Power of Access - CBDC Ramp

The Power of Access - CBDC Ramp

The final step to financial inclusion through DeFi on the XRPL

No counterparty risk, near-zero fees, flexible terms and accessible to everyone - That's what financial inclusion on the XRPL looks like. On desktop, mobile, as XUMM xApps and in Bifrost's Web3 browser!

Our new CBDC Ramp is a completely decentralized way to convert cash into CBDC and vice versa, even in regions where the current financial system has not found a way to reach people.

Inspiration

With DeXfi we offer a DeFi suite that changes the lives of ordinary people. We have brought DeFi to a point where we are able to provide the same financial resources to people all over the world.

Features like

Provide Liquidity and Earn Fees - Liquidity (Automated Market Maker)
Become a borrower or a lender and earn interest – P2P Loans (Hooks)
Reduce currency risk – Swap (Auto-Bridging)
Profit from trading – Trade (DEX)
Invest in early-stage startups - Launchpad (Hooks)
Secure your livelihood – P2P Futures Trading (Hooks)

and many more offer great opportunities to people all over the world.

However, until now this was only accessible to those with a bank account as there was no way for others to start their CBDC journey. Our

CBDC Ramp – Exchange cash for CBDC (XRPL native, fully decentralized)

is an absolute game changer when it comes to financial inclusion.

What it does

It leverages the decentralized nature of XRPL and offers anyone, from a financial institution to businesses and individuals, the opportunity to become an Exchange Point. These allow anyone to exchange cash for CBDC and vice versa and ultimately receive the same financial opportunities that are currently reserved for people with a bank account.

Whether a financial institution charges a fee or an individual charges no fee, our users can see exactly what a particular exchange point offers. With our Live Currency Calculator they can instantly see the amount of CBDC they will receive for more than 160 currencies.

This decentralized and bottom-up design not only leads to wider and faster adoption, but also promotes competitive conversion rates.

Decentralized - Open Source - Fast - Simple - Low Cost - Accessible to everyone

How we built it

We use a “Map” account, which serves as a decentralized database for exchange points.

To become an exchange point, all you have to do is fill out a short form, select your location on a map and send a payment (details are stored in the memo field) to the map-account. This prevents spam and keeps exchange points up to date as they are automatically removed once the purchased time has expired.

Users can easily search for exchange points near them, view all the details such as the exchange fee, and instantly calculate how much CBDC they will receive for their cash at a specific exchange point.

Challenges we ran into

We completely underestimated how many homes, especially in Africa and South America, don't have an actual address on Google Maps. So we went with location coordinates and a conversion to the closest actual address that Google knows.

Accomplishments that we're proud of

Together with the XRPL and its outstanding technology, we are now able to not only empower people to change their lives and the lives of their communities for the better by providing them with the exact financial services they need, but also reach People that the current financial system does not reach.

What we learned

We learned how important XRPL’s key features – speed, low fees, scalability, etc. – are to bringing such services to the masses. Most importantly, we learned the impact a few lines of code can have on people who are financially underserved.

What's next for DeXfi - XRPL DeFi

We are currently in the process of rebuilding our app from scratch and will soon be able to offer our services in an app that looks and feels more like a banking app than a We3 app. Let's go to even more and even happier users!