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Source: Lynx Global
Lynx Global Digital Finance Corporation (CSE: LYNX) (OTC Pink: CNONF) (FSE: 3CT0) (“Lynx” or the “Company”) is pleased to announce its commitment to extend its financial infrastructure to include support for metaverse based services.
This will further extend the Company’s current offering to provide leading edge financial service to its targeted client base in the markets of Southeast Asia.
“While metaverse is widely discussed across all industries right now, for Lynx, we have always focused on building an inclusive digital economy. The ability to integrate the virtual economy to our legacy financial system is further opportunity to give access of everyday financial transactions to people, regardless of income level or where they live; for them to expand their own local economy,” said Mike Penner, CEO.
From previous acquisition of BRB (Philippines) and its other regional operations, Lynx has a bank and relevant crypto license, as well as electronic money issuer license. The focus is now to fully integrate the existing financial payment and infrastructure with a metaverse virtual community. The Company will be evaluating the opportunities in the metaverse but has identified two use cases that will be the focus of its initial product offering.
Two Initial Use Cases:
Play to Earn (P2E)
P2E is defined by a work population that are playing crypto based games to create and earn valuable digital items that can be sold to generate income. According to Reuters this model generated $2.5 Billion in the first half of 2021.
During Covid, the Play-to-Earn industry took off as hundreds of thousands of people switched from their careers as shop owners, pedicab drivers, and restaurant workers to become NFT gamers, effectively virtual factory workers building new assets in a new digital economy. This new drive and new crypto economy have given people the opportunity to replace their income in markets where the government has been unable to give them Covid payments. A true case of digital financial inclusion. Over half of these P2E users were from the Philippines and Vietnam. This highlights the scale of the opportunity for the Lynx platform as the region rapidly shifts to digital earning in a market that is still constrained with an underbanked population of 70 percent.
Currently, it is still cumbersome and expensive for these digital players to turn their NFT game earnings into cash and payments to buy groceries, pay their bills and meet their day-to-day needs.
Lynx is building that technology and payment layer that turns NFT gaming earning into real funds for day-to-day living. With Lynx’s all-purpose digital payment and cash in/cash out wallet Play-to-Earn workers can easily cash out their NFT Token earnings into fiat cash or onto a Lynx prepaid card that allows them to buy groceries, pay their bills, and experience true financial inclusion. This will be done through Lynx’s Metaverse Financial Platform.
Remittance Experience is Enhanced through the Metaverse
According to the World Bank, remittances (money transfers to low- and middle-income countries) is estimated at $540 billion dollars).
Lynx intends to re-imagine the global remittance product through a Metaverse enabled money transfer experience: by creating digital meeting spaces that will allow a remitter to visit with and communicate with their loved ones while facilitating the transfer of money in a streamlined, entertaining, economical, and secure way. The Company believes that becoming a leading player in Metaverse Remittances will have long term benefits.
Bill Gates recently stated that he believes that most business meetings will occur in the metaverse within the next 2-3 years[4]. The Lynx Metaverse Payment and Financial Infrastructure will provide this capability to its user base and is working towards that goal now.
“I believe that this is potentially the most exciting time to be an entrepreneur in our financial history – the Metaverse, Blockchain, and Cryptocurrency technologies that we are poised to develop and deploy will change the financial landscape forever. It is the small companies with entrepreneurial management like ours that can be nimble enough to outperform the legacy incumbents and large players that are mired in their legacy systems – Lynx is positioning itself as the integrated technology layer that connects these new and exciting digital economy with the existing legacy systems so that users can easily move between the two worlds,” concluded Mike Penner, CEO.
Financial Services
