ABN - Plans are accelerating towards the launch of Africa Master Coin – the continent’s first cryptocurrency – later this year.
Trapeace Holdings has partnered with a leading Korea-based blockchain development and Singapore-based ICO (Initial Coin Offering) marketing firm Cornet to create the Africa Blockchain Foundation, which will aid the launch of the cryptocurrency.
The group also said that Africa Master Coin would be linked to the currencies of various African countries, in a move which follows South Africa President Cyril Ramaphosa’s recent calls for a single, possibly digital African currency.
George Gordon, Trapeace director and a board member of the Africa Blockchain Association, said the digital currency would enable greater foreign investment along with faster and easier trade within Africa.
“Many African companies operate across borders within the continent and paying suppliers is known to be a cumbersome process.
“A uniquely African cryptocurrency will greatly improve cross-border payments between African countries. Our goal is to make the Africa Master Coin as accessible and usable as possible.”