Zimbabwean cryptocurrency exchange Golix has launched a US$32 million initial coin offering (ICO) as it bids to finance the establishment of cryptocurrency infrastructure across the African continent.
Launched three years ago, Golix has processed transactions worth US$20 million. It has now launched a token sale as it looks to avail its services across Africa, with only three countries on the continent currently having cryptocurrency exchanges.
Golix lead of special projects William Chui said the ICO was aimed at enabling instant remittances and international payments through cryptocurrencies.
“From the onset our main agenda has been to provide financial autonomy in Africa to Africans. The GLX token is going to be used to facilitate and realise this agenda. The GLX token will be used to trade with other altcoins on the exchange, all this will be done at zero transaction fees,” he said.
“The GLX token will also be used to facilitate remittances and international payments at lesser fees, compared to current banking methods. This cascades immensely towards the contribution of GDP growth in African countries.”
The GLX token, an Ethereum ERC20 token, is available for purchase on the Golix token sale website, with potential buyers able to use bitcoin or ethereum to buy the GLX token, which has been priced at US$0.05612. The sale ends on July 25.
Golix, which expanded to South Africa in April, has also announced that its services are now available in Kenya and Uganda.
“People in Kenya, South Africa and Uganda will be able to start transacting on Golix. This is one of our plans to be the leading cryptocurrency exchange in Africa, inspired by our vision of providing financial autonomy on the continent, ” said Golix head of growth Panashe Tapera.
