Xcapit: Building a platform using blockchain and AI to increase easy, safe access to financial services
At Xcapit we believe that our personal finances should serve and contribute to our overall well-being and not the other way around. Leveraging blockchain and artificial intelligence, we aim to revolutionize the way we interact with money.
In Latin America, high inflation and very low financial education is commonplace. Small savers do not have access to professional solutions to invest their capital, they must have a bank account and minimum capital to start. What’s more, there are 1.7 billion people who don't have access to financial services worldwide and in Latin America, they represent 65% of the population. Living in a region where people struggle with money and financial planning pushed us to think of leveraging a blockchain and AI-based solution to address this issue. Our team is building a simple, reliable and secure application to learn about finance, plan your financial goals, save and invest your money, and even donate in a transparent way. All of that, without the need to be banked, have financial knowledge or have minimum capital to start.
Our application has four main features:
Financial Planner: This helps families to know how much they should save and invest to achieve their goals, for example, to pay for their children's education. By helping a family to plan and manage their wealth, we are promoting a culture of savings and financial education among children and young people.
A fully automated and tailored investment agent: Through this feature a family never loses custody of their money. There is no need to be banked, to have a minimum capital to start, or to have previous financial knowledge. The savings will be invested according to their investment risk profile and their goals.
Education & Gaming: A section where users can learn about finances, cryptocurrencies and investing. It has trivia quizzes and different levels. The more points the user has, the more eligible they will be for receiving donations from other users. This allows the user to start building their digital identity on blockchain and pile up their achievements.
Transparent Donation Network: Users have the option to financially support others and get involved in their lives (p2p donation network) or to support different children’s causes. They have the option to donate their capital or the profits obtained by investing with Delfi. Thanks to blockchain technology and smart contracts, donations are fully transparent and traceable.
We aim to break the intergenerational and structural cycles of poverty, giving children and young people from low and lower middle-income families more opportunities to educate themselves and improve the economic situation in which they were born. Among the main difficulties to achieve this objective, is the lack of savings culture as a key factor. Due to the lack of resources, families often do not have access to professional solutions to invest their capital. They must have a bank account and minimum capital to have a conversation with a wealth management professional.
With our solution, we are contributing to the development of a culture of savings and promoting financial education among children and young people.
Blockchain and cryptocurrencies allow us to build a transparent and efficient wealth management protocol, accessible and open source for everybody. This way we achieve an efficient, transparent and inclusive economy by reversing the traditional scheme of the markets, by shifting the spotlight to people first and their own objectives.
Using blockchain technology takes away the need for a third party acting as an intermediary. In place of this, trust is placed in a transparent, decentralized and democratic protocol. Thanks to this, new distributed financial services were born, where we were able to build new use cases that allow us to automatically implement our value proposition.
ON BEING OPEN SOURCE
Adopting an open source solution helps to improve trust, a quality that is absolutely necessary to lower the barriers to adopting our product. Trust is increased because one can analyze and see what the software is doing and auditing the source code is available to all who need to see it.
Open source helps to turn our project into a collaborative ecosystem where developers distributed around the world can interact in an orderly fashion. This is both for developers who want to collaborate or use it as a base to create their own projects or companies that want to be associated with this financial ecosystem that will emerge around our solution.
TEAM & DIVERSITY
Tech and Science is in our DNA. There are more than 20 people in our team, 3 PhDs (in Physics, Mathematics and Computer Science), 6 data scientists and 5 Master Degrees (MBA, Quantitative Finance and Cyber Defense).
Our C-level has extensive trajectory in business development, global project management, law, cyber defense, cyber security, digital signature, blockchain, cryptocurrencies, marketing and communication. We have blockchain engineers, solidity developers, DevOps, UX/UI designers. We have an R&D team of four members, a PhD in computer science who is a specialist in machine learning; a PhD in mathematics, specialist in the development of mathematical and financial models; a PhD in physics, specialist in the optimization and stimulation of financial mathematical models; and a master in quantitative finance.
We cannot provide a global impact solution if we do not understand and approach the problem from diversity. Thus, the composition of the team is where our approach begins, under the absolute belief that from diversity, results always turn out to be more enriching.
During the investment period, our team will develop an open source mobile app that contains the following modules: a financial planner, a crypto wallet and fully automated and tailored investment products, education and gaming and a transparent donation network. In addition to the software development, we are going to invest in the security and auditing of our solution. We plan to validate the Mexican market, so that the follow-on investment helps us to open new markets and develop new features and modules.
This is a massive mission and the solution is a great technological challenge that includes the creation of a wallet that allows the user to maintain custody of their capital all the time. This is why this is a fully open source solution and we invite collaborators worldwide to participate.
In the Innovation Fund Portfolio, we will surely find strategic allies that will allow even more impact and more accurate execution, always keeping in mind our purpose of massive transformation. We have willingness and determination so that whatever we propose can become a reality, as well as the humility and simplicity to inquire and ask for help so as to achieve our goals for the collective good. The major challenge is building easy-to-use products so as to have a huge adoption, and leveraging a more democratic and efficient market through technology.