The most important and recognized Zimbabwean virtual currency exchange Golix is planning to expand its business operations to the neighboring country, South Africa. At the beginning of the month, Golix decided to open the first Bitcoin and Litecoin ATM in Harare, but it seems that the Zimbabwean company wants to keep growing.
Golix Expands to South Africa
Due to the economic situation in Zimbabwe during the last 10 years, virtual currencies have become very useful in the country – and more for those who wanted to save part of their earnings. Indeed, the Zimbabwean society is sure that having their savings in Bitcoin or other cryptos is much safer than having them in their own national currency.
At the same time, Golix has been expanding as a cryptocurrency exchange that provides an easy way to send and receive money from abroad. International payments carried out through traditional financial institutions are very complicated to perform.
Now, Golix has partnered with Blockstarters, a start-up company from South Africa, that will allow the crypto exchange to smoothly expand its operations in the South African country. Blockstarters is a blockchain incubator that helps enterprises and businesses enter the market faster.
Golix Product Manager, Yeukai Kusangaya, explained:
“This is a positive and 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 we 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.”
And that’s the truth. According to Google Trends, South Africa is the country were interest for Bitcoin remains the highest in the world amid a bear market since December 2017.
South African Market a Clear Expansion
South Africa seems the natural market for the products that Golix wants to introduce. There are over 3 million Zimbabweans that are now living in South Africa. That is, Golix will be expanding to a market that is very active and that is related to the Zimbabwean life.
Kreaan Singh, Blockstarters co-founder said:
“Blockstarters brings 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… Companies like Golix will one day, help millions of other people to do the same.”
Two of the most active countries in the cryptocurrency market in Africa, Zimbabwe and South Africa, will be working side by side and expanding their businesses. This will capture the attention of many investors, bitcoin and virtual currency enthusiast and governmental agencies.
The South African Reserve Bank (SARB) is also working with blockchain technology in order to monitor, analyse and closely follow, how virtual currencies and distributed ledger technology spread in the country. At the same time, the government has taken a friendly regulatory approach towards bitcoin and cryptocurrencies.