Cryptocurrencies have found themselves in the digital hands of the “unbanked” - those without access to a bank account. The event of unbanked individuals being given access to crypto has provided financial autonomy to a group of people who were previously negatively affected by their situation. These citizens often live in extremely rural areas, lack education, or lack the paperwork necessary to open a bank account. According to a study by the British research platform Merchant Machine, 33% of Eastern Europe and the former Soviet republics remain financially excluded.
It makes sense that countries such as El Salvador have recently begun to accept Bitcoin as legal tender. Wealth is being generated through new retail investments being made in the crypto industry. Singapore's largest lender, DBS Bank, actually plans to offer crypto trading services to retail customers by the end of the year. Using crypto as a means of exchange for the purchasing of products will boost online sales, as crypto opens up new financial doors for people, offering them different avenues for making payments.
A new crypto-based project who are making unique strides in this up-and-coming decentralised retail sector is Faith Tribe. Stemming from Parisian luxury brand Faith Connexion, Faith Tribe’s new platform enables fashion designers and creatives to collaborate on the design, NFT minting, and physical production of luxury fashion items. A selection of these clothing products will be available on Faith Tribe’s marketplace, with all items priced in the platform’s native currency, $FTRB.
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