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Zimbabwean Cryptocurrency Exchange Golix Launches ICO

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Golix Launches ICO
Image by Golix

On May 12, the Zimbabwean digital currency exchange Golix announced that it will launch an initial coin offering in the coming week. Golix, which aims to provide Africans with financial autonomy through cryptocurrencies, is excited to announce the launch of its token, the GLX Token.

Golix is an African cryptocurrency startup that has been enabling African investors to buy and sell cryptocurrency using payment channels such as mobile money.

The GLX token, an Ethereum ERC20 token, will be available for purchase from Monday, May 14, 2018, on the Golix token sale website, tokensale.golix.com. Investors will be able to use bitcoin (BTC) and/or ether (ETH) to buy the GLX token, which has been priced at $0.05612 per GLX token.

Golix has been operational in Zimbabwe as an exchange for three years and boasts of over 50,000 customers having transacted over $20 million to date. The funds raised will see them opening exchanges in more African countries as well as expanding their portfolio of services offered, according to the company’s press release.

The total supply of GLX tokens will be 1,274,240,097 tokens, with fifty percent (637,120,049 tokens) available for sale during the token sale.

ICO Despite Crypto Banking Ban

Golix announced its token sale a day after the Reserve Bank of Zimbabwe issued a new directive that prohibits banks from dealing with cryptocurrency startups and individuals who use their bank accounts to purchase cryptocurrencies.

“In order to safeguard the integrity, safety and soundness of the country’s financial system, and to protect the public in general, all financial institutions are hereby required to: a. ensure that they do not use, trade, hold and/or transact in any way in virtual currencies; b. ensure that they do not provide banking services to facilitate any person or entity in dealing with or settling virtual currencies; and c. exit any existing relationships with virtual currency exchanges within sixty days of the date of this Circular and proceed to liquidate and restitute existing account balances,” the RBZ states in its directive.

*Disclaimer: This post is informational only. Readers should do their own due diligence before taking any actions related to the mentioned 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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Scam Alert! Scammers in Kenya are Now Using Facebook’s Libra to Defraud Crypto Users

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Libra Kenya

Scammers in Kenya are now using Libra to make quick gains from unsuspecting victims through a company called Calibra Kenya.

According to its website, the “company” is promising to increase investors’ money three-fold within six months if they invest amounts from KES 20,000 to KES 950,000. The deadline for this “investment deal” (read scam) is November 31, 2019.

Facebook’s Libra is yet to Launch

Bitcoin Scam“Calibra Kenya” is cashing in on Facebook’s Libra, a cryptocurrency that is not yet rolled-out. Calibra Kenya told Gadgets Africa that they are waiting for the Libra launch in January 2020 for investment to begin. However, it is currently unclear when Libra will launch. Facebook had originally announced 2020 as the launch date but the company has said that it will only launch until it has sorted out regulators’ concerns.

Since Facebook announced the cryptocurrency in June, the embattled crypto project has lost a quarter of its members while Mark Zuckerberg is set to testify before the US House Committee on Financial Services today.

The Kenyan “company” has borrowed the name from Libra’s digital wallet, Calibra.

Scammers That Are Also Self-Proclaimed Philanthropists

“Sir John,” a Twitter account holder promoting Calibra Kenya, claims he is a philanthropist. This is similar to a scam story BitcoinAfrica.io recently covered where the alleged swindler was a self-proclaimed philanthropist on LinkedIn. The aforementioned Twitter account also belongs to the Libra Cryptocurrency Association Kenya.

While scamming and philanthropy have nothing in common, it appears that scammers could have found a way to entice their victims in the name of social good.

Moreover, the fact that Sir John claims he is a nature-lover and a passionate entrepreneur and investor in the fintech industry goes to show how far scammers will go to appear legit.

Spotting the Red Flags

It might be obvious to most that Calibra Kenya is a scam but to some, this might not be the case. Therefore, here is a list of what is wrong with this “investment opportunity”:

  • Libra has not yet launched. Anyone asking you to invest in a currency that does not exist is a fraud.
  • Any individual or company that is promising a 50 percent return every month on investments is a scammer. Such high returns are unrealistic. Additionally, in a volatile market, returns cannot remain constant and are bound to fluctuate from month to month.
  • Facebook’s Libra only has one association, the Libra Association, which currently has 21 members. These members are well-known international companies like Uber, Spotify, Vodafone, Mercy Corps, Xapo Holdings, PayU, and Coinbase. Libra Cryptocurrency Association Kenya and Calibra Kenya, therefore, have nothing to do with the real Libra Association.
  • Should you consider a website with grammatical errors suspicious? Yes, you should! Calibra Kenya’s website is guilty in this regard.
  • According to Calibra Kenya, investors will get their money back at the end of the contract. This is a cause for alarm as any legit investment platform should allow investors to withdraw their investment plus returns at any time.
  • On their website, Calibra Kenya throws around crypto and blockchain-related terminologies to confuse and mislead their readers. For instance, they claim that they create smart contracts, that they are the official Libra cryptocurrency exchange in Kenya, and that they are a tier two member of the Libra Association. This does not make any sense and is only meant to confuse readers.
  • The website contains a lot of payment information which is another red flag. It indicates they are only focused on making money.
  • Their website is too “salesy.” Words like “investment opportunity,” “invest now,” and “we make your dreams a reality” are obvious red flags.
  • Calibra Kenya does not provide a platform for investors to track their investments. That means that once you send them money, you have no way of finding out how your investment is performing. The only mode of contact is a phone number that they could easily disconnect.

Unfortunately, reports of crypto-related scams are increasing as major developments take place in the industry. Similar fraudulent websites also appeared during Telegram’s token sale, for example.

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Particl Launches Decentralised Marketplace With Zero Commission Fees

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Privacy-focused cryptocurrency project Particl has launched a decentralised marketplace with zero commission fees. The new e-commerce platform is leveraging blockchain technology to compete with the likes of Amazon and OpenBazaar.

Privacy and Zero Commission Fees

ParticlCryptocurrencies can be difficult to spend on a day-to-day basis and Particl wants to solve this through its private coin, PART. On the Particl marketplace, users can put the digital currency to use.

The new decentralised marketplace respects user privacy and does not require personal information from its users. The platform only requires a shipping address. Moreover, the decentralised nature of the Particl marketplace ensures that no commissions are added to sales as is the case on Amazon.

According to an article on Big Commerce, fees for sellers can be as much as 45 percent of a product’s cost on Amazon. Particl’s zero-free model, therefore, enables sellers to significantly increase their revenue and lower their prices to stay ahead of the competition while still making a profit.

“Using a combination of P2P and blockchain technologies, Particl Open Marketplace can provide a verifiable private shopping experience that ensures no user data can be created or collected by any party other than the one you are transacting with. The Particl protocol also brings the cost of buying and selling online to the bare minimum as no central entity can charge fees,” said Particl’s Project Marketing and Strategy Manager Paul Schmitzer.

How Particl’s Decentralised Marketplace Works

Particl is uniquely approaching fraud and trade insurance through the use of a double deposit escrow system without intermediaries and with zero fees. This system is based on MAD game theory where two parties deposit PART coins as collateral into a smart contract. Once the transaction between them is complete, the coins are released back to the parties and no fees are charged. This system allows users to be in control of their transactions and to eliminate fraud.

 

Since the marketplace is decentralised, the protocol generates all listing fees and redistributes them to the global network of users.

Particl is made up of three components: an untraceable multi-purpose privacy coin, a private decentralised marketplace where users can shop with cryptocurrencies, and a platform where developers can build decentralised applications.

Particl allows a wide range of cryptocurrencies and uses atomic swaps and third-party integrations to convert these coins to PART during transactions. The company will soon add more payment options to its marketplace.

In 2018, Bitcoin Africa talked to Particl’s spokesperson Desi-Rae about the project. Read the full interview here.

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South Africans Can Now Buy Ether (ETH) Using Rand on Luno

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Global cryptocurrency exchange Luno has now enabled crypto traders in South Africa to buy ether using rand on its platform.

Trading on Luno

LunoLuno offers users an easy and safe place to buy bitcoin and ether and to learn about cryptocurrencies. The exchange has more than 2.7 million customers across 40 countries.

Luno also has a dedicated Ethereum series on its learning platform to help users make informed investment decisions.

Commenting on the new launch, Luno’s General Manager in Africa, Marius Reitz, said: “The direct Ethereum/Rand pair will make it quicker, simpler, and cheaper for customers to interact with and use Ethereum on the exchange. We are working on a number of enhancements to our platform and this pairing has been introduced in response to demand from our customers. Previously, customers could buy Ethereum through our instant buy option but having this ability directly on the exchange makes it faster and cheaper for traders.”

According to Reitz, Luno makes sure that every coin listed in its exchange has undergone due diligence. “There are over 2000 cryptocurrencies. However, many of these are scams, so customers need to trust that the exchange they use has verified the track records of cryptocurrencies available on their platforms. Luno limits the currencies on offer to those on which we have completed extensive research and due diligence and we are satisfied with their credibility in terms of security and adoption. Luno will be adding additional cryptocurrencies to its platform later this year,” he explained.

Luno Report

A recent report from Luno showed that South Africa and other emerging markets would like to see a change in the current financial system.

“Individuals in these markets cannot afford to, and should no longer need to, pay high exchange rates, accept national currency devaluation or lose out when they simply transfer money. Access to a more inclusive financial system will enable people everywhere to think of new and better ways of exchanging value and technology allows this,” Reitz elaborated.

Luno plans to upgrade its platform, expand its team, and open new offices in expectation of the next surge in the value of cryptoassets.

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