Not only Coinbase and Huobi, yet another cryptocurrency exchange is expanding its business. Golix, Zimbabwe crypto exchange is diversifying its business into three African markets including Kenya, Uganda, and South Africa.
Following the severe regulations and ban by the Central Bank of Zimbabwe(CBZ), Golix intends to get the bigger scope of its services outside the country. According to Golix head of growth, Panashe Tapera, the move was a strategy by exchange to enlarge their business across the whole continent.
Africa becomes a New Hope
Despite the ban by Reserve Bank of Zimbabwe (RBZ), country’s leading cryptocurrency exchange continues to trade in new regions. In a statement, the firm is excitedly pointing three new regions to get the benefits of Golix service. Three provinces focusing are Kenya, Uganda and South Africa.
— Golix (@golixdotcom) June 5, 2018
Comparing the other regions of Africa, South Africa counts the highest number of cryptocurrency exchange. In addition, its infrastructure is also remarkable, hence Golix adoption.
So far, Golix was the only exchange operating in Zimbabwe after the RBZ declared sixty days time period for exchanges to become compliant with guidelines. However, this has not stopped Golix, rather it took RBZ’s statement to the court, stating that the bank has no authority to ban cryptocurrencies across the country.
Golix’s choice of serving in Uganda seems also exciting since the region is popularly known as the crypto friendly province. On top, Binance is also planning on setting up its new office here.
Not just diversification but also Token Sale
Beside new growth possibilities, the Zimbabwe exchange also planning to conduct $32 million token sales in Kenya, Uganda and South Africa. The main agenda behind the token sale is to ease out the remittance and international payments via virtual currencies. Accordingly, the token of Golix exchange, GLX which can be accessible to the clients of different countries also. They can buy GLX token with their fiat currencies and later the new Golix coin can enable them to purchase other cryptos on Golix at zero transaction fees.
With international payment as a motive, the exchange also promises to yield a substantial growth to Africa’s GDP growth.
William Hui, Golix lead of special project states; “Since the onset, our main agenda is to provide financial autonomy in Africa. The GLX token is going to be used to facilitate and realize this agenda.”
What’s your take on Golix decision of expanding its crypto business across Kenya, Uganda and South Africa? Will the move worth to take? Will the token sale of GLX coin worth considering? Let us know