Trestor, the Indian startup that claims to be the most efficient altcoin to Bitcoin, has partnered with the Cameroon government. The partnership according to the firm is aimed to deliver last mile services in the southwest African country. The part of negotiation says that Trestor and Socapssi, an organization created in Cameroon will bridge the gap between the informal and national insurance sector (CNPS).
Additionally, the government will ensure that the new currency ecosystem goes live. Nonetheless, to test the project out, the parties had done a pilot to test the feasibility. Talking about the deal Antoine De Padoue, founder of Socapssi and president of RDPF KUMZE, Cameroon’s minority opposition party said that the results were excellent.
We enrolled 500 people between the ages of 15 and 35 from a small economically-knit community. We asked them to use ‘Trest’ as their default method of payment for 30 days. In short, we artificially created a Trest-based micro-economy. People were able to comprehend and understand this very new method of payment.
According to him both the organizations are excited and started improvising their own uses within the first five days of the pilot. He also says that his company achieved quantifiable efficiency gains and the benefits far outweighed the negatives. Socapssi has signed an agreement with CNPS for the project and says first Trestor retail partner location is now functional.
De Padoue also informs that over the next 12 months, his company will enroll 500 Trestor retail partners across Cameroon e.g. 10 regions, 54 divisions and more than 360 sub-divisions. This according to him will create 1,200 to 1,800 direct jobs as well. On the other hand, the CNPS aims to ensure efficient delivery of government-sanctioned entitlements and other benefits assigned for the people of Cameroon.
Created a Payment System Where None Existed
Similar views were shared by Trestor founder Kunal Dixit who said that his company and Socapssi have created a payment system where none existed. He further informs that his company has successfully demonstrated that peer-to-peer payments can still function in areas with practically zero banking and telecom infrastructure.
According to Dixit this essentially is like giving world’s best banking to the most poor for absolutely no cost. Nonetheless, Trestor’s mission is to create an efficient money, payment and market system. Even Dixit expected Trest to become a common digital token with stored value like Bitcoin which has a capital value of $3.5 billion.
To contact the reporter of this story: Deepak Tiwari at email@example.com