Business 5 October 2018Dennis Wafula
Crypto in Africa: Pesamill opens 2-in-1 crypto exchange as ONEm launches hybrid crypto
Pesamill Africa has begun trading in one of Africa’s most active crypto markets. The startup’s exchange service will compete with the likes of Bitpesa and will market itself to more than 48 million Kenyans. It promises to help the residents buy and sell cryptocurrency through peer-to-peer exchanges, or via its centralized exchange, with an order book. Its founder, lawyer Brian Ngugi said they will offer cross-platform trading, which will be a two-in-one type of exchange.
Ngugi spoke to delegates at the launch in Nairobi last September 26, which was also attended by members of the Blockchain Association of Kenya. Ngugi said, “We aim to solve the tedious and complex Know Your Customer (requirements) of most global exchanges.”
To do that, Ngugi promises to speed up verification, boost security and ease payment processes, among other things. Pesamill Africa will trade BTC, ETH, LTC, and XRP.
Ngugi is optimistic that if regulated, crypto would spur growth and confidence in East Africa’s ecosystem. The streets of Nairobi continue to thrive with Bitcoin despite the shadow of uncertainty hanging over its future. This comes in the wake of Bancor Network, a fintech company based in Nairobi, announcing that it will launch a network of blockchain-based communities. These are intended to help East Africans to manage their digital tokens using part of the $150 raised last year in a token sale.
ONEm launches hybrid crypto
Closely tied to the new exchange platform, mobile startup ONEm Communications has launched a hybrid cryptocurrency focused on reaching the unbanked masses in Africa. The startup is based in London and deals in mobile services that create an ecosystem that allows people to communicate and access information through mobile phones.
The digital currency, mCoin, will be an internet-free coin that can be transferred between users via cell phones using text messages or apps. mCoin will be launched globally with Africa as their starting point, where it will “leverage [Africans’] happiness by giving them simple and effective tools that extend their capabilities.”
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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