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Zimbabwean Digital Currency Startup BitFinance Changes Name to Golix

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Zimbabwe’s leading bitcoin startup, BitFinance, has changed its name to Golix. The Harare-based startup was launched in 2014 to offer Zimbabwe’s economy a better currency solution than its current one.

BitFinance’s founders, Verengai Mabika, Tawanda Kembo and Tawanda Maguze, saw bitcoin as a game-changer in the money-transfer industry and a potential alternative currency that would salvage the monetary challenges that the country has been going through.

New Name To Suit Move From Bitcoin to Digital Currency Company

In an email to its users, Golix shared the news saying: “We’re thrilled to have you as an integral part of our vision and today we’re excited to let you know that we’re moving into the future and changing our brand from BitFinance to Golix.”

They went on to state, “We started BitFinance in December 2014 to make it super easy for Zimbabweans to use bitcoin. For a country that had so many ‘monetary problems’, we strongly believed that bitcoin was going to make our people’s lives significantly better because it gave them financial autonomy. We were right and we chose our brand names (BitFinance and BitcoinFundi) to position ourselves as a bitcoin company.

It became clear to us that in the future, bitcoin will not be the only digital currency that succeeds. A few months ago, we started investing in other digital currencies and have seen that it works, so we are doubling down.

Today is a remarkable day for us, and most importantly you, our customers. It marks the completion of our transition from being ‘just a bitcoin company’ to being ‘a digital currency company’. And so, from today onwards, we shall be known as Golix.”

BitFinance Overcame Funding Challenges to Build Established Digital Exchange

Earlier on in their venture, BitFinance were unable to scale up their business due to lack of investors. Investors were scared to invest due to Zimbabwe’s weak economy. Although they made several applications to various investors globally, they were always turned down.

Luck was on their side when in 2015 they received funding from Savannah Fund, a Nairobi-based seed fund. They used the investment to establish the first and only local bitcoin exchange in Zimbabwe, BitFundi.

BitFundi has continued to experience strong growth with an increasing number of transactions since its launch. The exchange can now be found on Golix.io under the company’s new name.

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Zimcoin Launches New Cryptocurrency Exchange in Zimbabwe

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Zimbabwean blockchain technology company, Zimcoin, has launched a new digital currency exchange that will allow users to buy and sell bitcoin (BTC).

The Future of Zimcoin

Zimcoin hints at the possibility of much larger projects in the future with its bitcoin exchange acting as a gateway:

“At Zimcoin we want to provide Zimbabweans with access to the new decentralised internet. Bitcoin acts as a gateway to all the exciting projects happening in the cryptocurrency and blockchain world. Whether you want to engage with the prediction markets of Augur or invest in the Decentralised Autonomous Organisation Decree, Bitcoin is a great starting point. Here at Zimcoin, we provide a platform to buy and sell Bitcoin, as well as a place to find out about the blockchain projects we are excited about. So what are you waiting for? Sign up today and become a pioneer in Zimbabwe’s love affair with Blockchain.”

When Golix was operating in Zimbabwe they faced minor incidences of security breaches and scares. It seems that Zimcoin is learning from their mistakes and trying to avoid that from the start.

ZimcoinZimcoin has already implemented two-factor authentication from day one, unlike Golix which only implemented a few years after operating. With Zimcoin’s 2FA you are given two options; an email or using Google Authenticator. Though the email is less secure than Google authenticator, you do not have to download a separate application.

The exchange also logs out after a period of inactivity, which means incidents such as someone getting access to your computer because you’ve gone out are also unlikely as well.

The Challenges of Cryptocurrencies in Zimbabwe

Earlier this year, the Reserve Bank of Zimbabwe had classified operations by cryptocurrency exchanges as illegal in the country. This greatly affected Golix, Zimbabwe’s largest crypto exchange, despite them winning interim relief.

According to a report by TechZim, Zimcoin is not overly concerned by this ban and say that they had been in communication with the RBZ since last year and feel that they will be able to operate without any trouble.

Meanwhile, Zimbabwe is struggling with its economy, and as its foreign reserves dwindle, which will likely positively affect Zimcoin’s growth as more Zimbabweans start to look towards other currency alternatives. 

Despite all the challenges Zimbabwe faces with cryptocurrencies, the blockchain is gaining popularity in Zimbabwe. This is good news for companies like Zimcoin as they will hopefully face fewer problems than their predecessors.

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Bank of Zambia (BoZ) Warns Against Using Cryptocurrencies

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The Zambia central bank, Bank of Zambia (BoZ), has cautioned citizens about the use of digital currencies as they are not considered legal tender.

According to local media, the Bank of Zambia has received an increasing amount of inquiries about cryptocurrencies, which is a testament to the growing interest in bitcoin and its peers in the Southern African nation.

Bank of Zambia

The central bank highlighted that there is no legal recourse for cryptocurrency holders or investors who lose money in this new digital asset class due to its unregulated nature.

Additionally, the Bank of Zambia stated that it does not oversee, supervise nor regulate cryptographic currencies and assets and that any actions in related to cryptocurrencies are performed at the user’s own risk.

This statement echoes that of most African countries’ regulators when it comes to bitcoin regulations.

In most of Africa, central banks are taking a wait and see approach to blockchain technology and cryptocurrencies in an attempt not to stifle innovation.

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Binance Uganda Officially Launches and is Starting to Accept Deposits

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Images by Binance Uganda

In a statement on its website, Binance Uganda announced that is officially opening its doors on October 17, 2018, when it will start accepting deposits in Ugandan shillings (UGX), bitcoin (BTC) and ether (ETH).

Uganda’s First Local Fiat-to-Crypto Exchange

Binance Uganda is the first local fiat-to-crypto exchange in the East African nation and marks a milestone in Binance’s push into the African market.

Binance UgandaBinance Uganda users can now complete full account verification and are able to start depositing funds in UGX, BTC and ETH starting from 2018/10/17 10:00 AM Uganda Time (EAT).

The first available trading pairs on Binance Uganda will be BTC/UGX and ETH/UGX trading pairs. The start time for trading will be released in a later announcement.

Until the launch of Binance Uganda, local bitcoin investors had very limited options to convert their shillings into bitcoin or other digital assets and vice versa.

Peer-to-peer trading platforms such as LocalBitcoins and Paxful have failed to take off in Uganda and international exchanges do not accept Ugandan shillings as a currency, which has left Ugandans to largely trade via WhatsApp and Telegram on a peer-to-peer basis.

With the launch of Binance Uganda, it will be interesting to see how the local cryptocurrency community evolves and whether bitcoin and ether will be accepted as legitimate investment assets by the country’s wider investor base.

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