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Vodafone Promotes Bitcoin in Its Latest Ad

Shailesh Panwar by Shailesh Panwar - 07:55 AM Feb 22, 2020
Vodafone Promotes Bitcoin in Its Latest Ad

Vodafone was seen gaining Bitcoiners attention through a new Bitcoin advertisement on its Facebook page. Earlier, Vodafone became the 8th firm to disassociate itself from the Libra cryptocurrency project of Facebook.

A Response To Facebook's Libra

Initially, Libra's network intended to have partner companies to operate the PoS(Point-of-Sale) validation nodes for the cryptocurrency's network for a reasonable fee. The involvement of regulatory bodies paused the forward momentum of Facebook's Libra. Almost 8 of the 10 firms who became members earlier chose to walk away from the Libra project. In January 2020, Vodafone walked away from this ambitious crypto project.

Some saw the introduction of a Bitcoin-focused Vodafone advertisement on the firm's Facebook profile as a veiled outrage directed at Facebook.

Vodafone insisted it walked away from Libra to concentrate on its peer-to-peer payments system, M-Pesa, which gained 17 million customers across the globe. M-Pesa had a transformed financial inclusion in Tanzania and Kenya, with growth plans for several other developing countries.

An Attempt To Bank The Unbanked

Vodafone's M-Pesa gained lots of attention and emerged as a system that permitted customers to place funds onto their mobile and pay for nearly any sort of purchase. It also allowed the unbanked to spend money. M-Pesa utilized a PIN system and SMS-text messages to provide banking services to millions of users in developing markets.

M-Pesa's objectives aligned with what several crypto enthusiasts observed as "banking the unbanked". So it made sense that the company would focus on digital currency as a means to enhance the service and cut expenses for its customers.

Since Vodafone itself has stated that it tried to concentrate on creating financial inclusion in developing economies, it became apparent that it noticed the permissionless and open-source nature of Bitcoin as a way ahead.

About The Author
Shailesh Panwar

Shailesh PanwarShailesh is an ardent follower of the crypto world and keenly watches every development taking place in the cryptocurrency space. He loves to voice his opinions through well-curated blogs and articles, which throw light on different facets of the crypto industry.

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