An Estonian based cryptocurrency firm has launched its operations in Eastern Africa called Totalcoin East Africa, it will begin to trade in Kenya, Uganda, Tanzania, Rwanda, and South Sudan.
Total coin app is a cryptocurrency wallet for smartphones or computer which stores popular cryptocurrencies including Bitcoin.
Users of Totalcoin can create wallets for XRP and they can sell and buy bitcoin at a competitive advantage and exchange it for other cryptocurrencies including; Bitcoin, Ethereum, Litecoin, and Dash wallets.
Among its notable features is the ability to transfer crypto on the platform between users through mobile numbers.
This feature enables the platform to trace the history of Totalcoins thus stopping people from spending other users’ coins, making copies of the coins or undoing transactions.
Total coin was tested and launched in Russia in December 2018 and is registered in Estonia with headquarters in Berlin German.
The East African office will be headed by Joshua Mutisya who is well experienced in blockchain and cryptocurrency.
For every successful trade, Totalcoin charges users one percent commission, users must have the Know your Customer ( KYC) details before conducting any transaction.
This makes it possible to trace the history of Totalcoins to stop people from spending coins they do not own, making copies or undoing transactions.
This is among the few cryptocurrencies launched in the region, most governments have remained skeptical with the new technology.
Kenya’s Central Bank Governor, Patrick Njoroge previously noted that Kenya is not ready to embrace digital money saying, “We are still miles away from having solutions to those things (cryptocurrency). But I know there’s a lot of interest particularly with the new product that Facebook has recently announced.”
Featured Image Courtesy: pexels.com