SINGAPORE, Oct. 12, 2022 /PRNewswire/ — Bluejay Finance has announced the launch date for its blockchain-based local stablecoins to be November 03, 2022. Bluejay’s stablecoins are the most fundamental building blocks that will bridge cryptocurrency into emerging markets; starting from Asia. It believes that for local economies to adopt cryptocurrency, cryptocurrency must first be served in local stablecoins as units of account that people are already familiar with. By having stablecoins of different currencies around the world on the blockchain, Bluejay Finance lowers the barrier to finance access for both businesses and individuals.
With over 70 percent of Southeast Asians being underbanked or unbanked, there is a clear need to prioritize financial inclusion. Bluejay Finance are one of the first DeFI protocols in Asia that is setting out to build an inclusive financial ecosystem through a comprehensive suite stablecoins and partnerships.
Sherry Jiang, Bluejay Finance CEO said, “We’re really excited about the potential that DeFi has specifically for Asia, where it can help bring the 70% underbanked businesses and individuals into a digital financial economy. Bluejay’s stablecoins are a first step in supporting an ecosystem of products that will build with this goal in mind.”
About Bluejay Finance
Bluejay Finance is building an Asia-focused capital-efficient protocol for multi-currency stablecoins. The aim is to mirror the foreign exchange market in the fiat world onto the blockchain, in order to accelerate financial inclusion and access to DeFi for all users and businesses. Bluejay’s stablecoins — like the synthetic version of the Singapore Dollar, Philippine Peso, etc. — are distributed through partners like DeFi protocols, decentralized exchanges, centralized exchanges, fintech companies, and allow end users access a more inclusive, locally-familiar medium of exchange that limits foreign exchange risk and exchange fees.