Social impact blockchain company Uulala, announced today the start of their public round of the Uulala initial coin offering (ICO). The company is targeting to raise approximately $30 million in proceeds from the public round of their ICO that runs from November 15 to December 31, 2018. By meeting the Bermuda FinTech Standard, this is a historic step forward that allows Uulala to launch their blockchain platform to impact millions of underserved people and positions Bermuda to become a global hub for blockchain businesses.
Uulala is a minority-owned company and a mission-driven organization focused on empowering the unbanked and underbanked globally. It has solved a few critical issues plaguing the cash-based consumer. First, through its peer-to-peer loading locations, a user can load cash into their digital wallet and secondly, once the funds are loaded, they be leveraged to build credit. With Uulala’s banking core technology, blockchain, mobile app, and partnerships, it’s set to facilitate and accelerate financial inclusion of the 3 billion people who don’t have bank accounts.
“For Bermuda to go from just the legislative concept nine months ago, to our first ICO now, with Uulala, is magnificent,” said Wayne Caines, Bermuda’s National Security Minister with responsibility for ICT Policy and Innovation. “When you consider the commercial opportunities, and also how Uulala will change the lives of people in Latin America through this new platform for lending, it represents a dynamic shift for our age. I’m so excited Bermuda has the opportunity to partner with Uulala in this endeavor, our jurisdiction’s first ICO. It marks a fintech milestone and ushers in a new era for the island.”
“It is an honor to be the first company to meet the Bermuda Standard. After going through the due diligence process we know Bermuda set a high standard and we welcomed the scrutiny, it displayed the digital asset space is in the right hands. We look forward to being ambassadors for this global financial hub in the Blockchain and FinTech space as we accomplish our mission of helping millions of underserved,” stated Oscar Garcia, Uulala’s CEO.”
Once users have loaded in funds, they instantly have access to a virtual MasterCard to participate in ecommerce or other purchase means. Users can send payments across borders, pay their bills or top up their cell phone minutes all within a mobile app. The Uulala platform is a unique system that tracks all financial activities and combines that with blockchain technology to show an immutable ledger with the level of creditworthiness a user possesses.
Uulala has attracted global partnerships with organizations that have an aligned mission to impact the lives of the underserved, those partners include the likes of Humanity 2.0 and Laudato Si’. The mission of Humanity 2.0 is to identify impediments to human progress and work collaboratively across sectors to remove them by sourcing and scaling bold and innovative solutions. The Laudato Si’ Challenge seeks to sustainably improve the lives of 10 million people excluded from Our Common Home by 2020—anticipating the SDG2030 objective of leaving no one behind—through businesses that are: sustainable, empowering and ethical.
Uulala is a minority-owned company with the majority of stakeholders being first or second generation Latin Americans. Uulala is a mission-driven organization to facilitate and accelerate the financial inclusion of the under-banked and unbanked population by providing access to financial tools.