Leaf Global Fintech Receives National Science Foundation SBIR Phase II Award

0

Leaf Global Fintech Received $855,000 SBIR Phase II Award to Advance Its Mobile Blockchain-Based Digital Wallet in Low-Bandwidth Environments Globally

EVERGREEN, CO, USA, January 26, 2022 /EINPresswire.com/ — Leaf Global Fintech Corporation was recently awarded a Phase II SBIR grant from the National Science Foundation for $855,394. The research and development award aims to continue Leaf’s work facilitating financial services through the use of blockchain and distributed ledger technology, even for users with limited or no internet access. During SBIR Phase I, Leaf fully developed the Leaf Wallet product and demonstrated that blockchain can be used to process financial transactions quickly, cheaply, and seamlessly in low connectivity environments. In research and testing, Leaf processed 6,077 domestic and cross-border transactions with average speeds of 2-5 seconds and costs of $0.00083-0.00086 per transaction, enabling Leaf to provide services to customers at a fraction of the time and cost of traditional money transmitters. . Since going live, Leaf has processed nearly 100,000 customer transactions. The broader impact of Leaf’s work has great potential to impact the lives of refugees, migrants and cross-border traders, in addition to other groups currently transporting cash across borders. Leaf was recently featured as a positive, active and stable use case by the CEO of the Stellar Development Foundation in a testimonial at United States House Finance Committee on the regulation of digital assets.

Phase II pricing will include further development of the front-end and blockchain-based Unstructured Supplementary Service Data (USSD) platform to store, send, and transfer without a smartphone or internet connection. This first-of-its-kind system for international transactions in bandwidth-less environments increases speed, reduces exchange and transfer fees, and lowers the risks associated with carrying cash. In addition to Leaf Wallet expansion, other Phase II award guidelines include: 1) creating a globally accessible distributed digital identity protocol for global identity verification without having to expose personally identifiable information identifiable, and 2) the development of machine learning. based on microcredit algorithms using offline behaviors to predict loan repayment capabilities.

“We are excited to advance the development of our Leaf portfolio and bring low-cost credit solutions to customers without access to the banking system,” said Nat Robinson, co-founder and CEO of Leaf. “We have a strong foundation on the Stellar Blockchain, which we are using to address an important global challenge: low-bandwidth mobile financial services for the unbanked. Leaf’s continued development of capabilities through SBIR will help address this issue. at scale,” says Tori Samples, Co-Founder and CTO and Principal Investigator on the SBIR Prize.

About Leaf Global Fintech
Leaf Global Fintech provides financial services accessible primarily to refugees, migrants and unbanked people around the world through blockchain technology. Leaf Wallet is an innovative mobile application available for smartphone users (iOS and Android) and non-smartphone users through a USSD interface accessible via a shortcode. With Leaf, customers can securely store, send, receive and exchange currency on their phone. Leaf is currently operational in three East African countries and is rapidly expanding globally.

Learn more about www.leafglobalfintech.com.
SBIR/NSF Award https://www.nsf.gov/awardsearch/showAward?AWD_ID=2112021

Nat Robinson
Global Fintech Corporation sheet
[email protected]

Share.

About Author

Comments are closed.