MyBucks And Naga Group Team Up To Bring Cryptocurrencies To Emerging Markets

Fintech firms MyBucks and the Naga Group have announced a new partnership to implement Naga’s cryptocurrency wallet within MyBucks’ client interface and existing mobile wallet, enabling some 1.5 million users across Africa, Australia and other countries to manage, send and receive cryptocurrencies.

The Naga Wallet will provide MyBucks users with a way to access and manage crypto assets. Among other features, users will be able to send and receive cryptocurrency payments via email and convert these into cash. The technology can also be used for stock trading and financial investments.  

The two companies said in a statement that they hope the new service will bring cryptocurrencies to the mainstream, and in particular to unbanked populations in Africa and other emerging and frontier markets.

Benjamin Bilski, the founder and executive director of the Naga Group, said:

“We believe that this partnership will not only bring benefits to both platforms’ communities but will also bring new opportunities for the underbanked. It is also one of the first proof of concepts that highlights how blockchain technology for certain problems, such as remittances in our case, is a superior solution and disrupts even traditional tech companies.”

For MyBucks, a consumer lender listed in Frankfurt, the deal would help the firm enter the remittance business between Europe and Africa and advance its goal of becoming a “fully inclusive” digital bank.

For the Naga Group, it opens new markets for its mobile payments and cryptocurrency service. The Naga Group, a German fintech firm also listed in Frankfurt, has a host of products focusing on the areas of financial markets, virtual goods and cryptocurrencies. The newly launched Naga Wallet promises fast and cheap cryptocurrency transactions and supports several cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash.

The Naga Group also plans to release a Mastercard debit card later this year that would support both national currencies and cryptocurrencies.

Besides the partnership with MyBucks, the Naga Group has also teamed up with Changelly to allow users to convert and exchange cryptocurrencies directly through their dashboard. Changelly is an instant cryptocurrency exchange service similar to what ShapeShift has been providing. The startup claims to be serving two million users and powering more than 15,000 weekly transactions.