Blockchain-based platform powered by the Dala Token will make basic banking available for the global unbanked and underbanked
Wala, the world’s first borderless, rewards driven, financial platform, is to be the launch partner of the Dala Token Sale that will begin at 6pm UTC on 25 October.
As part of the token sale, 1 billion Dala Tokens will be generated with 30% made available during the sale. There is a maximum cap of $30million for the sale and buyers will have to use Ethereum to purchase tokens. Interested parties need to register to take part in the token sale by 6am UTC on October 23rd.
Newtown Partners, the venture capital firm owned by Vinny Lingham and Llew Claasen that is an investor in Wala, are hosting the token sale on its token portal. Wala is the financial platform for the next 3.5bn consumers because it eliminates barriers to entry and increases accessibility to financial services for consumers who have been ignored by traditional banking models.
The Dala token will be the utility token of the platform, allowing users to transfer value to other users that could cover airtime, data and other value added services. Wala Founder and CEO Tricia Martinez commented: “We’re extremely excited about the interest we’ve already received in the Dala token sale and the support we’ve had from our expert blockchain investor, Newtown Partners, in bringing it to fruition. This token will power a platform that is specifically designed to meet the needs of the next 3.5billion financial services consumers, who are currently unbanked and have been underserved for too long.”
New business models for banking are particularly important for underserved consumers, such as exist in Africa. According to McKinsey & Co, 80% of Africa’s adult population do not use formal or semi-formal financial services. However, while only 2% of the worldwide population have mobile money account, 12% in Sub-Saharan Africa do, proving that customer-led innovations have been well received.
Wala’s strategy of rolling out services in partnership with local banking and financial providers means that they can offer the zero-fee financial services through a phone that customers need.
For more information, please contact:
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