“Pay by Crypto” on LALA World App
Users all over the world can use the LALA token to pay for various services on the LALA World app.
The startup now allows users to access its “Pay by Crypto” service and top-up or recharge their wallets using cryptocurrency. According to the firm behind the platform, the service will initially only be available in countries deemed to be crypto-friendly.
Leveraging a global wallet and encouraging local collaborations, LALA wants to let people from every corner of the world to send, spend and even lend out money.
The firm’s CEO Sankalp Shangari noted that the app endows utility to the crypto space by allowing users to make payments and access other utility services.
The LALA World website claims that the platform is geared towards creating a decentralized financial ecosystem around cryptocurrency with the aim of supporting an inclusive economy that caters to the unbanked, micro-entrepreneurs, refugees, and students among others.
To use the “Pay by Crypto” feature, clients could either buy LALA tokens on an exchange and then transfer them to their LALA World App account, or transfer Ethereum (ETH) from another wallet to the Arax crypto wallet provided by the LALA team.
All the Ethereum tokens in the wallet will be converted into LALA tokens, with the app using the prices last traded on the exchange.
The app also complies with the regulatory guidelines on the use of crypto as stipulated in every country in which the app is available.
The Singapore-based technology company has sought to use blockchain technology to change the world’s financial ecosystem and transform the way ordinary people access and interact with cryptocurrencies.