Since the popularity of Bitcoin within the developed economies, the crypto-currency phenomenon seems to be gaining traction in Africa with trade activities increasing in geometrically across many African cities. However, accessibility still remains a challenge as most exchange services are designed for the elite class with many users often relying on referrals to unverified over-the-counter traders who sometimes defraud novice buyers. Further, the centralized exchanges mostly used in these African countries are susceptible to security from both external and internal culprits.
What Is XendBit?
XendBit is a decentralised blockchain platform for remittances, payments, aid disbursement, store-of-value and credit. The XendBit wallet uses bank-verified KYC and is being developed as an exchange. XendBit will be a platform to enable new blockchain-based financial services, taking advantage of the new opportunities presented by the blockchain ecosystem such as smart contracts, ICOs, crypto-loans, venture financing, and tokenization which will power digital identities, certificate registration and verification services.
How XendBit Works?
Users are expected to download the XendBit wallet by choosing one based on their device such as a wallet for Android, MacOS, or Windows among others. The user will then have to buy coins from a list of sell orders in the exchange order book. The user can now send or receive Bitcoins or other digital coins to and from other wallets.
The XendBit exchange will have updated market information allowing traders to make informed trading decisions. There will be no hidden fees as all the fees are fully disclosed. The exchange also offers instant trading with blockchain wallet signed trades. The exchange is secured with encryption and biometric security to ensure the security of the user’s data.
XendBit Features
A few features set XendBit apart from other exchanges and wallets. They include:
XendCash
Remitting cryptocurrencies and instantly transferring value in any currency anywhere in the world through instant settlements.
XendAid
Leveraging blockchain technology to empower and provide grants and disburse aid by transparent, immutable & cryptograhic processes.
XendCredit
Application of blockchain technology for financial inclusion with access to credit after account creation.
The Target Market
In Africa there exist a number of exchanges and blockchain start-ups in the crypto space, and a few are leveraging crypto-currency usage for cross-border trades and payments. The activities suggest a good time for serious players to come in, while the infrastructure for local take-off of digital assets is solid and robust enough. The liberalisation of telecommunication across the continent has enabled internet accessibility to a great extent with about 50% of the African population now having mobile phones according to GSMA. This is complemented by the fact that for the past two years, smartphone usage in the continent has doubled to reach an impressive 226 million subscribers.
The financial services industry is also positively accommodating the old and new players like MPesa, Paxful, BitPesa and Luno contributing to transaction volumes of over $100 billion within the payments and remittance space. Some of the banks are now lobbying for rights to trade crypto-currencies, though most of the region’s central banks are keeping the banks focused on traditional fiat based services. The next wave yet to impact the continent is that of crowd funding capabilities of the Blockchain such as Initial Coin Offering (ICO) and other token based initiatives.
Benefits of XendBit?
Unlike most global exchanges which are centralised, XendBit is the first decentralised digital asset exchange focusing on Africa.
Reduced Transaction Cost
XendBit features Xendcoin, which is native to the XendBit DEX. Transactions based on Xendcoin will attract lower fees.
Localised Tether Coins
As P2P trading becomes more fluid, traders can engage and settle trades faster than bank transfers or foreign TetherCoins.
Easy Bank Integration
The XendBit blockchain platform is able to integrate with most banks in Africa and beyond including Nigeria, Ghana, Kenya, South Africa and Rwanda.
Token Sale
The initial Coin Offering (ICO) will be based on XendBit native token, XENDTOKEN. XendToken (XTN) is being offered as ERC20 tokens on the
Ethereum blockchain. There will be a total 100,000,000 XTN tokens (out of a total of 200,000,000) for a capital injection of $15,000,000 softcap and $20,000,000 hardcap.
The private sale will end by the start of the presale on December 1, 2018 and will require a 1.25 Ethereum minimum contribution. All bonus structures will be decided and published before the public presale.
The public presale will end by January 2nd, 2019 and will be followed by the public sale and Initial Coin Offering (ICO) on 3rd Jan 2019, which will end either when the target is reached or on February 15, 2019, whichever is earlier.
Token Distribution
- Private sale and presale 20%
- Distributed by crowdsale to the public 30%
- Reserved for blockchain ventures 10%
- Founders and angel investors 30%
- Bounty 4%
- Advisers and Partners 6%
For more information about XendBit Decentralized Exchange and Cryptocurrency Wallet, kindly refer to their contact details listed below:
Website: https://www.xendbit.com/
Whitepaper: https://www.xendbit.com/whitepaper.pdf
Twitter: https://twitter.com/XendBit
Author: Tpq01349
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1972940
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