Zimbabwean crypto exchange Golix expands to yet more markets

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Zimbabwean cryptocurrency exchange Golix has continued its rapid expansion by opening its doors to users in Cameroon, Rwanda, Nigeria and Tanzania as it looks to avail its services across Africa.

Launched three years ago, Golix has processed transactions worth US$20 million and is on a rapid expansion push across a continent where only three countries currently have cryptocurrency exchanges.

The startup expanded to South Africa in April and made its services available in Kenya and Uganda last month, and is now continuing its growth by launching in Cameroon, Rwanda, Nigeria and Tanzania.

Golix recently launched a US$32 million initial coin offering (ICO) as it bids to finance the establishment of cryptocurrency infrastructure across the African continent. The GLX token, an Ethereum ERC20 token, is available for purchase on the Golix token sale website. The sale ends on July 25.

The startup’s 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.

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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