In many emerging markets like Africa, demand for US dollar accounts is high, but access is limited due to restrictions such as physical US residency or addresses.

Workers in these emerging markets want stable earning opportunities, and businesses in developed countries like the US want to hire them. However, traditional cross-border payments can take up to 6 days to arrive, and fees average more than 6% per transaction. Additionally, most currencies in these markets are very volatile making it hard for people to preserve their earnings when paid in local currencies.

Hurupay saw the opportunity to solve this problem by building an easier way for remote workers and non-US residents to access US virtual accounts, enabling them to receive USD payments directly as if they had a US bank account. We are doing this by combining the power of the Celo blockchain technology and its stablecoin offerings with the offering of traditional banking services i.e bank accounts.

Hurupay is launching a virtual accounts program for freelancers and remote workers that will leverage the USDC stablecoin on Celo as the underlying infrastructure. The goal is to provides these users with a dedicated US account and routing number in their name to accept payroll from platforms like Deel and Remote, or payouts from services like YouTube, Spotify, and TikTok.

This functionality will operate as follows: Each remote worker will have their virtual account linked to their Celo wallet address. An employer in the US will make USD payment to the virtual account and once the funds hit these virtual accounts, funds are immediately converted into USDC stablecoin and credited to their Hurupay web 3 wallet. Users can then decide to hold their funds in stablecoins or quickly and easily withdraw as local currency.

Via this service, employers will also get a dashboard to make batch payments and keep track of their remote workers on payroll.

For the first time, western companies feel comfortable recruiting skilled workers from emerging markets and Hurupay is making it easy for these remote workers to receive their salary, save in foreign currency, convert to local currency, and spend.