KuBitX, a hybrid digital asset exchange, is to offer a completely new way of cross-border transfers for African countries with the help of blockchain.
Though our world seems to have already started its way towards mass crypto adoption, it won’t be possible without a clear leadership. Moreover, the situation with crypto adoption is still seriously influenced by the fresh memories of the 2008 economic disaster that managed to affect the entire world.
Moreover, there is still lack of credibility towards cryptocurrencies and all the mechanisms and principles following which they function. Some people are just afraid to lose their money entering the crypto world. The same ideas are widely spread among the governments of some countries.
Situation in African Countries
As it is reported by Ecobank, crypto trading is blocked in Namibia, while South Africa and Swaziland are the only countries in the African region where crypto trading is allowed.
The African region has its specificity. The migration rate is rather high. Many people need to leave their homes and move to some other countries in order to earn money to support their families.
However, at the same time, remittance fees are extremely enormous. To transfer money to Africa is 20% more expensive than to any other continent. People need to pay approximately 10% of the sum of their transfer which is too high especially given the financial situation in their countries.
Nevertheless, owing to the emerging technologies the solution can be found. Several African tech companies are actively working on exploring the opportunities of blockchain that can be utilized as a feasible option for traditional systems for transfers.
KuBitX to Revolutionize the System
A Pan African venture, KuBitX has been created to improve the situation with currency transfers. It is a hybrid digital asset exchange that offers user-friendly environment, simple operations and clear processes and is targeted at the emerging markets
Moreover, users of the platform will have an opportunity to pay for their basic needs using crypto without a necessity to exchange them for fiat. KuBitX has an aim to help a wide audience to learn more about cryptos , blockchain and all the possibilities that they offer today as well as their significance in our world nowadays.
The platform is going to achieve it aims offering people a new channel for remittances from across the globe. The transfers presuppose usage of the platform’s native utility token KubitCoin (KBX). Such a method of transferring funds is said to reduce time needed for transfers as well as their costs.
While its main rivals from all over the world can process nearly 1.4 mln transactions per second, KuBitX is claimed to conduct 12 million transactions per second. What’s more, the platform guarantees it users full safety and security of their assets in KuBitX wallets.
The team behind the project comprises the best professionals who have rich expertise and what is even more important – deep understanding of the specificity and needs of the region.
While African countries are still considered to be developing ones, with such innovative companies as KuBitX they will have an opportunity to enter the crypto world quite soon.