Sorted Wallet is a multifaceted platform that unbanked users can tap into when making cross-border payments and hedge in stablecoins like USDt to evade risks associated with local currencies.
Cryptocurrencies are the hot assets in the financial market right now and many people are wondering how they can tap into this wave. Bitcoin and stablecoins like USDt promise a new future, but this will be a mirage if a majority of the world’s population does not get on board.
Sorted Wallet, a self-custodial crypto wallet founded in 2022, intends to make this a reality by allowing crypto transactions on simpler devices such as feature phones and low-powered smartphones. It acts as a bridge between the revolution of web3 technology in finance and users with limited access to advanced devices.
In September last year, Sorted received a US$1.5 million investment from digital asset financiers Tether Operations Limited to streamline the wallet’s initiatives to achieve faster financial inclusion in Africa and Southern Asia. It currently operates in over 100 countries around the world, with the majority of the users hailing from low-income countries and emerging crypto markets. The wallet projects it could net over 1 billion users this year.
Sorted understands that the biggest barrier of crypto uptake in the global south is the incompatibility of many wallet apps with the devices used in these regions. In Kenya, for instance, feature phones remain widely used – accounting for over 30 million users – according to data from the Communications Authority of Kenya (CA).
The uptake of smartphones in many African countries remains sluggish due to the high costs associated with them. A majority of prospective smartphone users shy away from ‘loaned devices’ – realizing they are likely to pay more for a device that won’t last long.
Sorted Wallet is a multifaceted platform that unbanked users can tap into when making cross-border payments. They can also hedge in stablecoins like USDt to evade risks associated with local currencies. Above all, the platform allows users to store crypto assets like Bitcoin, which are garnering value as adoption continues to spike.
According to Sorted, accessibility is not about having the latest technology but adapting growing trends to the tools people can afford at the moment. It is impractical to believe that over 330 million feature phone users across the world would abandon them instantly. These phones are affordable, have low data usage, and are simple to use – catering for not-so-tech-savvy populations. Developing crypto wallets optimised for these phones is a priority that remains unexplored.
The Android Operating System is central to Sorted Wallet’s expansion because it has an expansive market reach in many African countries. Notably, over 300 million people globally still use Android versions 6 through 10, which most modern crypto wallets do not support.
Sorted Wallet’s platform is specifically designed to run on these older Android versions, making it accessible to users with lower-end devices. This inclusive approach aligns with Sorted’s mission to defy the misconception that financial freedom through web3 technology is a reserve for the few.