BFF is a commitment to revolutionizing financial services on a global scale.
The team that brought you RPay is proud to unveil their latest venture — Best Friend Finance (BFF). BFF is a commitment to revolutionizing financial services on a global scale, with a distinct focus on serving those who need it the most, in the ways that matter the most. Let’s delve into the world of BFF and what lies ahead:
What is BFF?
BFF is a new company from the creators of RPay, focused on global financial inclusion. BFF will start off by providing comprehensive banking services in the US and seamless cross-border money transfers and financial solutions across Latin America (LATAM). BFF leverages the team’s extensive experience from providing services across 18 countries and facilitating $5.8 billion in transactions during the past three years.
The RPay team chose the name “Best Friend Finance” because this company needs to be able to speak to the zoomers who run the streets and the boomers who run the banks, and this name works for that.
What is the BFF mission?
The mission at BFF is to provide universal access to six essential financial functions. These are the pillars that can foster economic empowerment and growth:
- Earning Money
- Saving Money
- Moving Money
- Insurance
- Lending/Borrowing Money
- Investing/Raising Money
Equal access to these functions transforms lives, bridging inequality and nurturing dignity. Achieving these goals is vital for human progress and a thriving global economy.
Does BFF have an app?
BFF is set to launch an entirely new app built with a fresh codebase. This new app is optimized for the current regulatory and banking climate, and comes with an interesting twist: in most countries, users will hold RToken balances. In the US, users will have access to a full suite of banking services, similar to other modern neo-banks (banks which provide their services exclusively digitally) — their balances will be USD held by Best Friend Finance’s banking partner, not stablecoins.
Yes, you read that right, the new app will be a full-fledged neo-bank in the US, rather than a stablecoin wallet. This handles two major strategic points at once: first, people in the US have access to modern neo-banks, which come with a lot of solid functionality that’s currently hard for a stablecoin wallet to compete with. To match this, Best Friend Finance would like to provide users a complete suite of services. Second, it’s commercially inefficient to offer a new stablecoin wallet in the US right now anyway, since banks are very resistant to provide on/offramp rails to any upstart crypto platform. Thus, this is the best strategy to build out an ever-expanding financial platform that is US-compatible in today’s context. When the new app from BFF is released, RPay will be retired, and existing users will be smoothly migrated.
What is the role of RTokens in the new app from BFF?
Starting with the first RToken, Electronic Dollar (eUSD), international users will be able to send, receive and hold RToken balances. The benefits are faster speed, higher security and lower cost while shielding users from the impacts of hyperinflation in local currencies. eUSD is a 1:1 asset-backed and over-collateralized stablecoin built to endure black swan events, recently proving itself during the run on Silicon Valley Bank. The BFF team is excited to offer eUSD internationally because it enjoys a level of robustness that no plain fiat-backed coin can rival. RSR stakers in the Reserve ecosystem will continue to participate in eUSD governance, revenue sharing and overcollateralization.
How can an app have two fundamentally different types of accounts?
When a US user sends money to an international user, the funds are converted seamlessly and instantly into RTokens before they arrive at the international user. Conversely, an international user can send to a US user, and the US user will seamlessly receive a USD balance in their BFF account. This approach allows the new app from BFF to serve those who need it the most, in the most convenient ways possible.
Why are RTokens not initially feasible in the upcoming app’s US distribution?
Accessing full suite banking on/off ramp infrastructure in the United States presents considerable challenges for crypto applications. This is a point where BFF recognizes the mission over the mechanics. If BFF succeeds at that mission in the US, this is a really good place to be as the regulatory landscape improves.
Why create a new company and brand? Why not just have the current RPay app adopt new functionality?
Offering a financial platform harmonious with the US banking system and with stablecoins abroad requires a specific corporate structure. The birth of Best Friend Finance LLC provides that structure, but it also makes sense on a motivational and brand identity level. The products that BFF builds will incorporate RTokens, but they will also go beyond, and so it makes sense for the team, customers, and partners to all understand this as its own company that plugs into the Reserve ecosystem.
Stay tuned as the timeline unfolds for the new app from BFF and pay close attention to their site. To learn more, read the BFF announcement from the RPay team.
Want to keep up with BFF and core team channels?
Follow BFF on Twitter.
Follow Reserve Protocol on Twitter.
