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Uulala ICO (UULA Token): Financial Solution For Unbanked Population?

Uulala

What Is Uulala?

Uulala is a minority-owned corporation in the US whose major shareholders are first or second generation Latinos. The company has a mission of facilitating and accelerating the financial inclusion of the unbanked and underbanked in the Americas.

It empowers underbanked communities globally via the Uulala platform, which offers financial tools. These tools allow these communities to build credit, send money, take part in e-commerce, and rise out of the cash-only environment. The Uulala Corporation intends to drive change that will better the Latino culture with this platform. Uulala offer Latinos ways to be a part of secure remittance service and shopping and entertainment services, which they could previously not access due to their banking status.

What Problems Uulala Seeks To Solve

The global economy, employment levels, and migration trends affect trends in the money transfer sector. As the global economy and employment levels stabilize, more people are migrating for work. Remittances totaled about $429 billion in 2016. They were worth three times as much as foreign aid from nations globally. This money was also sent more efficiently dollar for dollar.

Unlike aid, which goes through corrupt in-betweens, remittances reach the recipients directly. The money can then be used to pay fees, medical expenses, and other necessities. The World Bank estimates that remittance fees are about 7.45% on average. However, they can be as high as 15% in some areas.

Today, Western Union, RIA, and MoneyGram control the global remittance industry. These three control about 25% of the global remittance volumes. Brick and Mortar cash services account for about 47% of all remittances globally. This number is likely to nosedive with time due to the spread of smartphones.

This shift presents a technological and business change for many companies. They need a robust platform, which supports both traditional and newer modes of serving customers. This market gap is where the hybrid Uulala model comes in.

Uulala Solution For Unbanked Population

Uulala will meet customer needs for instant transfer via mobile combined with thousands of loading station via the Power User program. The benefit of the entertainment experience, international bill pay, cash back on shopping, and the ability to build credit will prove attractive to customers.

The World Bank estimates that 90% of all money transfers are between friends and family members connected on social media. The social aspect of Uulala will reward people via various incentives for using the platform more. When they share the platform with their friends, they will also be rewarded. Today, only 7 percent of remittances are digital. Uulala sees a huge opportunity here.

Uulala UULA Token ICO Details

To make their dream a reality, Uulala is building a platform based on blockchain technology. This platform is going to be powered by the UULA token. There are 750 million UULA tokens. These tokens will be distributed via various ICO events that will be held by Uulala. The tokens will be used to fund transfers and power other activities within the platform. This will lead to significantly lower fees compared to what other services charge on average.

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