With so many cryptocurrencies on the market today, it is difficult to keep tabs on everything that takes place. Electroneum, a project often overlooked, has been making a lot of headway in the past few months.
The Mobile Approach Works
Unlike other cryptocurrencies and crypto assets, Electroneum is a very different creature. Its primary focus lies on being useful for payments, and ideally in the mobile space. It is for this reason that ETN has a mobile app that lets users earn coins every month by simply using their smartphone.
In this modern day and age, mobile applications are all of the hype. In some countries, that trend is more apparent than others. Electroneum is catering to these markets for that specific reason. More importantly, the currency is actually gaining traction in a few crucial countries.
Those countries are Brazil, Turkey, and Nigeria. Merchant adoption of ETN is also growing in these countries. According to ETNeverywhere, there are nearly 1,900 businesses who accept Electroneum payments in nearly 170 countries.
The vast majority of transactions through the Electroneum app occur in Brazil. It is also the biggest region in terms of overall users, which is well worth keeping an eye on for the future.
Turkey comes in second place, although Nigeria is catching up fairly quickly. All of these regions note a healthy increase in app-to-app transfers, with more growth likely to occur in the future.
Using ETN to Top up Airtime
What makes the growth in Brazil and Nigeria so interesting is how users make the most of Electroneum. In these regions, mobile top-ups are prevalent. Since launch, the ETN app has noted 165,000 mobile top-ups across 140 countries. Giving users the option to use ETN for airtime and data top-ups is revolutionary.
Nearly half of the global top-ups occur in Brazil. Considering how that is the most active region in terms of Electroneum app users, these statistics are not entirely surprising. Nigeria has nearly 30,000 mobile top-ups to date, as it remains ahead of Turkey with 17,644 transactions.
Electroneum and the WONDER Foundation
Finding more use cases for ETN will remain a key priority to explore. Surprisingly, one NGO in Nigeria is coming up with rather creative use cases for Electroneum.
The WONDER Foundation focuses on empowering women through education. Raising funds for such a good cause has been going well, but the Foundation eagerly explores alternative revenue streams. One such option comes in the form of mining Electroneum through the mobile app.
WONDER Foundation has been actively mining ETN for over a full year. Through this effort, they have been able to support dozens of girls and women, as well as numerous college employees. Mining efforts to date , combined with donations, have yielded an ETN equivalent of just over $30,000.
The rewards generated via Electroneum are used to support and empower 100 women and their families in India over the next three years. Part of the rewards are also used to support 110 girls’ transition to online learning at Wavecrest College of Nigeria. More details on the reward distribution can be found here.
Obtaining extra funding is only part of the appeal for this organization. Mining Electroneum has given the team insights into the benefits of cryptocurrencies and their mining aspect.
Other Impressive Statistics
Looking beyond the growth in key countries, Electroneum seems to be checking a lot of the right boxes.
With users in 190 countries around the world, it is one of the few cryptocurrencies to effectively gain global traction. Although it may be in limited fashion, an important foundation has been created to facilitate future growth.
All of this translates to roughly 4 million registered accounts, of which 2.6 million individuals have downloaded the mobile app. Impressive statistics, for a project that is often overlooked.