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South African Bitcoin Cash Wallet Centbee Raises Funds from nChain

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Centbee bitcoin cash

South African blockchain startup Centbee has received an equity investment from nChain – a global leader in research and development of blockchain technologies – for the development of its new mobile bitcoin cash wallet. Centbee aims to make it easy for global consumers to acquire, hold and spend bitcoin cash at retailers and other merchants.

Founded by Lorien Gamaroff and Angus Brown, Sandton-based Centbee will be launching its bitcoin cash (BCH) wallet on the Google Play stores and Apple in 2018 according to nChain’s press release. Centbee’s vision is to enable users to make payments for goods and services using bitcoin cash as well as enable purchases over-the-counter at accepted retailers.

Bitcoin Cash“Centbee will be rolling out mechanisms for merchants to accept bitcoin payments more cheaply and securely than current bank payment systems. […] In addition, we will help consumers move money simply and cheaply across borders to support family and friends. We have been working closely with regulators in the region to educate, ensure good governance and to address any regulatory risk,” Brown said.

Undisclosed Funding Details

When contacted by Ventureburn regarding the amount of funding or stake taken by nChain, Centbee’s co-founder, Gamaroff, did not want to divulge the funding details.

“I can’t say much other than nChain is the only investor in this funding round and the funding is sufficient for Centbee to meet its envisaged product roadmap,” stated Gamaroff.

He went on to add, “In addition to providing financial investment, nChain’s research, intellectual property and deep technology expertise will enable Centbee to become a functional and secure wallet provider which will open up Bitcoin Cash merchant payments to a global market.”

Ventureburn also reached out to Matthew Gilleard, nChain Reaction’s media contact person, who stated categorically that nChain is “the only investor in this funding round’” He added, “The investment amount is confidential but is sufficient for Centbee to meet its planned product roadmap.”

Jimmy Nguyen, nChain’s Group Chief Executive Officer said,

“Centbee has one of the most user-friendly Bitcoin wallets and merchant payment solutions we have seen. It smartly embraces Bitcoin Cash because its bigger blocks, low fees and fast transaction network represent the true vision of Bitcoin. We look forward to supporting Centbee as it sparks greater merchant and consumer adoption of Bitcoin Cash in sub-Saharan Africa and beyond.”

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RightMesh Partners with Golix Exchange to Improve Internet Connectivity in Uganda

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RightMesh

RightMesh, a connectivity company currently developing a decentralised mobile mesh network, announced that their RMESH tokens will now be listed on Golix in Uganda.

RightMeshGolix, founded in 2014, is one of Africa’s leading cryptocurrency exchanges with its headquarters in Zimbabwe. Golix joins RightMesh’s mission of bringing online connectivity to the people of the African continent. This will be done by harnessing the combined power of a mobile mesh network, blockchain, and its own RMESH tokens within a self-forming, self-healing mesh network.

The integration of Rightmesh’s software is easy in any application without additional hardware. The hardware infrastructure powering this initially is the individual users of Android phones.

In May this year, RightMesh announced the successful completion of a $30 million token sale.

“It’s important for us to partner with like-minded companies focused on connecting the next billion users,” said John Lyotier, RightMesh’s co-founder.

In order for us to start bridging the digital divide, we need people living in areas with poor infrastructure to have access to RMESH tokens so they can start connecting with each other using their smartphones,” he added.

Lyotier said that Golix makes it easy for Ugandans to buy and sell cryptocurrencies. He also looks forward to working with them to have a real and lasting impact for people in the region.

Under the agreement, Golix users living in Uganda have access to the tokens, made available on September 10, 2018.

Uganda’s Oppressive Social Media Tax

Since July 2018, Ugandans have had to pay a daily tax on social media apps due to an oppressive taxation law passed by parliament. These high costs of taxation have played a crucial role in limiting access to these important applications for many Ugandans. However, introducing a mobile mesh networking could avoid those high fees because data does not go through a central ISP. 

Golix CEO, Tawanda Kembo, said: “Internet connectivity in Africa has an interesting juxtaposition. The many that cannot afford internet connectivity mostly jump through hoops to get connections that are slow and have restrictions as to what content can be accessed.”

“In Africa, it’s very expensive to be poor. On the hand, the privileged few who can afford good subscriptions mostly underutilise their internet subscriptions and pay for more than they actually use. By reducing the cost for the former to get connectivity, and providing a benefit for the latter for sharing their connection, RightMesh solves this problem for both demographics. We have needed a solution like this in Africa for years,” added Kembo.

Purchasing mobile data from others once the protocol goes live, will be done using RMESH tokens. They are planning to launch RightMesh Soft Mainnet and release its first commercially available app in Q1 of 2019.

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Swiss Franc-backed Cryptocurrency Will Be Issued in Switzerland

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Swiss Franc-backed Cryptocurrency

Swiss company Alprockz AG announced the development of a new financial tool, the ROCKZ stable coin, according to the official press release. The new asset will be issued on the Ethereum platform and backed by the Swiss franc.

ROCKZ has no difference from the rest of the stable cryptocurrencies: its rate does not demonstrate the volatility, unlike that of Bitcoin or Ethereum, it is stable as traditional money, and at the same time supports the speed of digital currency transactions. The most important difference of this coin is that it is backed by the Swiss franc. From now on, Swiss funds may start going into the crypto market much faster. The company’s press release also states that it will store 90 percent of reserve funds in CHF banknotes in Swiss high-security bank depositories. Another 10 percent will be placed in various Swiss banks to provide sufficient liquidity.

Swiss Franc-backed cryptocurrencyThus, ROCKZ eliminates the main drawbacks of cryptocurrencies and creates a buffer between digital assets and the traditional economy. The developers of the new coin have also considered the mistakes of Tether (a stablecoin, backed by USD).

“ROCKZ will replace Tether as the major pair used to take profits and stay in cash by crypto investors. Technically and legally superiority – this is what we have achieved. You can’t beat us there, you can only copy us,” said the ROCKZ founder, Yassine Ben Hamida.

Representatives of Alprockz AG are planning to publish monthly financial reports, which will contain all the information – from the volume of emission to the names of banks in which the fiat is stored – ensuring the stability of ROCKZ. In the fourth quarter of 2018, Alprockz AG will launch the ICO.

After receiving funding, the company will deploy the infrastructure for interacting with banks and developing new financial products – stable coins, secured by the euro and the South Korean won.

On September 10, 2018, the launch of stable coins backed by the US dollar was also reported by the Winklevoss brothers and the Paxos company.

*Readers should do their own due diligence before taking any actions related to the company, product or service. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in this guest post.*

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Gold-Backed Cryptocurrency OneGram to Launch in South Africa

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OneGram South Africa

Gold-backed cryptocurrency OneGram has entered the South African market to offer investors the possibility to invest in tokenised gold and to diversify away from more volatile cryptographic assets.

The cryptographic asset markets have been in a heavy bear market for most of 2018. Unsurprisingly, therefore, stablecoins and asset-backed coins have gained in popularity as they can be used by investors to store their funds during a market downtrend.

OneGram – A Gold-backed Cryptocurrency

OneGram South Africa

Most cryptocurrencies lack the backing of a tangible asset or collateral, leaving their value up to market forces. It has been debated whether solving the “volatility issue” of cryptocurrencies will increase investor confidence in digital assets, and by extension, increase adoption by the mass market. The OneGram team has embarked on the journey to create an asset-backed token that could test this thesis.

OneGram was co-founded by Ibrahim Mohammed to become the first digital coin backed by gold reserves as well as provide full compliancy with Shariah law.

OneGram uses a proof of stake consensus mechanism, whereby the token holders with a greater stake are responsible for verification and appendage of transactions to the blockchain. There is no mining on the blockchain platform. Instead, stakeholders are incentivised to act in the best interests of the network to continue earning new coins for staking.

Since its release in January 2017, it has reportedly been adopted by over 100,000 investors in 88 countries, and it has raised over $400 million in its initial coin offering. Significant interest has been shown in Africa, particularly in South Africa, Kenya, and Nigeria, as it offers investors a strong incentive to invest in a cryptocurrency without the risks of volatility that have marked other crypto assets.

A 1 percent fee is charged on every transaction on the platform. 70 percent of the fee goes to buying gold, thereby ensuring that there will be sufficient reserve of gold to back the cryptocurrency. 30 percent of the fee goes to the maintenance of the network, such that 2.5 percent is allocated to OneGram Foundation, a charitable organisation and another 2.5 percent to the validators; and 25 percent is the network’s profit.

Optimism

OneGram founder Ibrahim Mohammed is confident about the cryptocurrency, expressing optimism about it, its potentially increasing demand in Africa and the future of regulation for cryptocurrencies. The company chose Shariah compliance, for its strength in protecting investors’ rights. They envision setting an example for other blockchain platforms in creating optimal regulations and policies for digital assets, thereby making it easier for investors to adopt these alternative avenues of investment.

Mohammed hopes that the future will be asset-backed, in order to ease the onboarding of regulators, who have been struggling to provide guidelines and standards for cryptocurrencies.

*Readers should do their own due diligence before taking any actions related to the company, product or service. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in this article.*

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