GIGM And GIGL May Integrate Crypto Wallets And DeFi Into Mobile Platforms
GIGM and GIGL may integrate crypto wallets and DeFi into mobile platforms
GIG Mobility (GIGM) and GIG Logistics (GIGL), two African mobility and logistics companies, have announced plans to begin accepting cryptocurrencies as payment for services and to provide other blockchain solutions on their platforms.
According to an insider source, the company will soon integrate cryptocurrency, decentralised finance (DeFi), and other blockchain solutions into its mobile platforms, allowing users to trade more easily and efficiently.
As you may recall, we hinted two months ago that a major African brand operating in the mobility and logistics sectors may be working on a major blockchain solution that will redefine the space across the entire continent. The company is working in collaboration with a group of international partners to develop and launch what could be the first decentralised blockchain-enabled project financing platform to serve the entire continent of Africa.
According to our source, providing GIGM and GIGL users with access to a cryptocurrency wallet is in line with the company's mission to promote freedom of movement and other economic and social activities through the use of technology.
“Eventually, gig logistics may be able to enable users to perform a variety of tasks such as paying bills, transferring assets and money, and so on,” the source speculated.
What this means and why it matters
This would be the first decentralised blockchain-enabled platform in Africa that would allow users to exchange virtual currency for real-world goods and services if GIGM and GIGL manage to successfully integrate and launch crypto payments as part of their offerings.
Despite the fact that Africans own a significant amount of cryptocurrency. An analysis report published by Chainalysis, a digital analytics company, found that between July 2020 and June 2021, Africans received $105.6 billion in cryptocurrency. With Nigeria, South Africa, and Tanzania ranking among the top 20 countries in the Global Crypto Adoption Index, this represents a 1200 percent increase in market size since 2013.
However, it is not widely used in Africa for financial transactions. P2P transactions have become increasingly popular as a result of regulatory bottlenecks and government pressures, allowing people to circumvent stifling regulations. A large number of others only use it as a means of accumulating wealth.
GIGM's provides technology-enabled mobility services in major cities across Nigeria and Ghana, including Lagos and Accra. GiGL makes it possible for Africans to receive seamless deliveries anywhere in the world. As a result, both platforms are strategically positioned to allow thousands of daily commuters to transact with the value of their currencies while also encouraging widespread adoption.
Insurance, loans, and crowdsourcing are just a few of the features that DeFi offers its customers. Borrowing and lending, on the other hand, are two of the most common applications for DeFi applications.
This allows users to lend out cryptocurrencies in the same way that traditional banks do, and to earn interest as a lender in the process. Aside from that, there are numerous other, increasingly complex options, such as becoming a liquidity provider for a decentralized exchange, which is discussed below.
This feature, we believe, indicates that GIG is planning a broad range of banking services that will significantly broaden the brand's commercial reach.
How it may work
It appears that the project will involve the creation of a new token that will be used as the primary medium of value exchange on the companies' mobile apps, rather than the adoption of existing cryptocurrencies such as Ethereum, Dogecoin, and Bitcoin as the primary medium of value exchange.
There is a possibility that a large number of tokens will be pre-mined prior to the launch of the project. In addition, the team may decide to reward users with tokens in order to encourage adoption, as has been done by many similar platforms in the past.
Our source assured us that the new currency will retain its value and withstand volatility as a result of the team's sound liquidity management system and the real-world assets that will serve as a backstop to the new currency.
