In Colombia, nestled about two hours from the country’s second largest city of Medellin, sits the small mountain town of San Francisco. With a rainy climate and just over 5,000 inhabitants, this remote town’s cash-based economy has historically relied on agriculture. That is, until recently, when San Francisco found itself at the center of a digital transformation, a shift from cash to crypto.
The shift started with Zac, an entrepreneur focused on expanding economic and business opportunities in the region. To distribute payroll, Zac would withdraw large amounts of cash in Medellin, and then travel the 100 kilometers to San Francisco to pay his local employees. For a time, given the lack of traditional financial infrastructure and a workforce dependent on cash, this seemed like Zac’s only option. Then he experienced firsthand the risks of a cash-based economy: he was shot and robbed in transit to San Francisco. After the attempt on his life, Zac knew he needed to find an alternative that would keep him and his employees safe.
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