Muda Cash Agent network

The Muda Crypto agent network will enable users to easily access or liquidate cUSD using cash from an agent point. Users simply visit any Muda agent & either give them cash for cUSD or cUSD for cash

Comment

The inspiration

The inspiration for the Agent network came from the fact that many of the crypto trades in Africa happen in cash through using P2P (peer-to-peer) traders. this showed us that many users are still comfortable using cash for their day to day activities including crypto transactions. this is also evident in with the mobile money industry where even after 10 years majority of the transactions are still cash-in/out. so we decided to replicate this user behaviour in order to create new types sustainable of income opportunities for the agents and an easier on/off ramp for crypto users.

What it does

the Agent network enables users to register as an agent and begin serving their community with access to cUSD services. As an agent one can sell to a client cUSD or buy from them. it creates crypto jobs and provides easy access to cUSD for cash users.

**this feature is an addition to the existing digital channels on the exchange that users can utilise to cash out such as the OTC desk, mobile money and bank transfers.

How it works

buying cUSD

  1. A user will set us a Muda wallet,
  2. they can then visit any agent and share with them their cUSD address
  3. they hand the agent cash
  4. the agent sends them cUSD

selling cUSD

  1. the user can share their wallet address with anyone to receive cUSD to their Muda wallet.
  2. the user goes to an agent location and enters the agent ID in the agent search field.
  3. the user confirms the details and sends the cUSD to the agent
  4. Once the agent receives the cUSD, the agent gives the user cash.

The Benefits

  1. Increased transaction volumes for the agent.
  2. Agents get access to the Muda liquidity which enables them to grow their business by tapping into the Muda liquidity for quicker settlements.
  3. An agent can be set up anywhere which increase accessibility for all users and scales quite easily

How we built it

We integrated with the celo blockchain in oder to add the celo assets to the exchange. Then we added the agent functionality to the main dashboard and to the user wallets so that users can easily access the service.

Challenges we ran into

Getting the right UI and design flow that would be acceptable by crypto veterans, new users and agents.

Accomplishments that we're proud of

Testing the concept with a few P2P traders and mobile money agents and getting positive feedback.

What we learned

the implementation has to be a simple as possible in order to tap into the mass market. this is best done by mirroring the current mobile money flows in order to compete tasks.

What's next for Muda Cash Agent network

We are looking at the following

  1. Scaling the agent network across all the countries our OTC desk in operating in.
  2. Using the Celo blockchain to create Agent ID using their phone numbers in order to create a fully decentralised agent network.
  3. Growing the the agent network to 50,000 agents in the next 3 years
Share this project:

Updates