It has been a month of firsts for cryptocurrency exchange Golix; it began the month by launching the first Bitcoin ATM in Harare Zimbabwe and have now followed it up with a move that sees them expand into the South African market.
Cryptocurrency has had tremendous uptake in Zimbabwe over the last few years due to issues with the failing currency. There is a general belief amongst Zimbabweans that converting their money into Bitcoin proves a far safer and reliable alternative to their own. Furthermore, getting money in and out of the country has shown to be a difficult task as banks restrict the transactional limits or completely shut down due to lack of literal currency. This has created an environment ripe for movers like Golix who provide Zimbabweans with an alternative means to get money, in, out and around the country.
Their Partnership with Blockstarters – a blockchain incubator – based out of South Africa will allow the 4-year-old start-up to seamlessly transition into the South African market without the friction that often comes with entering a new market.
Speaking in her capacity as Golix’s product manager, Yeukai Kusangaya is excited about the prospect of joining the incubator. She has been on record stating that, “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 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.”
With an estimated 3 million Zimbabweans living in South Africa and remittances forming a considerable part of the market in Zimbabwe, this move is almost a natural one, allowing Golix to expand its services to the rest of the continent while also prioritising the needs of Zimbabweans.
Blockstarters co-founder Kreaan Singh agrees and has stated that “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.”
The Zimbabwean start-up’s bold move into the South African market will continue to spur a more proactive approach towards cryptocurrencies not just locally in Zimbabwe but throughout the African continent.