Balaji urged the crypto industry to build tools for immigrants
Tech investor and former Coinbase chief technology officer Balaji Srinivasan has called on the crypto industry to develop more financial tools for immigrants and stateless people.
In a Saturday post on X, Srinivasan said the number of displaced individuals could grow as international conflicts intensify and economic migration increases. He pointed to examples of workers fleeing the war in Ukraine as far away as the Gulf states amid tensions in the region.
“We need to build more crypto tools for refugees and stateless people,” Srinivasan wrote, adding that blockchain-based systems can provide financial infrastructure when traditional institutions fail or are inaccessible.
Srinivasan described crypto as “a wartime Internet,” noting that decentralized networks are designed to function even in hostile situations such as cyberattacks, infrastructure failures or financial constraints. He said public blockchains can continue to process transactions even if centralized systems face disruption.
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Despite the obvious interest, crypto is rarely built for immigrants.
His comments suggest that while crypto can effectively serve immigrants, the industry rarely builds products, according to Andy Duro, founder of the Two Cents research site, in a separate post.
“It's a shame that it's a good solution for stateless migrants who are forced to interact with crumbling institutions and payment systems,” Andy wrote. But no one is building for refugees in the crypt because they are not useful consumers for gambling.
However, Srinivasan said that Crypto has had some success in building such devices. He pointed out that stablecoins are gaining global reach as a form of borderless digital money. “But we can do more,” he added.
Related: US Senate bill targets war and assassination prediction markets.
UAE capital flight boosts USDC
According to Cointelegraph, the market capitalization of the USDC stablecoin is approaching $80 billion in recent weeks due to increased supply. USDC indirect supply reached about $79.2 billion, surpassing December's peak after rising from about $70 billion in early February.
A Dubai-based analyst attributed the turmoil in the real estate market to capital flight from the United Arab Emirates. The DFM real estate index has fallen sharply since the start of the war.
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