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Raise in African Crypto Firm’s Capital Despite Strict Regulatory

The new report suggested that several crypto and blockchain businesses have been raising funding despite regulatory in some markets of Africa.

According to the report, the countries like South Africa, Kenya and Zimbabwe where most of the capital raises and move towards ICOs.

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The reports suggested that, the african fintech startups have been the most effective for raise in funding, said the first quarterly activity 2018.

It elaborated;

“Kenya’s crypto exchange platform SureRemit raised $7 million in an ICO” during the first half of 2018 while “South Africa’s The Sun Exchange launched a $5 million ICO”.

Recently, Zimbabwe based Golix announced that it is diversifying its business into three African markets including Uganda, Kenya and South Africa. Following the severe regulations and ban by the Central Bank of Zimbabwe(CBZ), Golix intends to get the bigger scope to launch a $32 million ICO 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.

Yet many other notable crypto and blockchain developments all over Africa such as Bitcoin ATMs installation in Zimbabwe and South Africa. However, the ATMs allows users to buy cryptocurrencies through fiat currencies like dollars as well as Kenya’s shillings.

Moreover, South Korea has installed first cryptocurrency ATM four years ago the new ATM by BitClub, the Nairobi-based fintech company offers transaction in less than two minutes.

With the evolving awareness and interest in crypto across Europe, Africa and Asia seems to be chaotic for cryptocurrencies. Therefore, it is the amid fortunes for blockchain and cryptocurrencies in Africa.

The report further reads that, “Globally, bitcoins and cryptocurrency have seen notable downfall with a scare of coming close to end, just like the dot-com crash”.

Nowadays, it’s been a lawful for the global markets as every cryptocurrencies were trading at lower rates compared to early week.

Thus, 2018 have been gray off for crypto markets and the lack of volume doesn’t forecast will for the possibilities of  a market recovery.

Photo by David McBee

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Kerin is active blogger and guest writer at Coinpedia. She loves writing new updates, price fluctuations and possible insights. Kerin frequently search, review and share her views among large audience via crypto media firms.

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