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The West African SME space will soon benefit following a partnership between Crypto Union, a tri-product Block-chain-banking project and a newly-launched cryptocurrency exchange Zaddex.
The partnership was announced between the two and it is aimed at boosting Small and Medium sized enterprises (SMEs) in West Africa. As per a statement released by Crypto Union , West African SMEs will have access to funding through the partnership via a new security token platform.
Zaddex completed its final stage of testing nearly two weeks ago. The platform will use its native platform coin, ZEX, and it will offer discounted trading fees as it functions as a medium of payment for cryptocurrency listing requests.
Crypto Union reveals that the cryptocurrency will soon be exclusively available through the platform after its’ lauch. Founder’s coins will be reserved to further market the project, develop the decentralized counterpart as well establish and maintain the STO platform. The partnership with Zaddex will give them licence to fully operate operate in West Africa.
The venture is working closely with Komodo, a bitcoin platform that aims at being the new standard for cryptocurrency security and anonymity, with an aim to come up with a decentralized and scalable platform, complete with Komodo’s Crypto Conditions and Atomic Swap technology.
They intend to expand from Côte d’Ivoire where they are currently based across West African Monetary and Economic Union (UEMOA) by offering equity and debt financing via asset-backed loans and e-money.
Crypto Union aims to invest in 150 small businesses across Côte d’Ivoire, to further bring economic development through the country’s SME market.
SMEs are important drivers of growth in economies across Africa, accounting for up to 90 percent of all businesses in these markets. Today, these small and growing businesses create around 80 percent of the region’s employment hence bettering lives of millions of people who would otherwise be jobless. It is for this reason that NGO’s, governments and other stakeholders have been keen to support these emerging markets.
Featured Image Courtesy: IDB
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