Rootstock (RSK) is a smart contract platform secured by Bitcoin’s hash power through merge-mining. The project makes inroads in El Salvador, a country recently embracing Bitcoin as legal tender. Over 700 commercial outlets will use Kripton Market, built on RSK technology, to sell products and services priced in BTC.
Making Bitcoin legal tender is a pretty important deal for El Salvador. Doing so introduces new opportunities for service providers leveraging Bitcoin’s network to make a meaningful impact. One such solution is Kripton Market, a decentralized marketplace built on the Rootstock platform. Through this online marketplace, anyone can offer products and services to Bitcoin users across the country of El Salvador.
To date, 150 stores have enrolled to experiment with the Kripton Market and, through the agreement with Procom and Innovacion y Desarrollo which will be incorporating Kripton Market to their software update, another 564 stores will be added. Moreover, every supporter will bring more utility to Bitcoin in El Salvador, whether it is through sending payments, paying for goods and services, QR code payments, and door-to-door shipments.
All of the participating businesses in the Kripton Market have many associates, creating a trickle-down effect for Kripton Market. Besides the 700 stores reached directly and through Procom and Innovacion y Desarrollo, Kripton has made a preliminary agreement with 29 cooperatives, among them Acomi, Comedica, Acofinges, and Bancovi that have a network of over 509,000 associates to evaluate the platform confirming a massive market to tap into. Moreover, one can find the participating stores in San Salvador, La Union, Cabañas, San Miguel, Ahuachapan, Juayua, La Libertad, Morazan, and San Vicente.
This campaign also focuses on educating the merchants and the general public of El Salvador. Solutions built on RSK provide a convenient and accessible gateway to making the most of this new form of money in the country.
The following RSK-based solutions will all participate in the El Salvador campaign:
- Money On Chain: a financial protocol enabling stablecoins backed by BTC to be used in daily operations.
- Beexo, a non-custodial wallet that lets users send and receive money, is compatible with credit card purchases.
- Non-custodial wallet Defiant: focuses on decentralized stablecoins compatible with Bitcoin, RSK, and Ethereum, providing trading functionality through geolocation.
- Tropykus Finance: decentralized finance solution connecting the Bitcoin community with citizens in emerging economies to provide better access to financial products and services. Additionally, it offers access to loans at lower rates.
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