Tech investor and former Coinbase tech employee Balaji Srinivasan has called on the crypto industry to develop more financial tools for refugees and stateless persons.
In a message on Saturday at X, Srinivasan said the number of displaced people could increase as global conflicts intensify and economic migration increases. He cited examples of Ukrainians fleeing war and workers fleeing Gulf states amid regional tensions.
“We need to create more cryptographic tools for refugees and stateless persons,” Srinivasan wrote, suggesting that blockchain-based systems could provide financial infrastructure when traditional institutions fail or become inaccessible.
Srinivasan described crypto as a “warfare mode for the Internet” and argued that decentralized networks are designed to work even under hostile conditions such as cyber-attacks, infrastructure failures or financial constraints. He said that public blockchains can continue to process transactions even if centralized systems suffer a breakdown.
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Despite the obvious need, Crypto does very little for refugees
His comments came in response to a separate post by Andy Duro, founder of research site TwoCents, who argued that while crypto can effectively serve refugees, the industry rarely makes products specifically for them.
“It’s very unfortunate that crypto is a great solution for refugees who are stateless and have to deal with broken institutions and payment rails,” Andy wrote. “But no one is building in crypto for refugees because they are not useful consumers for gambling.”
However, Srinivasan noted that crypto has had success in building such tools. He pointed to the growing role of stablecoins, which he says are already gaining global reach as a borderless form of digital currency. “But we can do more,” he said.
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UAE capital flight boosts USDC
As Cointelegraph reported, USDC (USDC) market capitalization is approaching a record $80 billion as supply has surged in recent weeks. USDC floating supply rose to around $79.2 billion, above its previous level in December after rising to around $70 billion in early February.
A Dubai-based analyst attributed the increase to capital flight from the UAE amid turmoil in the real estate market. The DFM real estate index has fallen sharply since the start of the war.
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