CitaDAO can help the Unbanked

3 min readDec 10, 2021

It may be hard to imagine if you live in a developed country, but around the world, over 1.7 BILLION people do not have access to a bank account. Shockingly, there are 9 million households in the United States that do not have access to a bank account according to a 2015 survey by the FDIC.

That represents a whopping 7 percent of the greatest country on Earth. In addition, 24.5 million households in the US are underbanked, meaning they often resort to using alternative (and often predatory) financial products such as payday loans because they have been actively excluded from the traditional banking systems

These unbanked and underbanked individuals throughout the world are unable to access services such as loans, free check cashing, and credit cards. They have a more difficult time accessing wealth and are building and living in constant risk of having their wealth stolen. In much of the modern world, a bank account also functions as a form of legitimization and a signal of financial reliability. Without this validation, the unbanked and underbanked are shut off from many pathways to basic needs such as homeownership and a stable job.

Receiving a mortgage loan is a complicated process of credit checks, income reviews, and bank statements. While the mortgage approval process may seem to evaluate your future capability of repaying the loan, there’s plenty of other arbitrary factors determined by TradFi at play that actively exclude certain demographics of the society.

For those without access (or who only have limited access) to bank accounts, this means they have no way of acquiring a mortgage. This means the unbanked and underbanked with absolutely no access to a mortgage will have a much harder time accessing real estate and escaping the poverty cycle.

CitaDAO’s fractional real estate tokens will enable the unbanked and underbanked to leverage the power of decentralization and seamlessly access real estate as an asset class. . By participating in our process to Introduce Real Estate On-chain, anyone can access fractional real estate from all over the world.

No longer do you need a bank account and extensive credit history to attain access to real estate. Anyone with a MetaMask on their browser can now access fractional real estate on-chain.

Anyone with a Real Estate Token can also start the process to buy the property outright — all without needing to bother with a traditional bank account. Best of all? These unbanked and underbanked individuals will be able to hedge against inflation by leveraging the rent from the real estate as well as the CitaDAO governance platform tokens when they contribute their Real Estate Tokens to the Liquidity Pools (LP)

DeFi promises to move the levers of finance from traditional gatekeeper institutions to the common people. CitaDAO is taking an important step in this direction by removing some of the barriers to entry that prevented the unbanked and underbanked from accessing real estate. We are excited for what the future holds — where no one is excluded from accessing the best asset class in the entire modern history of mankind.

Intrigued and want to learn more?

Follow us on Twitter @citadao_io, join our community on Discord, or check out our website citadao.io where you can join our waitlist. We run a weekly introduction and Q&A call on our Discord server on Tuesdays, 10AM EST/3PM UTC.

About CitaDAO
CitaDAO.io is a Decentralized Finance (DeFi) platform for Real Estate to be tokenized on-chain, built on the Ethereum ecosystem. CitaDAO aims to solve the lack of liquidity, access limitation, and lack of composability in existing real estate ecosystem by creating interoperability with other DeFi applications/primitives that operate on the Ethereum protocol. Real estate token allows the community to diversify their portfolio on-chain to generate stable yield through real-world assets that have constant liquidity through AMM.

Disclaimer: The information contained in this communication is based on sources considered to be reliable, but not guaranteed, to be accurate or complete. This communication should not be relied upon or the basis for making any investment decision or be construed as a recommendation to engage in any transaction or be construed as a recommendation of any investment strategy

CitaDAO can help the Unbanked

Written by Citadao.io