Cudos and Tingo join forces to unleash potential of $90 million in passive income
Mobile fintech pioneers Tingo and blockchain oracle network Cudos have just announced a massive partnership in a mission to tackle poverty through monetising mobile phone applications.
The move, according to Tingo president Dr Chris Cleverly, has the potential to change the lives of people living in poverty.
The announcement, shared on stage at AIBC Malta less than an hour ago, received a standing ovation as it was revealed Cudos will list on CoinField – a European exchange acquired by Tingo International Holdings – to increase the community reach and liquidity for the CUDOS token.
Cudos has more than 500,000 business and individual accounts, contributing underutilised resources and earning simultaneously for its users. Similar to Airbnb’s online marketplace, Cudos’ sustainable model for computing reduces waste and distributes revenues fairly across the network.
“Our vision of a decentralised, sustainable and connected world where no computing is wasted is coming to fruition with this new partnership with Tingo,” said Pete Hill, vice president of sales at Cudos.
“As Tingo is in the process of listing its subsidiary company, Tingo Inc (OTCQB: IWBB), on the New York Stock Exchange, it is refreshing to share the same ethos of creating technology and business models for the betterment of communities.
“Positive social impact is the driver behind this deal, providing financial security to millions of users initially. As a partnership, we will build on this, expanding to other regions creating a circular economy of financial inclusion, security and democratised cloud resources.
“Close to 10 million users able to earn and spend CUDOS is also essential for the growth of our network.”
Speaking to Crypto AM as he left the stage, Dr Chris Cleverley said the impact of the partnership project in some of the world’s poorer nations could be enormous.
“This has potential to produce ten dollars a month each of our existing nine million smartphone customers which could equate to $90m a month of passive income generated in Nigeria, which is the world’s second-largest Bitcoin trading country,” he said.
“This has real potential to transform lives by reducing poverty and enhancing opportunity.”
Dr Cleverley’s colleague – Sara De Martino – explained the mechanisms of how the money generation could work for communities.
“The idea is to have the software running on people’s mobiles, and this software would mine cryptocurrencies through our own blockchain,” she explained.
“The software will automatically pick the currency which you would get the best return on, based on the individual’s device.”
Cudos CEO and founder, Matt Hawkins, said today’s announcement brought the company a step closer to its greater goals.
“This is significant in many ways, none more so than the positive financial impact that our partnership will produce for over nine million Nigerians initially before we scale to further developing nations,” he said.
“For our loyal community of Cudos developers and token holders, the collaboration will see Cudos become one of the largest blockchains by unique wallets and a further step towards our goal of creating a global decentralised cloud computing network.
“We’re immensely proud to partner with Tingo, who we believe are the most forward thinking and impact driven enterprise companies on the planet.”
The significance of this collaboration extends to the whole industry, as Cudos will be the first blockchain connecting consumers to scalable computing through smart contracts.
The impact of the collaboration will initially extend to almost 10 million devices across the Tingo network.
As a unique agri-fintech business that has delivered significant impact to rural communities, Tingo’s partnership with Cudos will enable the creation of a distributed cloud for Nigerians, run by Nigerians, and paying Nigerians.
Once established in Nigeria, Tingo will expand the programme across Africa and South America.
Ultimately, each community will leverage sustainable, scalable and cost-effective computing resources.
Tingo’s model supports farmers in rural Nigeria who would receive single-digit loans rather than the typical microfinance 25%+ interest through a separate collaboration with DeFi partners MELD. Farmers would use their phones to earn CUDOS.
CUDOS will not only become a currency for payments within this ecosystem, it will become a computing platform for Nigerian institutes and universities, benefiting those in rural areas with earnings and slowing the rapid migration into cities.
About Cudos
The Cudos Network is a layer one blockchain and layer two computation and oracle network designed to ensure decentralised, permissionless access to high-performance computing at scale and enable scaling of computing resources to 100,000’s of nodes. Once bridged onto Ethereum, Algorand, Polkadot, and Cosmos, Cudos will enable scalable compute and Layer 2 Oracles on all of the bridged blockchains.
About Tingo International Holdings
Tingo is a unique agri-fintech using smartphones to deliver a marketplace that enables nearly 10 million subscribers to manage their commercial activities of growing and selling their products to market participants.
The ecosystem provides a one-stop-shop solution to enable subscribers to manage everything from airtime top-ups, bill pay services for utilities and other service providers, access to insurance services, and microfinance to support their value chain from seed to sale.