Moeda is a cooperative banking system based on the blockchain. Find out everything you need to know about Moeda today in our review.
What Is Moeda?
Moeda is a payment platform that offers peer to peer payments, peer to peer remittance, and micro-business loans, among other bank-like services.
The platform is built on the blockchain. The goal of Moeda is to provide payments, remittance, and lending services through a fast, transparent, and secure network. Using digital tokens, Moeda moves money around more quickly than conventional banking systems.
The Moeda ecosystem revolves around the fiat-pegged Moeda digital token (MDA). With the help of Moeda, under-banked entrepreneurs can access a fast payment ecosystem and personal business loans using blockchain-based Android and iOS applications.
The name “Moeda”, by the way, means “coin” in Portuguese. The payment platform is initially targeted towards people across Brazil, but may expand worldwide in the future. Moeda has already announced a partnership with Unicafes, an NGO charity lending program, as well as with the United Nations and Green Cross, which could allow Moeda to lift rural and unbanked populations around the world.
Ultimately, Moeda is so much more than just a payment processing platform for Brazilians. It’s a cooperative banking platform (similar to the idea behind a credit union) that’s specifically targeting unbanked populations around the world.
Moeda promises to provide all of the following features:
- Simple P2P payments
- P2P remittance
- Micro-business loans
- Fiat-pegged Moeda digital tokens (MDA)
- NGO charity lending program
- UN sustainable development partner
Here’s how the company describes its mission on the official Moeda.in website:
“Moeda offers simple peer-to-peer payments and a peer-to-peer remittance network to help drive entrepreneurs toward their goals. From micro business loans to large crowdfunded initiatives, the Moeda digital token, which is fiat pegged, can empower regular people across the world.”
Who’s Behind Moeda?
Moeda was created by Taynaah Reis, Chair-Woman and CEO of the company. Taynaah is a self-taught programmer with hands-on experience developing applications for the United Nations, Brazilian municipal governments, New York utility companies, and other major organizations. Reis is also the President at Green Cross Brazil. In 2016, Reis was named to the Civil Society Selection Committee for Climate Change at the United Nations.
Other key members of the team include Brad Chun, Vice Chair and CTO, Athena Diaconis, COO, Isa Yu (CFO), Alex Todaro (Chief Design Officer), Angela Morente Cheng (Chief Marketing Officer), Vivian Hanai (“Chief Evangelist Officer”), and Brent Dixon (“Chief Impact Officer”).
The company was first launched as a hackathon submission for the Blockchain SDG Hackathon at IMPACT CONVERGENCE 2.0, where the team developed an idea of how blockchain technology can be used to help the UN achieve its SDGs (Sustainable Development Goals). Moeda was chosen as the winner and invited to present to a global audience in front of the UN.
Interestingly, the Moeda Holding Technology Co. company is located in Uruguay’s free trade zone (which was formed as part of the Latin America Free Trade Association agreement). According to the whitepaper, this “gives Moeda the flexibility to straddle the real world and the digital world.” Moeda plans to use its free trade zone location “to improve the overall trade efficiency of its clients and partner organizations.”
What Problems Does Moeda Seek ?to Solve?
Moeda is being launched as a payment platform catered towards under-banked individuals and entrepreneurs in Brazil. However, the company has a diverse range of goals and problems that it seeks to solve, including:
- Provide a community-focused mobile lending system
- Provide a multi-purpose digital identity, including opportunities for under-banked individuals to build their credit-worthiness and reputation
- Give investors real-time transparency of SDG-aligned Impact Investment and trust of cryptographically assured blockchain records and contracts
- Create a platform that can efficiently scale community investments and payment transactions in order to serve more customers online
The Moeda Token (MDA)
MDA is an ERC20 loyalty token. Loyalty tokens allow investors to show their affiliation and level of support of a venture. They do not represent equity in the company, nor do they have any intrinsic value. However, the company may use a percentage of profits to repurchase loyalty tokens from the open market at the prevailing market price, “therefore the value of the token should be positively correlated to the success of the project.”
(Obviously, wording like this in the wallpaper is designed to protect Moeda against any regulation that may be enforced in the future in regard to advertising MDA tokens as an investment opportunity).
The Moeda ICO will issue loyalty tokens in exchange for donations to Green Cross Brazil.
How Will Moeda Make Money?
Moeda will charge 3% to 5% fees on each transaction to support the company and continue to improve the technology.
How Does Moeda’s Cooperative Banking System Work?
Moeda is a cooperative banking platform – not just a payment processing platform. What does that mean? It means that Moeda works similar to credit cooperatives or co-ops: it’s designed to meet the needs of a special group of people – like people who live in a certain area, or those who are under-served by traditional banks.
Ultimately, Moeda is a unique payment platform catered towards under-banked individuals and entrepreneurs in Brazil. The company’s long-term ambitions, however, are to lift up under-banked populations around the world, using blockchain technology as a force for good. With that in mind, the Moeda payment app – available for iOS and Android – is just the tip of the iceberg when it comes to Moeda’s long-term ambitions.
Specifically, Moeda has partnered with the UN and Brazil’s Green Cross, among other organizations. In fact, the company was first proposed through a hackathon as a way for the UN to achieve its SDGs (sustainable development goals) using blockchain technology.
You can learn more about Moeda by visiting them online at Moeda.in, where the company has published its whitepaper.