Monetas is a digital finance company run by Johann Gevers and “Fellow Traveler” Chris Odom, the creator of the OpenTransactions open source software. The aim of the business is to build high-end applications using the OT software, and they have just announced two new products.
These products are designed to enable the worlds ‘unbanked’ mobile phone users to buy, sell and “participate in the world economy” with transactions and business tools.
Product #1 is a consumer mobile phone app that enables anyone, around the world, that has a mobile phone to buy and sell all without the need for a bank account.
Product #2 is a “turnkey enterprise platform that enables anyone, anywhere to set up a business from scratch, complete with legal entity, payment system, and website, within minutes and at negligible cost.”
Details on these products are frustratingly sparse, but the website does list ‘features’ that will be included:
- Open-source › trust, but verify
- Decentralized › not controlled by any person or entity
- Peer-to-peer › no intermediaries—your hands, your eyes only
- Global › trade worldwide using jurisdictionless digital currencies such as Bitcoin
- Fast › instant settlement—less than a second
- Cheap › less than $0.01 / 0.1% per transaction
- Reliable › no counterparty risk, no settlement risk, non-repudiable
- Secure › theft-proof wallet, unforgeable transactions, secure architecture
- Private › privacy architecture, KYC compliance functionality
- Sophisticated › supports all types of assets, financial instruments, and markets
- Automated › algorithmic execution of payments and contracts
- Scalable › millions of simultaneous users
- Platform › integrated digital finance and digital law infrastructure and ecosystem
These do look to be exciting products that could go a long way in facilitating the use of digital currencies. Definitely something to keep your eye on!
As stated in a recent announcement from Monetas…
“Our mission is to build the world’s best digital finance platform to enable a new generation of entrepreneurs to create amazing new products and services that will transform the world… The greatest beneficiaries will be ordinary people everywhere, who will be empowered to live and do business with greater freedom than ever before,”