Bitcoin Egypt is a blockchain startup that will launch the first local bitcoin exchange in Egypt later this month. The exchange will enable users to trade bitcoin and other cryptocurrencies using the Egyptian pound and, thus, connect the local economy to the global digital currency market.
Developing the Platform
Bitcoin Egypt was founded this year by Rami Khalil, a software developer, and entrepreneur Omar Abdelrasoul. The two partners aim to provide a reliable way for trading cryptocurrencies and promote the use of blockchain based solutions in North Africa and the Middle East.
Speaking to BitcoinAfrica.io on the setting up of the exchange, Abdelrasoul states,
“What led us to this project was the lack of new fin-tech startups in Egypt and the region, people need to understand the importance of cryptocurrency and the vast sea of opportunities it brings.”
The platform will allow traders to purchase bitcoins using local currency, exchange bitcoin for altcoins and convert their digital currency to Egyptian pounds. This will be a welcome respite for bitcoin users who have had to put up with the high trading fees charged by international exchanges. Bitcoin Egypt offers a cheaper alternative by minimising the cost of deposits and withdrawals. In addition, consumers can enjoy the convenience that comes with trading in Egyptian pounds.
Bitcoin Egypt ensures secure transactions through advanced security systems and regular audits. The exchange will be simple to navigate with customer support available, and easy to integrate with a variety of services.
Post Launch Plans
While initially only bitcoin will be traded on the platform, cryptocurrencies such as ether and other altcoins will also be included at a later point.
“We are looking forward to launching the platform this month, there will be just BTC at first then we are going to add more coins and even tokens to the platform,”Abdelrasoul asserts.
The company hopes to have developed the platform to be able to serve the needs of corporate clients who have the potential to move heavy volumes through the exchanges. The ultimate goal is to make Bitcoin Egypt a pioneer when it comes trading digital assets, and eventually, other services and applications can be integrated into the platform. Aside from live trading, the exchange will also offer a cryptocurrency mobile payment solution.
The website will also offer informational articles in English and Arabic to educate Egyptians about cryptocurrencies and blockchain technology. This will bolster innovation and increase adoption of bitcoin, and other digital currencies. Abdelrasoul adds,
“We believe Bitcoin Egypt can change the way people pay and receive money, we believe we can be one of the largest exchange platforms in the world.”
For now, those interested in the exchange can sign up on the website and receive notifications once the exchange is operational.