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Zimbabwe’s Golix Crypto Exchange Intends for a National Digital Revolution

Golix is already offering citizens the opportunity to enter into global cryptocurrency markets. Amidst tough economic times in the country with extensive inflation in the last decade. The crypto exchange is planning to expand in other parts of Africa.   

Golix is the only indigenous cryptocurrency exchange operating in Zimbabwe and is set to open new financial opportunities not just for the citizens but also for the country and region as well.

For instance, it could provide an opportunity for the people of Zimbabwe to participate in the global financial systems directly in the midst of extreme financial instability in the southern African nation.

As a cryptocurrency exchange, it could facilitate payments and clearance, remittances, operations, and other aspects of the financial ecosystem. It could also help in the adoption of cryptocurrencies by the masses.

Golix is the platform where Bitcoin trade was and is happening, for those of you who heard news of very high Bitcoin prices in January.

However, it is a place where other cryptocurrencies can be traded. It is also planning to expand to the rest of Africa.

The unstable economy in the last decade

At the country scale, the crypto platform hopes to be a financial system not directly influenced. Thus by the already twisted local institutions. It may be a relief giving to the country’s current financial turmoil. Zimbabwe suffered the worst and a record-breaking hyperinflation of the past decade and is looking for a way out. After the hyperinflation of 2008, the country adopted US Dollar as its own local currency. Thus, it could not print currencies locally and relied on imported cash from the U.S. The problem moved from one of over-availability of currency to an insufficiency of notes.

As a result, dollar notes could be sold for much more than they are worth. Thus, it rebranded from BitFinance. In December last year, the cryptocurrency exchange traded over $1 million worth of bitcoin last month and daily volumes have reached about 8 bitcoins.

The absence of stable financial solution infrastructure and unstable economic processes is a sign that a country needs an alternative. Crypto is that one alternative and Golix founders are hoping that might turn true.

Golix’s team members are also participating in discussions about the future of digital revolution in Zimbabwe. For instance, they will also participate in the upcoming TOKEN2049 conference in Hong Kong. It will be an opportunity to form partnerships that may benefit the nation. However in that regard and the region as a whole.

Will Golix help improve the economy in Zimbabwe? Have your say. Stay connected with us on Twitter and Telegram for more updates. 

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David

David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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