Watch the news & stories in motion: Subscribe to WeeTracker on YouTube
In light of the Reserve Bank of Zimbabwe’s announcement to stop banks and other financial institutions from facilitating any virtual currency payments, Golix is still adamant on pursuing their ICO and GLX token release.
In a press release, Golix was adamant that its current customer base of 50000 users, as well as its overall transaction cumulating to USD 20 Mn, make it a reliable vehicle to launch their own GLX token.
“Golix, a cryptocurrency exchange that enables Africans to have financial autonomy through cryptocurrencies, is excited to announce the launch of its token, the GLX Token, as declared by the startup.
Golix is an African fintech startup that has been facilitating African customers to buy and sell cryptocurrency, using payment channels that are predominately available to Africans, such as mobile money. Over 1 billion Africans currently do not have access to a cryptocurrency exchange that will accept the fiat in the hands of the majority and Golix will accomplish this through their token sale raise.
The GLX token, an Ethereum ERC-20 token, will be available for purchase from Monday 14 May 2018 on the Golix token sale website, tokensale.golix.com. Potential buyers can use their bitcoin (BTC) and/or ethereum (ETH) to buy the GLX token which has been priced at USD 0.05612 per GLX token.
Trading cryptocurrency has never been licensed in the country and as per our earlier report, Bank Governor John Mangudya has in the last few days sent out a public announcement forbidding “all banking institutions [from] providing banking services to facilitate any person or entity in dealing with or settling virtual currencies.”
The coming weeks and months will be an exciting prospect for Golix as they navigate the Reserve Bank’s announcement. But more so it will require a creative launch of their ICO when looking to attract new investors whilst giving current users the necessary assurance. The move by Reserve Bank governor John Mangudya is not an altogether new challenge but rather the persisting tactics of a declining regulatory system.
The GLX token on offer is not a security token meaning it is not backed by any shares but as a utility token, it gives investors access to future products and services released by Golix. The idea is that if uptake is positive, then the token will grow in value. There are over 1 274 billion tokens on offer, but the ICO will only release half of that to the public. The balance of tokens will be shared internally with the co-founders and investors taking 15%, general staff another 25% and 10% to cover the costs of marketing any and all proposed projects related to the ICO.
Golix currently has a user base of over 50000 users, and their exchange accounts are linked to CBZ Bank and Steward Bank both of whom serve as partners with Golix. There’s no doubt that the lack of support from commercial banks will make it difficult for new investors. Nevertheless, this is an excellent opportunity for Golix to consolidate its customer base and leverage the use of its new Bitcoin ATM which will see people deposit cash in exchange for crypto tokens.
9500+ subscribers are getting our free newsletter on African technology, startups and innovators bi-weekly.
Made with ❤ in Africa