Welcome to the Prosper Series! In this episode, Adriana, the host, introduces the purpose of the series, which is to envision and create a new world of prosperity for all. Participants from various locations around the world join the virtual session, sharing their city and country. Due to the global pandemic, the series has shifted online from its original in-person retreat format.
Adriana initiates a meditation exercise to bring participants into a mindset of prosperity and receptiveness. By focusing on their breath and imagining a beautiful world, they prepare themselves for the content to come. The goal is to challenge the existing narrative and work towards transforming society.
Adriana introduces the guest speaker, Marco, co-founder of Solidus MX, a company dedicated to improving financial services for migrant workers. Solidus MX aims to enable prosperity for these workers by transforming the way they send money back home. The traditional model of sending money as remittances didn’t align with the reality of these workers’ lives, as the money was often used to cover monthly expenses rather than accumulating. Solidus MX developed Felda, a solution that eliminates intermediaries and allows users to buy credits in dollars or pesos, triggering payouts to partner institutions. This model provides control and financial inclusion for migrant workers.
Solidus MX recognizes the potential of open infrastructure and blockchain technology to address the financial needs of migrant workers more comprehensively. By utilizing tokenization and digital currencies, Solidus MX envisions a future where multiple financial services can be built upon open infrastructure. This approach allows for greater customization and integration of services to cater to the specific needs of users.
Marco highlights two potential approaches for providing access to underserved communities. The first is peer-to-peer or over-the-counter markets, which can offer access to cryptocurrencies and digital assets, providing an alternative to traditional financial systems. The second approach is through microloans, where lenders can leverage the Solidus ecosystem to facilitate lending and build trust. By creating transparent financial services and establishing reputation systems, it becomes possible to extend financial inclusion to previously underserved populations.
A key challenge in serving migrant communities is establishing trust and verifying the credibility of borrowers. Solidus MX proposes a network formation framework that utilizes trust lines and reputation systems to generate valuable information about individuals and companies. By reducing customer acquisition costs and providing data-driven insights, lending companies can better serve customers and offer improved rates.
Adriana expresses gratitude to Marco for the enlightening presentation and discusses the importance of building connections within the community. She invites participants to engage further with Solidus MX and other companies in the space to support the mission of bringing prosperity to migrant workers.
This Prosper Series episode highlights the potential of blockchain technology, open infrastructure, and innovative financial services to empower migrant workers and improve their financial well-being. Through initiatives like Solidus MX, there is a vision for a more inclusive and prosperous world for all.