Tala Unveils Non-Custodial Crypto Wallet to Further Empower the Global Majority

Santa Monica, CA (October 15, 2024) – Tala, the world’s first financial platform for the global majority, today announced the launch of its non-custodial crypto wallet, powered by the Stellar network. This innovative offering is designed to give financially underserved communities the power to manage virtual assets with security, accessibility, and ease, deepening Tala’s commitment to financial inclusion.

The Tala crypto wallet is built on the Stellar blockchain, known for its fast transaction speeds, low fees, and products and services that enhance access to the global financial system. By building on Stellar, Tala can offer users a seamless and affordable experience while tapping into a global network of financial institutions and service providers.

“Crypto is often associated with the global elite, but we believe its greatest potential lies with the global majority,” said Shivani Siroya, Founder & CEO of Tala. “With our crypto wallet, we’re building on Tala’s mission to expand financial inclusion by providing the underbanked access to transformative technologies that have long been kept from their reach.”

The World Bank data indicates over 50% of the adult population in Peru remains unbanked or underbanked*, lacking access to reliable and affordable financial solutions. Launching first in Peru, Tala’s self-custodial wallet addresses the global majority’s unique financial challenges, such as a safe place to hold virtual assets and access to affordable credit.

Tala’s user-friendly crypto wallet eliminates the steep learning curve often associated with other crypto wallets. Customers gain control and ownership over their digital currency and can ultimately benefit from low-cost transfers and monetary stability. By delivering faster, more affordable transactions and cutting out intermediaries, the Tala crypto wallet will make financial services more accessible and affordable for those who can benefit the most from these technologies.

By creating a non-custodial wallet, Tala puts users in control of their private keys, ensuring they retain ownership and autonomy over their digital currency and aligning with Tala’s core principle of empowering individuals with financial autonomy through technology.

“Stellar is a network built to foster economic inclusion for those who have been left out of the global financial system,” added Stellar Development Fund CEO Denelle Dixon. “There is growing demand for blockchain solutions in South America and Tala’s non-custodial crypto wallet is a major addition to the Stellar ecosystem. This collaboration with Tala will give people access to the financial tools they need to thrive.”

Tala’s crypto wallet represents a significant leap forward in the company’s efforts to harness technology for financial inclusion. By providing a secure, user-friendly platform for managing virtual assets, Tala is empowering individuals with greater control over their financial lives and enabling them to participate in the growing digital economy.

*According to World Bank data from 2017 (the latest available at the time of writing), only 49% of adults in Peru had a bank account. This suggests that a significant portion of the population, over 50%, remains unbanked or underbanked.

About Tala

Tala is the world’s largest financial platform for the global majority, providing credit and other financial services to underserved communities in emerging markets. With nearly $5 billion in credit disbursed and 10 million customers across Kenya, the Philippines, Mexico, India, and Peru, Tala is providing underserved populations with access to credit and financial tools that enable them to build a better future. The company’s innovative approach combines mobile technology, data science, and a deep understanding of local markets to deliver tailored financial solutions.

About Stellar

Stellar is more than a blockchain. Powered by a decentralized, fast, scalable, and uniquely sustainable network made for financial products and services and a thriving and passionate ecosystem that includes a non-profit organization driven by a mission, Stellar is paving the path to unlock the world’s economic potential through blockchain technology. Built with speed and low costs in mind, the Stellar network provides builders and financial institutions worldwide a platform to issue assets, and to send and convert currencies in real time creating real world utility.

About the Stellar Development Foundation

The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world’s financial infrastructure. Founded in 2014, the Foundation helps maintain Stellar’s codebase, supports the technical and business communities building on the network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system, using the Stellar network to unlock the world’s economic potential through blockchain technology. For more information, visit stellar.org/foundation.