The team behind the LALA World cryptocurrency has come up with a new financial ecosystem which largely targets the under-banked part of the society. The team aims to achieve this via blockchain technology to bridge the gap between fiat and the non-fiat currencies. LALA World aims to help investors capitalize on this technology using its one-stop wallet and at the same time help the under-banked people find financial sustenance.
LALA World wants to create a fresh P2P ecosystem which will enable it to change the way startups, small businesses and entrepreneurs make their payments. The team wants to offer borrowing-lending facilities, cross-border remittances, general banking and insurance services. By using the blockchain technology, the company hopes to ensure that decentralization, transparency, assurance and enforcement are achieved when payments are made.
Understanding the LALA World cryptocurrency
There is a rising number of the unbanked and the under-banked in the world, especially in the emerging markets. It is estimated that about 3 billion families and individuals are not able to access basic banking services. But while the governments and financial institutions are in control of how financial world operates today, the digital currency has not solved the problem of enabling every person access financial services. Among the reasons why people are not able to invest in cryptocurrency even though it is perceived to be the alternative to fiat currency include;
- Volatile legal system
- No credit history
- Absence of data given that crypto is designed to offer complete anonymity
- Inability to afford the rising price
- No tracking system
- Intermediaries are not very reliable
LALA World crypto is designed to resolve these issues that revolve around government issued money and cryptocurrency. The company has incorporated these solutions in its blockchain, distributed ledger technology and biometrics. Once the conventional fiat market has been disrupted, governments, corporates and all types of internet product and content developers will join the new market.
How does LALA World work?
When you want to become a user of the LALA World, you will first need to download an in-platform wallet. You will then be required to validate the account which will host all your records. Once your account is validated, you can transfer assets, conduct both international and domestic transactions and do money remittances. One can also transact between fiat and crypto.
The LALA World ecosystem also allows you to lend your assets through the fiat and crypto markets. The ecosystem allows you to pay bills conveniently using the LALA wallet in over 180 countries. To consolidate everything, there is the LALA card which is compatible with millions of PoS worldwide. The card is also synced with the LALA wallet.
The performance of LALA token
The LALA token started on a high of $0.11 on March 12th, before dipping to $0.027 two weeks later. The performance of the crypto has not been all vibrant. On April 2nd, the volume for the day was $4,900 while the market cap stood at $5.9 million. Just like it has been for major cryptos such as Ethereum, LALA crypto has been appreciating in the past few weeks. As at April 23rd, the closing price was $0.07 while the highest price for the day was $0.105. The volumes for the day stood at $1.3 million while the market cap was passing the $5.7 million mark. On Tuesday, the strong upward trend was evident as the market cap was in the range of $13 million and volumes traded stayed above $1 million. The price was hovering around $0.073.
Is it a good crypto to invest in?
The team behind the crypto has tried to explain what the project is all about but they have yet to submit the whitepaper which is what a majority of crypto investors rely on. The LALA World community is not very active on the relevant social media platforms. Still, the concept that the team is working on has a lot of promise and some growth in price and its market cap might be seen in the coming weeks. The crypto’s ICO was done in January this year and it is quite early to judge whether the crypto will make inroads in the intended markets or not. It remains one of the cryptos to watch in 2018, at least until the whitepaper and other important information are made available.