Status Teller Network

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This article seems to be out-of-date on 06 June 2018

One of the core hurdles to the adoption of cryptocurrency is the difficulty in obtaining it. Ease of access is necessary to transition our economies from fiat to digital currency.

In order to solve this problem, we propose the implementation of the Status Teller Network, a Dapp inside of Status, which provides borderless, peer-to-peer fiat-to-crypto Teller Network.

The Teller Network allows Stakeholders in the Network to find nearby users to exchange their cash for digital assets and currency, giving any smartphone owner in the world the ability to take control of their personal wealth.

In this sense, Status becomes a piece of a Web 3.0 banking infrastructure and creates a global people-as-ATM network. This has particular utility in developing markets where cash- based economies are prevalent and credit card penetration remains low, tackling the famous last-mile of the remittance market.

The growing trade volumes observed on LocalBitcoins, ~30M USD per week (CoinDance 2017), coupled with the rise of remittance startups built on legacy systems like TransferWise (Crunchbase 2017), serve as a testament to the viability of this model.