Hi, I am Frida Cai, partner at Sperax. In the Fall of 2018, I found myself in Mombasa, Kenya, volunteering at an animal preserve.
I was sleepily carrying a baby colobus in my arms, reflecting on my lost sleep the night before. I had been up all night thinking about what my friend had gone through the day before at a local bank. He was working at the Mombasa branch of an international corporation and every six months he sent his wages back to his family in Kismayo, Somalia. For every international wire transfer, he lost almost 5% of his earnings to Western Union.
I was appalled by the number. For a migrant worker the money lost made a palpable difference to his family back home, and what they could afford to eat for the next six month stretch between transfers. Finding it neither fair nor necessary, I thought about the idea of decentralized financial services for the first time.
As a then-journalist, my hands were tied. All I had been trained to do was ask questions and find answers. If I wanted to make a change, I was going to have to change myself.
That was when I connected with Joe, one of the newly emerging crypto enthusiasts from UCLA who had been researching on a decentralized consensus protocol since 2017. This was my first step towards finding a decentralized option for the everyman of the world.
“For every international wire transfer, he lost almost 5% of his earnings to Western Union.”
Joe, myself, and a few other initial members all subscribe to a central tenet; we believe that as technology progresses, it should prioritize elevating the financial well being of all people--especially those who are less fortunate and more vulnerable to global financial hurdles.
To do that, we had to create a much-needed and improved financial experience. A cryptocurrency that was stable and would free individuals from exchange volatilities, days of anxious waiting, and intermediary fees. Inspired by Friedman, the system we’re creating is one of free markets and private ownership, operating with limited government interference to eventually help us empower global citizens of all backgrounds.
Sperax is evolving from a mere blockchain infrastructure startup to a leading player in the ocean of FinTech that strives for freedom and equality. By providing stablecoins on our own public infrastructure, we can ultimately realize a global adoption of decentralized finance.
“We believe that as technology progresses, it should prioritize elevating the financial well being of all people--especially those who are less fortunate and more vulnerable to global financial hurdles. ”
With this, the opportunities before us and our customers are endless...Behind the scenes, Sperax is a unified team with a singular vision. We are accountable to one another while remaining committed to our aligned, forward-thinking goals. Our people are our greatest differentiators and we embrace diversity in order to create a culture where everyone is an insider. Above all, we treat each other with respect and empathy, striving to continually elevate what it means to be a global citizen.
To learn more about our past, present and future, please refer to our
BDLS consensus protocol
, and, most importantly,
We thank you for following our journey so far and continue to plan for success with all of you, our community members, in mind.
- Frida Cai, Partner of Global Strategy