MUDA Ventures mainly provides cross-border payments to B2B & B2C clients. One of the biggest challenges we face when executing cross-border transactions is the lack of adequate liquidity between different currencies. This makes it difficult for people to make payments and remittances at affordable rates.
In order to solve this issue Muda is working to aggregate liquidity through agent partners in several markets which we use to execute payments at better rates. The issue with the current system popularly known as the hawala system is that it does not scale very well due to the fact that it is based on trust between known parties and when once of the trusted parties does not have the required liquidity then the chain breaks down as transactions cannot be processed until they are sufficiently capitalized again.
In order to solve the issues mentioned above we shall use interledger to implement a solution that will apply the ILP to digitize and improve the way the current cross-border liquidity is aggregated, managed and utilized.
What will the volunteers do?
As a volunteer you will help us act as the beta testers by simulating the process of sending and receiving.
We intend to track the following;
- Test the functionality of the product
- Uncover any bugs or issues
- Challenges faced in the process
If you are interested please fill this form here;