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The failure of monetary policy has increased BreadWallet’s popularity in Venezuela, the application’s CEO says

June 1, 2020

Although it had already been classified as the fourth most popular application in Venezuela, the provider of the pioneering crypto wallet BreadWalletor FRG attributes its success in the country on the local demand for cryptocurrencies.

Speak with Cointelegraph on the success of BreadWallet In Venezuela the managing director Adam Traidman said that local demand for crypto It was the main driver of application popularity in the country. Traidman explained:

“Frankly, I would like to say that this was the result of our brilliant marketing team and great promotional strategies, but it was nothing like that. At that time, the currency was inflated due to government policies – drastically, as we have seen in other countries like Argentina and Myanmar . “

FRG is the fourth most popular application in Venezuela

How Venezuela’s currency crisis worsened in 2018, FRG is currently the fourth app most downloaded throughout the country.

“In times like these, there is always a rush where people try to get all their money from the banks to buy more stable assets, and that’s why.”

The failure of monetary policy has increased BreadWallet’s popularity in Venezuela, the application’s CEO saysThe failure of monetary policy has increased BreadWallet’s popularity in Venezuela, the application’s CEO says

Similar economic crises led to a significant introduction of FRG in the neighboring country ArgentinaTraidman claims:

“If you keep your savings in Argentine pesos or Venezuelan bolivars, you lose your savings every six or twelve months just because the currency depreciated.”

Decentralization is the key to a high quality user experience

Lived before in the Argentine capital, Buenos Aires, Traidman remembers first-hand witnesses the terrible experience that people have had to change the local currency to stable foreign currencies:

“On Fridays, once a month, they go to these people on the street called” those who change money on the corner “and literally change their wages for you rising price and then they get physical dollars, euros or now cryptocurrencies, because it’s much safer to get out of this corner without spending a lot of money. “

“The high number of FRG downloads, the reason why it became so popular, maybe more than many other services, it’s because it’s decentralized, “ Traidman added.

“When people download it, they don’t have to go through a registration process. There’s no friction. They just have a QR – and a boom! You can send them money right away. That’s the nice thing about decentralization.”

“Most people think that Decentralization is supposed to hide illegal activities and all that. No way. It’s for a great user experience and ironically, cryptocurrencies should be like that, “Traidman concluded.