The NAKA Scheme/Card available in El Salvador and Switzerland

The NAKA scheme and its associated card have made a noteworthy entry into two significant markets—Switzerland, a pivotal European financial hub, and El Salvador, an early adopter of Bitcoin—currently undergoing meticulous testing in both regions.

The NAKA Point of Sale (PoS) infrastructure has been operational in both markets, facilitating payments with BTC-LN and USDt. In Switzerland, it also supports payment cards and digital payments. Seeking further simplification for on-chain payments, we introduced the NAKA scheme and card. This initiative transforms on-chain payments into the widely embraced payment card format, streamlining accessibility and usability for users, without any need for a bank account. 

In El Salvador, the NAKA solutions address critical issues faced by the unbanked population, such as insufficient banking coverage, high inflation, and elevated remittance costs. This strategic initiative underscores our commitment to supporting the nation's quest for economic freedom, simultaneously contributing to the broader objective of nurturing economic autonomy within the country and its neighboring regions. 

“We entered the market in June, onboarding the first 60 merchants accepting NAKA, Bitcoin on Lightning, and USDt on multiple networks. El Salvador is a crucial market for us. If, as a community, we fail to realize the idea of Bitcoin as a legal tender, the consequences would be catastrophic for the entire Bitcoin community. However, if executed correctly, we will establish a blueprint for other countries to follow”, explained NAKA’s CEO, Dejan Roljic. 

Why Adopting Bitcoin 2023, San Salvador

After the successful launch in Lugano, Switzerland, NAKA unveils the world's first EMV-compatible on-chain payment scheme and self-custodial card during the "Adopting Bitcoin 2023" conference (November 7-8) in El Salvador. As a unique platform for the Bitcoin community to share experiences and ideas, fostering collaboration towards advancing Bitcoin adoption, the conference happened to be the right place and time for unveiling the NAKA innovative solution. 

The collaborative atmosphere in El Salvador was infused with hope and a shared sentiment among Bitcoin enthusiasts. Our booth was packed, while the NAKA Solution stage hosted more than 25 visionaries, including notable speakers from Bitfinex, HODL UP, Amber App, Yzer App, Protocol, Swan.com, Lumara, Bitcoin Berlin, and many more, who were among the first to receive the NAKA self-custodian card. 

Dejan Roljic launched the NAKA Scheme and card directly from the stage:

Listen in to Dejan Roljic's address at the Adopting Bitcoin 2023 conference.

Let us remind you that more than two-thirds of Salvadorians are still unbanked, hindering their ability to save, plan for the future, handle emergencies, send and receive remittances, or take breaks from work.

During his speech on the Conference, Dejan Roljic shared the vision on addressing these challenges: “Bitcoin has the power to solve many global problems, but at NAKA we see a priority in solving basic existential issues that many of the Salvadorian people are facing in their everyday lives. 

What we aim to achieve in El Salvador is for people using the NAKA card to be able to utilize it not only for managing their finances but also as a personal identification document, for linking it with a health insurance package, or as a source for requesting microloans, credit scoring, and more. The possibilities are endless.”

By introducing essential infrastructure and decentralized services, NAKA aims to encompass all the basic financial services, including card issuing, remittances, microloans, payments and more, under a unified umbrella. 

Next steps: NAKA is set to launch in Slovenia

NAKA's upcoming launch is set to unfold in Slovenia, a nation already acknowledged as a crypto haven by the global community. As the birthplace of NAKA, Slovenia boasts an extensive network of crypto-friendly establishments, all operating seamlessly under the NAKA umbrella. With over 2000 locations accepting crypto alongside traditional payment cards and digital transactions, NAKA is poised to elevate the merchant-customer experience to unprecedented heights by integrating its scheme and card.

Open to partnerships

At NAKA, we value collaboration with all players in the payment industry. Acknowledging the aspects that contribute to enhancing our payment solutions, we have designed dedicated partnership programs for Acquirers, Issuers, ISOs, and other payment facilitators. We welcome all interested parties to connect with the NAKA team through the provided Partners form.