Africa is set to welcome another major cryptocurrency platform and here is all we know
Africa is set to welcome another major cryptocurrency platform and here is all we know
We are constantly on the lookout for significant advancements in Africa's technology ecosystem. Recently, we've begun to hear rumblings about a possible disruption in Africa's project financing.
According to information filtering out, a major African brand operating in the mobility and logistics sectors may be nearing completion of a collaboration with a group of international partners to develop and launch what could be Africa's first decentralised blockchain-enabled project financing platform, revolutionizing not only how projects are financed in Africa, but also the range of parties involved.
According to what we've heard thus far, the project will involve the creation and launch of a new cryptocurrency that will serve as the platform's primary medium of exchange. According to what we're hearing, the project's backers are confident that the new currency will retain value and withstand volatility as a result of the sound liquidity management system being deployed and the real-world assets upon which it will be based.
To verify the rumours of such a project and unearth the details, our crack team of investigators (we are not kidding) immediately got to work.
We must admit that if such a project is truly in the works, the backers have done an excellent job of maintaining secrecy, even more so for a project of this magnitude. Nonetheless, our team discovered snippets here and there as expected (we're that good).
To begin, we worked our contacts and came to the reasonable, if cautious, conclusion that GIGM and GIGL, both leaders in mobility and logistics in Africa, may be the most likely candidates for such a far-reaching disruptive project.
One factor that aided our search was the GIG brand's track record. For a long period of time, the brand has been on a disruptive trajectory, innovating to create a forward-thinking service ecosystem for the African continent.
Our investigation continued in order to ascertain the precise nature of the DeFi project and the cryptocurrency involved. After several attempts, we came across a website that contained a useful hint—gigxpad.com.
The website states that "GIGX is Africa's first decentralized marketplace, bringing real-world business opportunities to a blockchain-based environment." It continues, "...to expand economic opportunities for all by enabling peer-to-peer services, effectively eliminating middlemen and thereby lowering associated costs."
We are reasonably confident, based on our findings thus far, that this is a rumoured project. Additionally, we believe the cryptocurrency that will be minted and launched will be called GIGX.
Only time will tell whether we are correct
Regrettably, we were unable to provide any links (we are human after all!) to the project's rumoured foreign partners, who we also hear have committed some funding to the project. Apart from the pre-seed funding from the partners, we're hearing that an initial private sale of the token is imminent, as several parties have expressed interest.
We reached out to the GIG team for confirmation and were met with a mixture of denial and confirmation. That almost suffices as a clue for us!
In any case, we are hopeful that this project will succeed because it will assist thousands of businesses and institutions across Africa in overcoming the perennial challenge of obtaining funding for projects in a sustainable, convenient, and profitable manner.
