Golix, the Zimbabwean crypto exchange has also launched its services in Uganda, South Africa and Kenya as of June 1st.
The branching out follows the banning of cryptocurrency transactions in Zimbabwe by RBZ ( the Reserve Bank of Zimbabwe) and the ordering of Golix to halt its operations.
Although the order was overturned in a court ruling, the move caused a lot of disruption to virtual currencies in the country. The fracas seems to have urged Golix to think beyond Zimbabwe, with its plans widening significantly to include other countries, to help cryptocurrencies gain traction in the African market, as a whole.
In its press release it said: “As part of our strategy commencing Friday 1 June, people in Kenya, South Africa and Uganda will be able to start transacting on Golix. This is one of our plans to be the leading cryptocurrency exchange in Africa, inspired by our vision of providing financial autonomy on the continent,” said Head of Growth Panashe Tapera.
The press release also highlights that there are only three countries out of the 54 in Africa that have exchanges, meaning people are being kept away from the benefits of blockchain technology. William Chui, Golix Lead of Special Projects said the main agenda has been to ‘provide financial autonomy in Africa to Africans’.
The GLX token
Launched on Friday June 1st, the GLX token can be used to trade with other altcoins on the exchange with zero transation fees. The token will be used for remittances and payments at lesser fees compared to other banks, which Chui said, will go towards the contribtion of GDP growth in African countries.
The token is based on Ethereum ERC20 and can be purchased with Bitcoin or Etherum at a price of $0.5612. A total of 1,274,240,097 GLX tokens have been created, 50 % of the tokens are available for purchase until July 25th.