Creditcoin

<p>Gluwa, a San Francisco-based blockchain firm, has become a key partner in Nigeria’s central bank digital currency (CBDC) project, the eNaira, Korean media outlet Seoul Economic Daily <a href="https://www.sedaily.com/NewsView/2D6JMAP9B7" rel="noopener noreferrer nofollow">reported</a>.</p><h3 id="tapping-into-nigeria-s-226m-population">Tapping into Nigeria’s 226M population</h3><p>Gluwa, the issuer of Creditcoin (CTC), announced yesterday that its Nigerian branch Gluwa Nigeria signed a memorandum of understanding (MOU) with the Central Bank of Nigeria (CBN). Through the MOU, Gluwa Nigeria aims to facilitate the adoption of digital currency in Africa’s largest economy with a 226 million population, by connecting eNaira to Credal, the native API for Gluwa’s Creditcoin network. This integration is expected to enhance Nigeria’s financial ecosystem by recording loan and payment transactions on the Creditcoin network.</p><h3 id="making-the-financial-system-more-inclusive-and-efficient">Making the financial system more inclusive and efficient</h3><p>The partnership is anticipated to boost financial inclusiveness among many Nigerians who are financially isolated due to their lack of access to traditional financial services. Moreover, the CBN expects that the adoption will improve the eNaira’s functionality and spur innovation in the country’s financial system.</p><p>Among other objectives of the project is to create an efficient financial infrastructure in the country so that Western fintech firms can easily enter the Nigerian financial market.</p><p>Oh Tae-lim, CEO of Gluwa, said the company plans to lay out the project’s blueprint by the end of this year and eventually broaden the acceptance of the eNaira, taking the potential of the digital currency to a new level.</p><p>Meanwhile, Gluwa’s native token, CTC, is a real-world asset (RWA) network with a loan transaction volume of KRW 106.8 billion ($80 million) and a user base of 337,000.</p>

Silicon Valley blockchain firm Gluwa becomes partner in Nigeria’s CBDC project

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