Ethereum Startup Partners With Visa To Spend Unused Phone Minutes On A Virtual Credit Card
/Christian Duffus realized that the extra airtime on his Kenyan SIM card couldn't be used in the United States or redeemed online. So, in collaboration with Visa V +2% Inc., he devised a global solution for converting airtime to cryptocurrency and essentially turning the SIM card into a debit card.
He created an app called Fonbnk. The app allows its users to convert airtime to an ERC-20 (Fungible token run on Ethereum blockchain) stable coin called MIN. This token is pegged on the US dollar.
This innovation was based on observation of existing infrastructure that could be integrated into a product. On one side, the founder of Fonbnk realized that most telecommunication companies that offer prepaid airtime have some form of functionality that allows users to send and receive airtime for free. As a result of this functionality, most of these markets have developed a floating market for reselling airtime.