1st African-Focused Cryptocurrency To Launch In December
Africa is set to launch its first ever African-focused cryptocurrency in December, with the digital currency designed with the continent’s interests in mind.
South African company Trapeace Holdings established the Africa Master Blockchain Company (AMBC) in 2015, and it has been behind the development of the African cryptocurrency, which will be called Afri Union Coin, according to ITWeb.
Formerly known as Africa Master Coin, Afri Union Coin will aim to rival established cryptocurrencies such as Bitcoin, but will focus on benefiting Africa and Africans.
The tokens will be available to trade at the beginning of 2019, and will have many benefits for companies, investors and end-users on the continent, offering stability and complete mobility freedom.
Telecommunications and retail players across South Africa are in the process of modifying and preparing their financial ecosystems for the arrival of the new virtual currency at the end of this year, according to ITNewsAfrica.
The African focus of the cryptocurrency will see it linked to various African countries, enabling more efficient foreign investment as well as faster and easier trade across the continent.
Trapeace Holdings have partnered with a Korean-based development team and Singapore-based Initial Coin Offering marketing firm Cornet Technologies to create the Africa Blockchain Foundation, which will launch the African-focused cryptocurrency, according to IT-Online.
While the currency has been developed for Africa, Afri Union Coin will be marketed and used as an international currency, with the aim of creating more business opportunities for Africans.
The Afri Union Coin team have been undertaking international road shows to spread awareness about the currency and address any questions that international investors and potential stakeholders have had about the cryptocurrency.
The roadshow made stops in Korea, Singapore, the United Arab Emirates and Japan.
An African-focused cryptocurrency to solve African problems
A single African currency has for some time been on the discussion table at the African Union (AU), with members earlier this year discussing the possibility, and 44 of them signing a deal to establish the African Continental Free Trade Area, according to EWN.
The way in which Afri Union Coin is envisaged would provide a digital currency that could potentially answer the call for a single African currency.
Blockchain technology is already providing solutions to longstanding problems that have plagued the continent, and an African-focused cryptocurrency could provide solutions to issues that affect Africa.
Many African companies operate across borders within the continent and paying suppliers is a notoriously cumbersome process. A uniquely African cryptocurrency could potentially improve cross-border payments between African countries.
George Gordon, director of Trapeace Holdings, explained the idea behind the African tokens and their benefit for both African and international business.
“If an African business person or entrepreneur opens a store that sells goods from Japan, for example, they can use Afri Union Coin to make international payments more affordably and securely,” said Gordon, according to ITWeb.
A growing appetite among African investors has seen increased adoption of cryptocurrencies, and a growing list of cryptocurrency exchanges have emerged across the continent, allowing Africans to invest in digital tokens.