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Coindirect Now Allows You To Buy Cryptocurrencies in South Africa, Nigeria and Kenya

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Coindirect

Kenyans, Nigerians and South Africans will now be able to buy and sell cryptocurrencies on Coindirect after the exchange platform announced the launch of their services in the three African countries.

Coindirect is an exchange platform that prides itself on being one of the fastest and easiest ways to trade digital currencies online. The exchange that is now live in Kenya, Nigeria and South Africa, was built to make cryptocurreny trading simple. The platform offers a wide range of local-to-cryptocurrency transactions in its marketplace, with the availability of 25 distinct digital coins. Currently, in its initial launch phase, there will be additional countries where Coindirect.com will be launching in early 2018.

“We are extremely excited to be offering our customers across the globe the ability to buy popular cryptocurrencies such as bitcoin and Ethereum in their local currencies,” says Basil Bielich, Coindirect.com Director.

“By simplifying and demystifying the process of purchasing cryptocurrencies, we hope to accelerate their adoption across the globe,” he added.

While some exchanges may need cryptocurrency owners to own multiple wallet accounts, Coindirect.com allows users to buy and sell multiple currencies using one wallet account. It provides its users with a secure trading environment coupled with full wallet support and instant transfers. Using local currencies, customers can also purchase altcoins as well as exchange them using different currencies. This has resulted in an increased daily trading volume with users converting between altcoins and bitcoin.

The exchange locks prices at the point of sale thus making transactions instant. While bitcoin purchases might be complex, Coindirect.com’s use of the escrow system eliminates the purchase barrier for such digital coins.

Properly Regulated

While the majority of the digital currency trading platforms are unregulated, the case is different with Coindirect.com. Registered with the Isle of Man Financial Services Authority and with offices in both the Isle of Man and London, Coindirect.com is professionally regulated having been founded by a consortium of technology investors based in South Africa and the United Kingdom.

With bitcoin having gone mainstream in 2017 and raising a global interest on digital currencies leading to rapid adoption of cryptocurrencies, there is need to have regulated exchanges that can reduce fraud and theft risk as well as loss of trade.

Commenting from the E-Business Innovation at Isle of Man Government, the Head of Operations, Brian Donegan said: “The arrival of Coindirect.com on the Island is a further example of how our digital economy value proposition and quality regulatory framework continues to attract digital currency exchange companies of the highest caliber.”

Users will also be able to carry out random trades of up to ZAR R15,000 / NGN 400,000 / KES 100,000 without the need to upload their personal identification documents.

With Kenya, Nigeria and South Africa having very active cryptocurrency ecosystems, the move is expected to help in the adoption of digital currencies as well as give users in the named countries alternative options to buy cryptocurrencies.

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Nigeria Wants Regulatory Framework for Cryptocurrencies

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Nigeria Regulatory Framework Cryptocurrencies

With cryptocurrency adoption soaring in Nigeria, it is no surprise that on April 25, 2018, members of the House of Representatives, urged the Central Bank of Nigeria (CBN) and the Nigerian Deposit Insurance Commission (NDIC) to create a legal framework for the regulation of blockchain technology.

The resolve was passed following the adoption of a continuous motion titled ‘Need to regulate blockchain applications and Internet technology’, which was supported by Solomon Adaelu, who emphasised the innovation that the blockchain brings such as the potential to accelerate payments in the country’s financial services industry.

Adaelu said: “Blockchain as a digital and decentralisation ledger technology that records all transactions without the need for financial intermediary bank is new to humanity and can be a core payment facilitator for financial services industry. A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography as an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.”

The blockchain was invented in 2008 for the cryptocurrency bitcoin. Since its establishment, it has helped solve the issue of double spending on digital currency transaction without the need for a central server or trusted authority.

Adaelu went on to state that the deadline for a unified cryptocurrency regulation had been set for July 2018 following the G20 Finance Ministers’ meeting in March.

He further added: “Countries such as the USA, the UK, Russia, Venezuela, and Kenya have [already] provided [a] framework for the regulations of this emerging technology,” and believes that Nigeria should be next in line to do so.

Other lawmakers supported the motion while acknowledging the warning given by the NDIC to be careful when trading cryptocurrencies, given the complexity and uncertainty surrounding them.

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Binance Partners with Blockchain Innovation Hub in Uganda to Promote Economic Development

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Binance in Uganda
Image by Binance

Binance, a global cryptocurrency exchange, has partnered with Crypto Savannah, Made in Africa initiative, and Msingi East Africa to promote economic development and youth employment in Uganda using blockchain technology. The partnership aims to achieve these goals by “creating thousands of jobs and bringing investments to Uganda.”

Made in Africa initiative and Msingi East Africa are organisations that are dedicated to the economic transformation of African countries while Crypto Savannah is a newly created African blockchain innovation hub.

According to Trading Economics’ data, the employment rate in Uganda stood at 47.80 percent in 2012 compared to 88.30 percent in 2009. The broad use cases for blockchain technology have the potential to change these statistics for the better by providing innovation opportunities for young people.

Changpeng Zhao, CEO and founder of Binance, announced these plans on Twitter and hinted at the possibility of Binance getting more involved in African projects.

Binance’s initiative is believed to have peaked at a recent meeting with the Blockchain Association of Uganda (BAU) where Zhao interacted with the local blockchain community and promised to support and train young entrepreneurs leveraging the blockchain. He also advised young entrepreneurs to offer solutions that are going to improve the lives of the society.

“Binance is tailor-making partnerships according to the environment. We want to understand the landscape and grow our understanding of the market.”

Zhao’s meeting with BAU will be followed by the Africa Blockchain Conference 2018 which will be held in Kampala in May.

Blockchain Technology is Gaining Momentum in Africa

The Binance initiative is just one of the several upcoming blockchain-based projects that are taking place in Africa. For instance, the World Food Program recently announced a partnership with Devery to make food delivery to Tunisian school children safe. Furthermore, the World Blockchain Summit held in Nairobi last month has helped to open doors for global blockchain companies to establish themselves in Africa.

In view of the Binance initiative, Africa could attract more global blockchain companies in the future as the technology continues to take root on the continent.

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BitMari Conducts First Test Remittance on the Bitcoin Lightning Network

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BitMari Bitcoin Lightening Network

Zimbabwean startup BitMari has managed to successfully conduct its first Bitcoin Lightning Network test transaction with Tanjalo, a bitcoin startup from Lagos, Nigeria. The transaction signals a shift for remittances in Africa as users can soon expect almost instant low-cost bitcoin remittances.

Fast Transactions, Low Fees

BitMari is a Zimbabwe-based bitcoin company that leverages blockchain technology to expand into new remittance markets for the African diaspora. The startup was founded in 2015 by Sinclair Skinner and Christopher Mapondera to address the challenges faced by Zimbabweans when sending money overseas and vice-versa. In 2017, the company made history by becoming the first bitcoin enterprise to receive a money transfer license from the Reserve Bank of Zimbabwe. The company also formed a strategic partnership with Agribank to handle remittances for their customers using bitcoin.

Tim Akinbo, the co-founder and CTO of Tanjalo, was able to transfer $15 from Nigeria to a recipient in Zimbabwe through the BitMari platform using bitcoin. He believes the almost instantaneous money transfer will be instrumental in transferring value and promote cohesion by bridging local communities. The company is excited about the new development especially after successfully setting up the Lightning nodes.

Skinner, who is an ardent supporter of the adoption of bitcoin and blockchain technology in Africa to solve everyday challenges, stated:

“BitMari’s quick adoption of Lightning is active use of Bitcoin and Blockchain technology to solve real World challenges facing Africans on the continent and in the diaspora; such as costly remittance fees.”

The Bitcoin Lightning Network

The Bitcoin Lightning Network (LN) is a system built on top of bitcoin that enables people to send and receive payments instantly, and lower transaction costs by bypassing the blockchain. The Lightning Network’s use of payment channels lets users transact with each other directly without having to broadcast their business to the entire network. Currently, the Lightning Network is growing after being launched a short while ago on main-net by the Lightning Labs team.

BitHub Africa, a Nairobi-based blockchain accelerator of which BitMari is a member, has published a guide on how someone can go about setting up a Bitcoin Lightning Node on a cheap computing device called Raspberry Pi. The device can be used to process transactions by anyone with the resources and skills to host the node.

For now, BitMari is searching for other Lightning nodes to connect to their own. The company is also focusing on improving its user experience to increase adoption of its services and pass on the benefits of fast and affordable remittances to its customers.

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