NEW YORK, Nov. 17, 2021 (GLOBE NEWSWIRE) -- via InvestorWire --Tingo Inc., OTC Markets (IWBB) (“Tingo” or the “Company”), is proud to announce its collaboration with the decentralized cloud computing network Cudos to tackle the poverty premium through mobile monetization applications which will lead to the empowerment of over 9 million Nigerians, enabling them to earn an income from their smartphones.
The announcement, shared on stage at AIBC Malta, a global event unifying AI, UI, IoT and Quantum Tech, and hosting thousands of policymakers and thought leaders, attracted an impressive standing ovation.
As a growing, scalable computing network, Cudos has over 500,000 business and individual accounts, contributing underutilized resources and earning simultaneously for its users. Similar to Airbnb’s online marketplace, Cudos’ sustainable model for computing reduces waste and distributes revenues fairly across the network. As part of the announcement, Cudos will list on CoinField, a European exchange recently acquired by Tingo International Holdings, increasing the community reach and liquidity for the CUDOS token.
“Our vision of a “decentralized, sustainable and connected world where no computing is wasted” is coming to fruition with this new partnership with Tingo. As Tingo is in the process of listing its subsidiary company, Tingo Inc (OTCQB: IWBB), on the New York Stock Exchange, it is refreshing to share the same ethos of creating technology and business models for the betterment of communities. Positive social impact is the driver behind this deal, providing financial security to millions of users initially. As a partnership, we will build on this, expanding to other regions creating a circular economy of financial inclusion, security and democratized cloud resources. Close to 10 million users able to earn and spend CUDOS is also essential for the growth of our network,” commented Pete Hill, vice president of sales at Cudos.
With a focus on sustainability, Cudos is already over 2 million times more energy efficient than Ethereum and 100% carbon neutral. With a robust technology delivered ethically, the decentralized cloud provider attracted 22,000+ developers for its ongoing testnet “Project Artemis.”
The significance of this collaboration extends to the whole industry as Cudos will be the first blockchain connecting consumers to scalable computing through smart contracts. These are the foundations for powering the metaverse, and in this case providing a whole country with decentralized computing.
The impact of the collaboration will initially extend to almost 10 million devices across the Tingo network. As a unique agri-fintech business that has delivered significant impact to rural communities, Tingo’s partnership with Cudos will enable the creation of a distributed cloud for Nigerians, run by Nigerians, that pays Nigerians. Considering that the country is the second-largest Bitcoin market after the U.S., the significance is unprecedented. After Nigeria, Tingo will expand across Africa and South America, broadening the positive impact further.
The importance of the collaboration, however, goes beyond financial inclusion and freedom. It unites social and environmental needs, focusing on economic empowerment while reducing the ecological impact of computing. The partnership would enable people to run monetization applications on their smartphones. This would create a fully inclusive digital ecosystem through the distribution of Cudos’ technology to millions of smartphones.
In this partnership with Tingo, Cudos has the opportunity to scale a highly distributed smartphone cloud computing network across Nigeria first before expanding into other regions. Ultimately, each community will leverage sustainable, scalable and cost-effective computing resources. This is a colossal collaboration as Tingo's model supports farmers in rural Nigeria who would receive single-digit loans rather than the typical microfinance 25%+ interest through a separate collaboration with DeFi partners MELD. Farmers would use their phones to earn CUDOS.
CUDOS will not only become a currency for payments within this ecosystem, it will become a computing platform for Nigerian institutes and universities, benefiting those in rural areas with earnings and slowing the rapid migration into cities.
The Cudos Network is a layer one blockchain and layer two computation and oracle network designed to ensure decentralized, permissionless access to high-performance computing at scale and enable scaling of computing resources to 100,000’s of nodes. Once bridged onto Ethereum, Algorand, Polkadot, and Cosmos, Cudos will enable scalable compute and Layer 2 Oracles on all of the bridged blockchains.
About Tingo International Holdings
Tingo is a unique agri-fintech using smartphones to deliver a marketplace that enables nearly 10 million subscribers to manage their commercial activities of growing and selling their products to market participants. The ecosystem provides a one-stop-shop solution to enable subscribers to manage everything from airtime top-ups, bill pay services for utilities and other service providers, access to insurance services, and microfinance to support their value chain from seed to sale.
Tingo has two innovative platforms - Nwassa, Africa’s first digital agriculture ecosystem and Tingo Pay, a mobile payment gateway. Tingo International Holdings is a majority shareholder in Tingo Inc (OTC Markets: IWBB), which owns 100% of Tingo Mobile PLC in Nigeria. The company has recently agreed to acquire Coinfield, a leading European crypto exchange that operates in 198 countries.
Safe Harbor and Forward-Looking Statements
This press release contains certain forward-looking statements regarding possible future circumstances. These forward-looking statements are based upon the Company’s current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements including, in particular, any risks and uncertainties with respect to the Company’s operations, as well as those contained in the Company’s quarterly, annual, and periodic filings with the Securities and Exchange Commission. Actual results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the events or circumstances described in such statements are material.
Corporate and Media Contacts:
Chief of Staff – Tingo Inc
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