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Bancor launches blockchain platform in Kenya to enable community currencies

Bancor

Image Credit: Bancor

Cryptocurrency platform Bancor announced today that it will launch a new blockchain service in Kenya as part of a financial system designed to help alleviate poverty.

The service will facilitate the creation of “community currencies” to boost local commerce and peer-to-peer collaboration. A community currency is a kind of alternative financial system that a group can use to encourage the creation and purchase of goods and services within a certain geographic region.

While some communities actually create physical money for such systems, the Bancor system will let Kenyan communities use tokens on a blockchain.