Instant fx for emerging markets currencies

We are creating a foreign currency exchange and stablecoins (fiat collateral) for emerging markets using the ERC-20 standard, the first one is RCOP built for this hackathon.

This product allows end-users in emerging markets such as LATAM to exchange, send or receive money internationally, without needing to pass through traditional banks and Swift payment railways. In LATAM, most of the countries have a traditional bank that makes 33% of total fx transactions, adding to the transaction 3-5% spread + fees, and 5-7 work days waiting.

Also, if you want to exchange between local currencies like the Colombian pesos to Brazilian Real, it's impossible not to pass through the local currency > USD > local currency pool, which makes the transaction 2x expensive.

The next step for this product is to connect it to the local payment system. For example, Colombia 60% of the total TPV is in cash, so we will need to create an on/off ramp from cash to stablecoin.

We used the following technologies: We used Nextjs, Typescript, solidity, and React Wagmi For the ERC-20 token “RCOP”: Open Zeppelin: We used Open Zeppelin for the proxy of the smart contract Chainlink: We used proof of Reserve for collateral verification. For the dApp - DEX: Uniswap fork: We used X and X from the core Smart Contracts because Coinbase Wallet: Integrate via Web3.React using Infura RPC Wallet Connect V2: Integrate web3 modal library from Wallet Connect V2 via Infura V3 RPC. Metamask: We used an injected connection from Web3.React library to connect Metamask for Polygon and Ethereum. Hardhat to upload in Mumbai and Ropsten Coinbase Cloud: We used Coinbase Node