The Noones App: Making Bitcoin Accessible in the “Global South”

The Noones app specifically targets citizens residing in countries where cryptocurrencies are difficult to access. These are generally countries with the lowest banking penetration or those whose legislation prohibits cryptocurrencies.

While most countries generally tend to adopt a tolerant policy towards cryptocurrencies , some countries like Morocco , Bangladesh, and Bolivia prohibit their use and possession. Acquiring Bitcoin (or other cryptocurrencies) in these countries can therefore be a real challenge.

It's more complicated for people in countries where banking infrastructure is underdeveloped. This is the case, for example, for those who want to buy Bitcoin in Africa . They then have to use peer-to-peer platforms and conduct their transactions using alternative payment methods. This explains why these platforms are the most widely used in these regions.

With this in mind, there is a real difference in access between people from generally industrialized countries who buy cryptocurrencies, legally and by bank card, and residents of poorly banked countries where means of payment are limited.

The difficulty of accessing cryptocurrencies between different countries

However, bitcoin is a decentralized cryptocurrency with no controlling entity. No government can stop the network from working. So, even if a country decides to make bitcoin an illegal asset, this is not a problem. Citizens can still obtain them on peer-to-peer platforms or on exchange platforms open to all nationalities.

For example, Morocco has banned the ownership of cryptocurrencies, but it is estimated that 3% of the Moroccan population owns them. Many countries, such as Nigeria, Algeria, Cuba, Nepal, and Iran , are in a similar situation.

There are several exchange platforms like Kucoin , Bybit , and OKX that accept almost all residents. These platforms have a peer-to-peer (P2P) marketplace where it is possible to buy and sell cryptocurrencies.

—> See the best peer-to-peer platforms to buy bitcoin

Noones: The new marketplace open to all residents of countries where bitcoin is difficult to access

The Noones app was launched after Paxful, the first P2P platform in Africa, shut down due to various legal issues. This news was devastating for many users of the platform who saw no other alternatives. Paxful was indeed a widely used platform in Ivory Coast , Senegal, Rwanda, Haiti , and other countries.

The Noones app was developed by a team of entrepreneurs including Ray Yussef Nessary (founder of Paxful and the NGO Built with Bitcoin ), Nicholas Gregory (CEO of CommerceBlock ), and Bernard Parah (co-founder of Bitnob). They have considerable experience in the world of cryptocurrencies and Bitcoin applications.

They came together to end what they consider to be “economic apartheid,” a term widely used by Ray Yussef, the founder of Africa’s first peer-to-peer platform Paxful. Noones was created with the goal of solving the financial discrimination that residents of developing countries are unwittingly subjected to.

“Billions of people in the Global South face international currency controls that exclude them from the global stage. Bitcoin offers an inclusive solution that can strengthen economies and give people a fighting chance.”

Ray Youssef, Bitcoin Magazine

The app is currently in beta at the time of writing, but Noones currently has nearly 1 million users.

The Noones app features a private, decentralized messaging system and a peer-to-peer platform, accessible to everyone. The app will also support the Lightning Network to facilitate Bitcoin transactions.

The peer-to-peer platform will allow users to buy, sell and trade bitcoin and stablecoins including USDC and USDT.

Recall the words of Ray Youssef, co-founder of Noones: “It is time to advance a new financial norm – one where people can easily access the global financial system and where money flows freely around the world through peer-to-peer commerce.”

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Note: This is not investment advice. Always do your own research.