The Access Network, an incentivized token economy governed by its participants, recently announced its upcoming launch. Access Network (ACX Network) is created by blockchain startup Atlas Money, a P2P banking platform in West Africa with more than 300 agents and nearly 20,000 users who have already banked more than $1.5M. Co-founded by a Techstars Alum and Peter Thiel fellow, Atlas has raised more than $3.2 million and is backed by notable investors such as Tim Draper, 1517 Fund, MITS Fund, and Partech Ventures.
“Atlas Money will serve as the initial bridge, while Access will empower them to define the future of financial access for themselves. Not only will the financially excluded have the ability to take control of their own system, but they can also leverage their existing communal networks to power it,” Mr. Costa said.
The underserved will be able to govern all network decisions and direct incentives towards the development of financial tools that they want to use, such as loan, investment and ecommerce applications.
ACX Network is structured to ensure equitable distribution and aligned incentives amongst the underserved and future network contributors. It aims to sustain a self-amending and self-funding process that is controlled democratically and incentivizes contributions that improve the network’s functionality over time.
The post launch integration with Atlas Money will initially only open up the network to those in Ghana and Senegal, with plans to incentivize others to expand it to further localities.