In a recent update, Richard Ells, CEO of Fintech Firm Electroneum announced its recent partnership with Mobile network Operator (MNO) Claro. Followers of the cryptocurrency were expecting an announcement following a previous video update from Ells, who hinted that further countries would be on-boarded following their recent success in South Africa.
Electroneum have recently released several huge announcements which include a 75% block reduction pay-out and the switch from allowing regular miners to mine ETN to providing exclusivity to NGO’s in areas that the mobile payments system operates.
Electroneum is slowly creating a financial ecosystem, primarily aimed at helping the ‘unbanked’ in developing countries across the globe. Integral to this is the offering of a mobile cloud miner that simulates the mining of ETN and pays that directly to a user’s smartphone in a value of up to $3 per month. Presently Electroneum is partnering with Mobile network Operators or MNO’s to allow these users to use the ETN funds to directly top up their phones.
The latest news follows Electroneum’s initial success with South African based The Unlimited. The Claro partnership is a huge leap forward for the firm, providing Electroneum access to a huge portion of the South American continent. Claro is currently the second largest MNO in Brazil with a user-base of over 60 million. Although this is big news for the crypto firm, CEO Ells hinted that this is just the tip of the iceberg. ‘Claro has over 60m existing subscribers and is the first of a number of Brazilian networks we intend to get online over the coming months.’
The product was launched in Brazil on the 6th August where over 2,000 top-up requests were made in the first few minutes.
It is anticipated that more countries and MNO’s will now be added to Electroneum’s ecosystem in quick succession ahead of the companies ‘Gigfair’ launch. At time of writing, the company have an impressive userbase of over 3.1million registered users and 170,000 live mobile miners.