Cryptocurrency Exchange Golix Opening Up In South Africa

Southern Africa continues to embrace cryptocurrency with Golix the infamous Zimbabwean exchange showing its intentions to operate in Kenya, Uganda and South Africa by also conducting its $32 million token sale there to raise funds for expansion. The aim of the coin offering is to enable instant remittances and international payments through cryptocurrencies.

Golix made headlines this year by opening up cryptocurrency ATMs in Zimbabwe as well as being banned by the Zimbabwean reserve bank only to have the ban rescinded. Since then Golix hasn't looked back and looks to go from strength to strength with this planned expansion.

About the token sale & expansion

According to Golix lead of special projects, William Chui, “Since the onset, our main agenda is to provide financial autonomy in Africa. The GLX token is going to be used to facilitate and realize this agenda.”

Clients from different countries will be able to buy the GLX token from the exchange with fiat currencies, he explained. Then, the coin issued by Golix will be used to purchase other cryptos on its trading platform at zero transaction fees.

Zimbabwe’s first crypto exchange also promises lower fees, in comparison with traditional banking methods, for remittances and international transfers facilitated by the GLX token. The Golix representative believes that will contribute to the GDP growth in African countries.

Press Release from Golix

Golix expands to South Africa

Zimbabwe’s leading cryptocurrencies exchange, Golix, has coordinated a partnership withBlockstarters, South Africa’s crypto/blockchain hub and incubator, in a move that will see the exchange tapping into a new highly economic active market.

The strategic move, is part of Golix’s initiatives to expand its services to the rest of the continent.

The crypto/blockchain hub and incubator cushions startup firms, against challenges that may stifle them to realise their full potential by providing a conducive environment which comprises of relevant blockchain fields and potential capital ventures.

Entering a new market can be a challenge, hence the incubator hub will offer Golix a chance to smoothly integrate into the South African cryptocurrencies space and meet with like minded startups.

Golix previously had only two offices in Zimbabwe’s capital, which so far house 22 staff members as the exchange continues to grows.

Golix’s Product Manager, Yeukai Kusangaya, said this was a welcome development.

“This is a positive and a promising move. The crypto/blockchain hub and incubator is set to be a huge learning platform for Golix in an all new different environment. During this period the hub will be more of a compass to us as navigate into a new market factoring in the cost of exploring new depths like this. Also believe that South Africa is the best place because of its vibrant economy which, like Zimbabwe, has also interest in cryptocurrencies,” she said.

Blockstarters co-founder Kreaan Singh said “As entrepreneurs ourselves, we created Blockstarters to bring together the very best in the crypto & blockchain industry. We want startups to grow together, and to inspire one another to create innovative solutions for Africa. How better to do this than to bring everyone under one roof? We the Blockstarters founders have been involved in the industry since 2013, and now live much of our lifestyles off cryptocurrencies. Companies like Golix will one day help millions of other people to do the same.”

Currently, they are more than 3 million Zimbabweans estimated to be based in South Africa. Annual they remit millions back home. Considering that, as of the moment, Golix does not support the Rand (ZAR), being part of the hub is likely to see the exchange introducing the currency.

Unlike the Zimbabwean government’s cautious stance towards cryptocurrencies, South Africa has adopted a more proactive approach. Early February 2018 it was reported that the Central Bank of South Africa had said that it would carry out its own research into the feasibility of blockchain technology in South Africa. Such a move can prove progressive to cryptocurrencies exchange and boost public confidence.

Golix Director of Communications
Nhlalwenhle Ngwenya

South African cryptocurrency options

Sites like Luno & Coindirect have taken the initial risk and laid the groundwork for cryptocurrency adoption and is the reason why we're seeing more competition in this space. First with Sygnia and now with Golix. I for one welcome competition in this space as I do feel we are paying over market rate for our cryptocurrency in South Africa and secondly I've had my Coindirect account hacked and left high and dry by the exchange even though it was down to a technical error on their part.

Having more competition will do plenty in terms of helping us get competitive rates and better service as we have more choice on how to get access to cryptocurrency. If you're not fimiliar with South Africa's current cryptocurrency exchange options then I suggest you check out my previous post - How To Buy Bitcoin In South Africa

Check out Golix

To find out more about Golix or the token sale check out their official website here - https://golix.com/

Have your say

What do you think of Golix moving into South Africa? Will the be more competitive Bitcoin pricing with our current fiat options running pretty high margins and service fees to exchange currency?

Is the South African market large enough to sustain 4 exchanges?

Drop me a comment and let me know what you think and smash that upvote button and show me some love

Let's connect

For more cryptocurrency and my opinion on the market feel free to follow me @chekohler

Sources:

• Bitcoin.com
• Tech Zim
• We Tracker
• Bitcoin Africa
• Disrupt Africa
• Tech In Africa