The Costly Traditional Remittance System

In today’s interconnected world, global remittances are crucial in supporting families and communities worldwide. However, the traditional financial system has long imposed hefty fees and prolonged settlement times on these transactions. It’s estimated that over $500 billion in global remittances flow across borders yearly, with transaction fees often consuming up to 15% of the transferred amount. To make matters worse, these transfers can take several days to complete. In the digital age, this antiquated system is a glaring bottleneck. Enter the Valora App.
Valora leverages blockchain technology, specifically the Celo, the world’s first carbon-negative blockchain, to provide a solution that disrupts the traditional remittance landscape. Using Celo, transactions on the Valora app can cost as little as $0.001, making financial inclusion and global access to remittances a reality. However, the true challenge lies in ensuring that these funds, once transferred, are accessible and usable, especially for those living in underserved regions.
Valora App-crypto-inclusion-for-the-unbanked

Valora is not just another player in the crypto space. It is the first to solve a quintessential opportunity for cryptocurrency adoption by focusing on enabling global financial access. At its core, it is driven by a desire to help families worldwide who are still plagued by the sluggishness and exorbitant costs of the traditional finance system. With a mission to revolutionize global remittances and empower individuals financially, the tech has made significant strides since its $20 million Series A funding round in July 2021.
One of the critical metrics that underlines its success is its impressive track record in downloads. The Valora app has been downloaded over a million times globally, a testament to its growing popularity and the pressing need for an alternative to the traditional financial system. Users in more than 100 countries and across 13 different languages are now using it to hold, access, and send funds securely. This rapid expansion illustrates the demand for a more efficient and affordable financial solution.
*Expanding Global Financial Access*

At the heart of Valora’s progress is its unwavering commitment to expanding global financial access. While the benefits of cryptocurrency are vast, it emphasizes emerging markets, recognizing that smartphone adoption is the pivotal moment for increasing access to financial services worldwide.
Here’s a staggering statistic: there are approximately 7 billion smartphone users across the globe. However, 1.4 billion people remain locked out of the traditional finance system, with limited access to banking services or payment options. The incongruity is striking – more people have access to the internet via their mobile devices than they do to a bank account. This glaring inequality is what Valora is determined to change.
*The Roots Movement for Financial Inclusion*
Valora is part of a more significant DeFi scaling movement to make financial tools accessible to anyone with a mobile phone. Many visionaries believe that cryptocurrency is the catalyst for achieving this goal. The inherent characteristics of cryptocurrencies, such as low transaction costs and rapid settlement times, align perfectly with the requirements of a global remittance system that truly serves the people. The approach capitalizes on these features, unlocking the potential for financial inclusion on a massive scale.

In conclusion, Valora’s mission to revolutionize global remittances and enhance financial inclusion is not only groundbreaking but also incredibly timely. The traditional financial system has long imposed high costs and inefficiencies on cross-border transactions, disproportionately affecting the most vulnerable populations. Valora’s use of blockchain technology, specifically Celo, is a promising step forward in addressing these challenges.
The rapid adoption of the technology by users in diverse regions and the recognition of the critical role of smartphones in expanding financial access highlight the potential for crypto to drive meaningful change. In a world where mobile devices increasingly define connectivity, Valora’s commitment to making financial tools accessible to everyone, regardless of their location or economic status, is not only commendable but also a testament to the transformative power of cryptocurrency in the realm of global remittances and financial inclusion with the end of the leading street economy.