bills and pay in hundreds of point of sales. We have started the process to be one of the pre approved fintech startups under the model of cryptocurrency exchanges and will be very pleased to get your feedback or help if someone is interested in this opportunity to bring financial services to millions of Mexicans. Current numbers of country/ region shows only 15% population has access to formal credit , 7% to insurance and 40% to bank accounts
Scope
The scope will be regional but we want to compete first in Mexico where we feel comfortable navigating the path towards having fully compliant exchange. initially interface will be web and through a slack bot we have built and where we want to concentrate user activity.
Roadmap
We currently don' have any funding and plan to compete for the stellar challenge prize to fund the first stage. After some traction we are bullish on the vision of ecosystem investment via ICO and plan to go that path instead of traditional VC due to the fact that Mexican investors are not sofisticad enough and have expressed not understanding the risk of these type of businesses.
Looking forward to making new connections in this chat.
Daniel.
