Bogotá, D.C. XX of April, 2024.
The NEAR Foundation, renowned for its excellence in blockchain, announced its collaboration with Lulo X, the Colombian Fintech enabling savings in digital dollars, and Peersyst Technology, a leader in blockchain implementation, to introduce an innovative alliance.
This alliance is aimed at redefining digital finance, offering a secure and stable digital currency that broadens economic perspectives within the realm of Web3. Thus, Lulo X users will enjoy greater autonomy over their finances with NEAR’s advanced and scalable blockchain technology, ensuring a frictionless experience.
Lulo X: a sustainable Fintech that builds a world without financial barriers
Lulo X’s mission is to challenge financial barriers to help users build a better future. “We are building a financial infrastructure that is characterized by its ease of use and robust security. We want to improve the most basic financial activities, ensuring digital transactions and making financial tools accessible to everyone,” says Natalia Jiménez, CEO of Lulo X.
Thus, the commitment to fraud prevention and the integration of biometric safeguards are testament to its dedication to user protection. Partnering with NEAR amplifies the ability to offer transactions that are not only secure, but also transparent and efficient.
Lulo X’s vision is rooted in financial education, regulatory collaboration and infrastructural innovation, pillars that support economic inclusion and activation.
This collaboration with the NEAR Foundation and Peersyst Technology is about encouraging informed financial decision-making, tailoring products to customer needs, and strengthening a robust infrastructure that anchors the solutions.
The crucial role of Peersyst Technology and NEAR in the alliance
Peersyst Technology plays a vital role in the implementation of this innovative Stablecoin solution. With previous experience in high-profile blockchain projects, Peersyst Technology brings its technical expertise to ensure the success of the collaboration between NEAR and Lulo X.
In turn, the choice of NEAR as the underlying technology for Stablecoin is key to guaranteeing accessibility. In addition to efficiency, speed and scalability, NEAR offers the following features:
Low Transaction Fees: With transaction fees averaging less than $0.01, the NEAR Protocol provides a cost-effective blockchain solution for financial applications.
- Fast finality: With a transaction finality of 1-2 seconds and its constant uptime, NEAR provides minimal latency and uninterrupted service for financial institutions.
- Native Stablecoins: NEAR has native USDC listed on Binance and other major exchanges. The market capitalization of Stablecoins on NEAR already exceeds $200M.
- Key Infrastructure Partners: NEAR is already integrated with major fiat on-ramps, custodians and exchanges. It has all the important pieces of infrastructure to ensure successful adoption.
- Users: As of early March, NEAR surpassed 100 million NEAR accounts created since the mainnet launch, with consistent numbers of daily active users in the millions.
- Additional Shards, Infinite Scalability: NEAR recently expanded to 6 Shards, increasing capacity by 50%. NEAR also saw an increase in utilization as part of this, reaching 11 million transactions per day by 2 million daily active users according to Artemis data.
- Chain Abstraction: Chain abstraction simplifies the user and developer experience by hiding the complexities of blockchain technology. NEAR has prioritized this abstraction since its inception.
All of the above makes the NEAR Protocol the ideal choice for a responsible financial solution, perfectly aligning with Lulo X’s vision of providing innovative and sustainable financial solutions.
Empowered Voices: Leaders in Command
Natalia Jiménez, CEO of Lulo X, states:
“We are at the forefront of a new era where technology powers sustainability in finance. Partnering with the NEAR Foundation is a step towards redefining digital finance to be secure, inclusive and democratic. This alliance is the key to a future where financial empowerment is a universal right. We are committed to a future that is not only prosperous but sustainable, aligning financial growth with the well-being of our planet.”
David Norris, CFO of the NEAR Foundation, shares:
“This partnership with Lulo X and Peersyst is a step forward in harnessing Stablecoins for fast and cost-effective payments. It reflects our mutual goal of democratizing financial access and expanding NEAR’s presence in Latin America. The high performance and low fees of the NEAR Protocol are poised to deliver unparalleled benefits for Web3 users and applications, catalyzing stablecoin-based payment solutions in the region.”
Ferran Prat, CEO of Peersyst Technology, comments:
“Peersyst’s commitment to the development of blockchain-powered currencies and payment systems, especially in Latin America, has been unwavering. Our collaboration with leading protocols is a testament to the maturity and legal readiness of the technology, paving the way for its widespread adoption in finance.”
About Lulo
Lulo X is a Colombian fintech company that provides access to financial products and services through blockchain. We go beyond the traditional boundaries of digital financial services, striving to make financial empowerment accessible to everyone. The launch of this alliance, leveraging the power of NEAR’s blockchain, means more than just transactional ease; it’s a path towards sustainable innovation. Lulo X merges visionary technology with tangible progress, offering secure and intuitive tools for economic participation in the future.
About Peersyst Technology
Peersyst Technology is a leading blockchain technology company with a proven track record of successful implementation of high-profile blockchain projects. With a focus on innovation and technical excellence, Peersyst Technology plays a crucial role in implementing advanced solutions such as the Stablecoin developed in collaboration with NEAR and Lulo X.
About the NEAR Protocol
The NEAR Protocol is a fully sharded, proof-of-stake blockchain built for widespread adoption. Performance, scalability, and security, NEAR is designed to scale the Open Web to billions of users with Chain Abstraction Layer.
About the NEAR Foundation
The NEAR Foundation is a Swiss-based non-profit organization established in 2019 with the primary mission of supporting the growth and development of the NEAR Protocol and its associated ecosystem, as well as the global adoption of Web3 technologies. The NEAR Protocol is a decentralized, sharded, developer-friendly, proof-of-stake blockchain, and layer-one operating system advancing the vision of Chain Abstraction to scale the open web to billions of users. For more information, visit near.org.