Inspiration The devastating impact of hyperinflation on emerging economies like Pakistan, where locals saw a 30% currency devaluation in just a year and are handcuffed by stringent foreign investment restrictions. A staggering $1T+ of savings erode annually, prompting the need for a robust solution.
What it does FinaLiberate offers an end-to-end financial bridge that empowers individuals in inflation-ravaged economies to swiftly convert their local savings into stable foreign assets via Ripple's CBDC solution, targeting Dubai's lucrative real estate sector initially.
How we built it Leveraging RippleNet’s On-Demand Liquidity service, we integrated with Pakistani banks like Faysal Bank and HBL, enabling real-time PKR to XRP conversions. Utilizing XRPL's decentralized exchange, these funds are further converted to AED/USD, and then channeled into platforms like Stake app for immediate investment.
Challenges we ran into Navigating regulatory environments was daunting, especially due to Pakistan's stringent foreign investment policies. Achieving instant conversions without compromising on transaction fees also posed challenges, but Ripple's architecture proved invaluable here.
Accomplishments that we're proud of Establishing a technically sound, seamless financial conduit that stands to safeguard billions from devaluation. Our solution bridges a gap in the market, enabling citizens of emerging economies to reclaim financial autonomy.
What we learned Beyond the technical prowess required, we grasped the significance of aligning with real-world financial ecosystems, regulatory navigation, and the genuine impact such solutions can have on billions.
What's next for FinaLiberate Expansion to other inflation-hit regions, diversifying investment platforms beyond real estate, and deeper XRPL integration, driving our mission of global financial democratization further.
Built With
- blockchain
- bubble
- python
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