The launch of the beta version of Kubitx exchange was announced on Thursday which will see to further boosting of cryptocurrency trade in Africa, most especially Nigeria, the most populous African country. The new platform is planned to be supportive of seven different cryptocurrencies for its testing, which includes BCH and BTC cryptocurrencies.
Kubitx Launches An ‘Hybrid’ Exchange That Facilitates Payments, Remittances and OTC Trade
Kubitx startup co-founder and chief operating officer, Victor Philip announced an apparent boost to the crypto space of Nigeria and Africa at large, the release of version 0.1 of the Kubitx exchange. The beta version will be tested by 150 qualified people from the company’s open invitation to participate in the launch.
The chief operating officer of the firm, Philip noted that the first rollout call spot for crypto-to-fiat conversions and bill payments in Nigeria, because of the high population and active youth with massive crypto adoption, ranking sixth globally. This makes the country the best place to test the platform.
The firm is still nascent as it was founded in 2017 and has a personal appellation of “hybrid digital asset exchange” that uses distributed ledger technology to facilitate payment throughout Africa and abroad. The exchange also offers trade financing with the processing of remittances and over the counter trades OTC. The firm is registered in Malta, Nigeria, and Zimbabwe.
Demo token will be used for the testing of the beta release of the exchange trading, deposit as well as withdrawal interface among other features. The feedback obtained from the testing would be corroborated into the final beta version which will be operated with real digital currencies such as BCH and BTC.
The trial is expected to run till the 15th of October, which will be followed by official live trading on the platform a week after. Philip, a Nigerian economist, and IT program manager based in Canada noted that when the platform is fully operational a Nigerian will be able to send money back home by depositing BCH into Kubitx which the recipient in Nigeria will be able to withdraw in the local currency, the Naira.
Cryptocurrency Adoption Growth In Africa
Cryptocurrency adoption has seen a wide growth in African countries especially in Kenya, Ghana, Uganda, Nigeria, South Africa, and Zimbabwe. Mostly, the cryptocurrency use is offering respite to the poor banking system and economic inflation.
The continent of Africa is a fertile land for the growth of cryptocurrency and blockchain sector with a massive population of 1.2 billion which are dominant with youths.