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ZIMBABWE’S pioneer crypto-currency exchange platform, Golix, says it has launched operations in three more African countries and is raising about $32 million in token sale to fund its expansion across the continent.
This is despite the crypto-currency trading being viewed with disdain by the Reserve bank of Zimbabwe (RBZ) because of its unregulated nature. Recently the High Court of Zimbabwe lifted the RBZ ban on crypto currencies following a challenge on an order by the central bank, which directed all financial institutions to stop transacting and trading in virtual currencies. It is the view of the apex bank that crypto-trading is not regulated in the country and thus, poses a huge financial risk to members of the public.
Golix head of growth, Mr Panashe Tapera, said the exchange, which has been operational for the past three years, processing over $20 million worth of transactions, has spread its wings to South Africa, Kenya and Uganda.
He said Golix has set its sights on availing its services across the entire African continent to address the crypto-currency infrastructure shortage, which has slowed down adoption of digital currencies. Out of 54 countries in Africa, only three have crypto-currency exchanges as the rest are yet to catch up with the block chain technology.
“As part of our strategy starting from Friday 1 June, people in Kenya, South Africa and Uganda will be able to start trading from Golix. This is one of our plans to be the leading exchange in Africa, which inspired by the vision to provide financial autonomy in the continent,” said Mr Tapera.
Golix head of special projects Mr William Chui stated that the token sale was an initiative they put in place to enable instant remittances and international payments through crypto-currencies.
“From the onset our main agenda is to provide financial autonomy in Africa. The GLX token is going to be used to facilitate and realise this agenda. People from respective different countries will be able to buy the GLX token from the exchange using their fiat currencies,” said Mr Chui. The GLX token will be used to buy other Altcoins in the exchange, all this will be done at zero transactions fee. The GLX token will also be used to facilitate remittances and international payments at lesser fees, compared to current banking methods.”
ICT experts are of the view that the RBZ needs to craft a way to regulate the crypto currencies as opposed to banning them.
Online Reporter