The Stellar Network and Fonbnk Partner to Provide Prepaid SIM Users in Africa with Access to the Global Digital Economy

This collaboration allows users to convert airtime credits into USDC stablecoins through the Stellar blockchain.

The Stellar Network has joined forces with Fonbnk to provide prepaid SIM users in Africa with an gateway to the global digital economy. Through this collaboration, users will be able to convert airtime credits into USDC stablecoins on the Stellar blockchain.

Highlighting the significance of this partnership, 350 million people in Africa do not have access to bank accounts, and only 20% of families have formal bank accounts. Fonbnk steps in to the scene by offering a practical solution to this challenge, transforming 8 billion active prepaid SIM cards worldwide into virtual debit cards with the help of Stellar.

This initiative capitalizes on the extensive use of prepaid mobile SIM cards in Africa to establish seamless on- and off-ramps to the Stellar blockchain. The aim is to revolutionize how users can access and participate in the global digital economy.

Breaking Down the Partnership Mechanics

This partnership enables users to deposit prepaid airtime credits into their wallets through Fonbnk’s platform, which are then instantly converted to USDC on the Stellar network. Each airtime credit is valued at $0.01 in USDC, providing users with a fast and efficient way to carry out digital transactions.

This partnership is particularly impactful in Africa, where over 350 million people lack traditional bank accounts and formal banking reaches only 20% of families.

Fonbnk's innovative approach will reshape the world's 8 billion prepaid SIM cards into virtual debit cards, opening up financial access for underserved communities. Stellar's scalable blockchain infrastructure ensures these transactions are efficient, cost-effective, and transparent.

XLM Breakout Confirmed, Retest Underway, Expecting Upside Continuation Towards $1

In other news, the Stellar network's native token, XLM, is showing signs of a potential breakout. XLM has broken out of a descending triangle pattern, a bullish technical indicator. This breakout is now being followed by a retest of the broken resistance level, which is currently acting as support.

The successful retest suggests that the breakout is valid and that further upside potential is likely. Market analysts expect XLM to continue its upward trajectory towards the $1 mark.

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