South Africa and its entrepreneurial society have come up with a new idea to create a new start-up that aims to leverage blockchain technology. The main intention is to create the first cryptocurrency bank in the African continent and a cryptocurrency exchange. Africa is a powerful growing market for new companies and enterprises. It has a large and young population ready to work, a flourishing middle class, a developing financial market and a high mobile phone penetration. But this potential must be unlocked.
For example, we can mention Ethiopia, which has been growing exponentially in the last years by embracing globalization and investment from other countries. Additionally, the country registered double-digit growth rate since 2005 until 2016, that grew just 8%. But how is it possible to unlock all these opportunities with solutions that avoid the risks in the continent?
Chryptex, a new start-up from South Africa that is based in Cape Town, is trying to use blockchain technology and become the most important cryptocurrency exchange on the African continent. In just a year, the cryptocurrency market grew exponentially, passing from $25 billion dollars to almost $900 during its highest point. At the same time, cryptocurrency exchanges have been growing and gathered an important amount of funds.
Chryptex is trying to break a lot of the shackles and offer new solutions to the African people. The exchange that is going to be launched will be featuring cryptocurrencies and other fiat currencies. At the same time, it is planning to expand and be one of the ‘first true digital banks,’ that will be operating using blockchain technology. In addition to it, Chryptex is committed to working with international authorities that will ensure that no illegal activity is carried out on their platforms.
Quentin Grundlingh, COO and co-founder of Chryptex, commented:
“We are currently negotiating with initial investors after which we will run an ICO (initial coin offering) in November and launch the first phase (exchange) or our project in Q1 2019.”
The exchange will be enabling ICO backers to trade Chryptex coins with other important cryptocurrencies. We can mention Bitcoin (BTC), Bitcoin Cash (BCH), Ripple (XRP), EOS, Litecoin (LTC), IOTA, NEO, and many others. The Chryptex Coin (CTEX) will be based on Ethereum, and there will be 500 million tokens. 60% of all the tokens will be available during the Initial Coin Offering and all the unsold tokens will be burnt.
It is important to mention that the exchange will also be available for smartphones and tablets, which will help individuals to have the possibility to trade their favourite virtual currencies everywhere.
“Our exchange will also be available on smartphones, tablets, laptops & desktops,” the company explained. “From the date of launch, the exchange will support 15 cryptocurrencies & four major foreign currencies, namely ZAR, USD, EUR and CHF.”
The platform will also be offering a global payment processing system, that will allow users and other merchants to send and receive payments. The main difference with PayPal, Western Union, and similar companies, is related to the fees. The exchange will have faster processing times, low fees, and live market rates. Moreover, there will be two languages supported at the beginning (English and French) and new ones will become available later, including Italian, Chinese, Japanese, Korean, German, Spanish, Portuguese, Russian, Arabic and Swahili.
The company explained that it wants to differentiate from other competitors by offering much more than just a platform to buy and sell cryptocurrencies. The team behind the platform wants to unlock the true potential of cryptos.
“We intend to introduce crypto into the business world where it can grow and unlock its true potential. Furthermore, many people are at disadvantage when it comes to investing in traditional, international stocks as they’re either hindered by geographical barriers or high entry costs or both,” the company says.
At the same time, Chryptex will be giving the possibility for users to invest in the stock they desire in a very user-friendly way and without geographical restrictions, minimum entry costs or expensive fees. Another important feature of this platform is related to a cryptocurrency bank. Experts say that blockchain and virtual currencies are the fourth Industrial Revolution, and the need for cashless payments are increasing every single day.
But one of the key points that need to be developed is the technological infrastructure required to handle these transactions and movements. The Chryptex Digital Bank is going to be launched and operational in 2021 and will be introducing the following features for its customers:
- Low account maintenance fees.
- Tiered accounts that include business accounts.
- Flexibility to send ad spend funds freely anywhere around the world.
- Built-in customer support to resolve customer queries.
- Scheduled payments to both individuals and businesses.
- Transactions between customers form the Chryptex Digital Bank and account holders from traditional banks and other institutions.
Some of the main problems experienced by other platforms were related to the lack of good customer support and interoperability, slow transactions and operations, and high fees. Chryptex explains that their platform is being developed having in mind a solution that will be providing users with a mobile and online banking experience that will let them transact using fiat and virtual currencies.
“Our banking solution aims to provide users with a solution that provides a mobile/online banking experience that’ll allow them to transact using both fiat and cryptocurrencies much like a traditional bank account.”
Chryptex believes that working with an international banking license and creating solutions for businesses and individual investors, it will be possible to provide attractive products. With more competition in the market, the financial system will be improved and the mobile and banking industries will also be involved in a healthier environment.
The CEO and co-founder of the platform are Pieter Kemp, Quentin Grundlingh is the COO and co-founder, Del Marco Mathee is head of legal and compliance and Nico van der Dussen is Chryptex CFO. A phrase that describes how the team and company think is the following:
“The best way to predict the future is to create it.”