A crypto payments network is celebrating three years in business — and claims it has now surpassed 4 million users worldwide.
Electroneum says it is continually unveiling new features that help make our world a better place. One of its flagship products is a mobile-based cryptocurrency that allows people to top up their phones in more than 140 countries. And as Cointelegraph reported back in May, the digital payments project also allows consumers in four African countries to top up their electricity meters directly from the ETN app — with plans to expand this service to even more nations in the not-too-distant future.
Given that there are an estimated 1 billion people who are unbanked worldwide, Electroneum says its cryptocurrency, ETN, has helped achieve financial inclusion in ways that have never been seen before. The company says that its token is “better than money” because it can be transferred between users without the need for an intermediary like a bank. In a world where cross-border payments can be eye-wateringly expensive, it also allows transfers to be completed for a fraction of a cent, within minutes.
A lack of access to a bank account isn’t always the only hurdle facing the world’s poorest, as some do not have access to technology. This is why ETN can be used without a mobile phone device — and why Electroneum has designed an affordable $40 smartphone that aims to meet the needs of those in developing regions. The device is currently only available in Cambodia.
Giving back
One recent innovation from Electroneum has aimed to help address the coronavirus pandemic, as infections have been multiplying at “alarming rates” in South Africa.
One NGO in the country, Ubuntu Pathways, recently revealed that the crypto mining services offered through the Electroneum platform have allowed it to help those in the country who are most vulnerable to COVID-19. Beth Honig, the organization’s U.K. director, said: “We are grateful to have Electroneum as part of our global supporters’ community, helping make our work possible."
Electroneum has also established AnyTask, a global freelance platform, and a website called ETNDonate that enables those who use ETN on a regular basis to donate their crypto to a charity they care about.
Crunching the numbers
Beyond the 4,048,709 accounts that have been registered on the Electroneum website, the crypto company has released some statistics that powerfully illustrate how in demand its ecosystem really is.
During a seven-day period in September, 5,700 new customers signed up with Electroneum and 5,300 downloaded its app. All of this means that there are close to 2.7 million people who actively use its mobile software.
According to the team, greater numbers of merchants are also starting to accept ETN — and the 2,030 businesses that accept the crypto have been neatly collated onto a dedicated website, ETNEverywhere.com.
The company has also attracted top crypto experts and blockchain influencers to its team, helping to spread the word about Electroneum more than ever before. Mati Greenspan, founder of Quantum Economics, has been exceedingly complimentary about the project — saying that it is in line with Satoshi Nakamoto’s vision of freedom and financial inclusion for all. He also noted how Electroneum is already delivering the easy digital payments and cheap cross-border payments that Facebook aspired to offer with its long-delayed Libra network.
Blockleaders.io co-founder Jillian Godsil has also joined the project, and the award-winning crypto influencer said: “I have been looking to work with Electroneum for some time now. Since the early days, I have watched the project and love their focus.”
The company has already achieved so much in three years, and it seems like the team has no plans to sit still. New features that will make ETN more exciting to spend are in development, and the company is also working on expanding third-party mobile wallet integrations so more people accept the cryptocurrency.
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