Trapeace Holdings, South African company is currently developing first-ever African-focused cryptocurrency, Africa Master Coin, which will be designed with a focus on the continent’s interests.
The cryptocurrency set to be launched later this year, according to IOL, will aim to rival established players such as Bitcoin, but will be exclusively used within the continent for the benefit of Africa and Africans.
The African focus of the cryptocurrency will see it linked to various African countries, enabling more efficient foreign investment as well as faster and easier trade across the continent.
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Trapeace Holdings have partnered with a Korean-based development team and Singapore-based Initial Coin Offering marketing firm Cornet Technologies to create the Africa Blockchain Foundation, which will develop and launch Africa Master Coin, according to IT-Online.
The tokens are expected to be available towards the end of 2018 and will have many benefits for companies, investors, and end-users on the continent, offering stability and complete mobility freedom.
An exclusive African cryptocurrency has the potential to improve access and usability for those looking to make cross-border payments in Africa, therefore boosting the prospects of African trade.
George Gordon, director of Trapeace Holdings, explained the thought process behind the African tokens and their benefit for the continent.
“The cryptocurrency is still being developed and finalised and will be ready to launch later this year, around October. However, development has been underway already for over a year,” said Gordon, ITWeb reports.
“Many African companies operate across borders within the continent and paying suppliers is known to be a cumbersome process. A uniquely African cryptocurrency will greatly improve cross-border payments between African countries. Our goal is to make the Africa Master Coin as accessible and usable as possible,” he added.
A single African currency has for some time been on the discussion table at the African Union (AU), with members recently discussing the possibility and 44 of them signing a deal to establish the African Continental Free Trade Area, according to EWN.
The way in which Africa Master Coin is envisaged would provide a digital currency that could potentially answer the call for a single African currency.