AFRIDEX EXCHANGE: A MILESTONE IN AFRICA’S JOURNEY TO A DECENTRALIZED FUTURE.
The timely emergence of digital currencies as verified substitutes to centralized financial structures has facilitated payment processes, guaranteeing the possibility of sending values anywhere in the world with the same speed as information. Toppling centralized financial structures, the emergence of cryptographic digital signatures has quivered the foundation of traditional finance thereby invoking the spread of a radical digital movement across the universe. This discovery solidified the basis upon which the Afridex Exchange was founded. Being a product under the Afridex Ecosystem, the Afridex Exchange is a blockchain-based cryptocurrency asset exchange platform that will plug the gaps in already existing exchanges.
Founded in Nigeria, designed by global standards, and deployed to Africa, the Afridex Model is at the core of a revolution that will usher in a decentralized future in Africa. Having the capacity to integrate about 10,000 trading pairs, creating a user-friendly trading environment by making for highly affordable transactional costs, providing a high-level security architecture, and being the first Nigerian Exchange platform to integrate as many trading pairs as it currently has, the Afridex Exchange has set the tone to be Africa’s finest exchange platform, capable of leveraging the favorable trading portfolio in the African market.
In June 2021, trade statistics showed that around $38 million in bitcoin was traded in Nigeria alone, excluding other cryptocurrencies and altcoins, with USDT, Ethreum, and XRP leading the way in trading volumes. Further, Nigeria was discovered to be the third in trading volumes of cryptocurrency in the world. The numbers are present, the statistics are favorable, however, where does integrating these statistics for a coordinated derived benefit come in? In this regard, the Afridex Exchange has emerged as Africa’s chance to contribute to the global crypto market on a larger scale. Adopting the Afridex Exchange as the platform through which these exciting market trading volumes are made will not only be favorable to our community of investors but will also:
- Establish the role and presence of Nigeria and Africa at large in the crypto world
- Integrate the effort of Nigerians to create the first standardized native exchange
- Debunk the notion of an underdeveloped national economy
- Create a platform for listing Africa based projects
- Change the narrative of cryptocurrency and its impacts on the national economy
- Wider crypto adoption among Nigerians and Africans encouraged by a homemade native exchange in Africa.
The tokenization of business start-ups, incorporation of the next-of-kin feature, and a guarantee to increased usability by making trading activities available in native languages will be salient features that will declare the place of Afridex Exchange in the heart of Crypto evolution. A report published by Suzanne Wisse-Huiskes, a Dutch crowdfunding expert, recorded that in the $83.3 million raised by the African crowdfunding market in 2015, Nigeria accounted for $7-$8 million. The major source of Nigeria’s crowdfunding came from peer-to-peer business lending and equity crowdfunding — which accounted for 90 percent of the activity. Accordingly, $214.9M was raised in 2020 (105% growth from 2019) from 1035 new companies (91% growth from 2019)
Compared to $104.7M raised in 2019 from 541 companies was recorded in the US owing to crowdfunding. Utilizing tokenization, the Afridex exchange launchpad will allow start-ups to raise funds, effectively representing the shares of the entity. These tokens will be listed on the Afridex Exchange, thereby guaranteeing a seamless process for any business that owns valuable assets to raise funds via a quick, efficient, and legally compliant process.
With the Afridex Exchange, customers will be able to buy or sell digital currencies from the Afridex exchange which in turn transfers the digital exchange into or out of the customer’s account. Since the launch is near, then, the future is here! With the Afridex Exchange, you can as well bid welcome to a decentralized financial future.
Collective participation in this innovation will engender a new phase that will redefine the involvement of Nigeria in pioneering new frontiers of discoveries. Our plans and structures are already in place to change the trajectory of finance in Africa through the soon to be launched Exchange as a product under the Afridex Ecosystem. Even you too can take this walk into the future of finance with us.