Cryptocurrencies are currenetly reshaping the financial world, and offer a wide range of benefits over traditional curriencies. One of the biggest issues that fiat currency sufferers from is inflation, which is particularly problematic in developing nations in Africa,
A new crypto project, however, aims to leverage the benefits of cryptocurrency in order to foster the growth and adoption rates of blockchain technology in Africa. Bolenum has recently launched and concluded a successful initial coin offering that saw BLN, the native token of the Bolenum platform, listed on CoinMarketCap at a high of around US$7.16 for 1,000 BLN.
In this article, we’ll take a look at Bolenum Exchange and find out how the project is tracking to help you understand where the Bolenum platform is headed in the future.
What Is Bolenum Exchange?
The Bolenum Exchange is currently live, and is the alpha version of a fully-fledged exchange that Bolenum plans to roll out as part of its comprehensive roadmap. The Bolenum platform is intended to bring the cryptocurrency revolution to Africa, which is home to more than 1.25 billion people that are currently less aware of the impact crypto is having on the world at large.
In the Bolenum whitepaper, the Bolenum team outline some of the key reasons why Africa is currently falling behind the rest of the world in the development and adoption of blockchain technology. There is currently a lack of public knowledge and news coverage regarding crypto in Africa, which is further compounded by the fact that there is not a lot of technical literature translated into African languages.
Additionally, there are few people that are even aware of crypto or blockchain technology across Africa as a whole, and for those that are there are many barriers to entry that prevent them from becoming involved. Many exchanges, for example, don’t allow individuals from African nations to even register.
In order to tackle these problems, Bolenum has launched an Ethereum based token called the Boleno Token, or BLN. The BLN was successfully launched in an ICO in August 2017, and is specifically designed to increase African participation in the cryptocurrency environment.
Serving as the currency of the Bolenum project, the BLN functions as a classical cryptocurrency, delivering a means of storing value outside of hyperinflated African nation currencies as well as functioning as a secure method of payment outside of fiat currency.
The Boleno Exchange is the second element of the Boleno project, and is designed to combine the characteristics of a traditional cryptocurrency exchange with a new perspective that includes peer-to-central fiat funding. In addition to trading cryptocurrencies, the Boleno exchange will also support a diverse range of African fiat currencies.
Users of the Boleno Exchange will be able to access a wide range of trading tools in order to make informed trading decisions, as well as access the Bolenum wallet, which supports any Ethererum ERC20 tokens or contract.
It’s great to see the Bolenum Exchange project kicking off with a live exchange, as there was a small amount of doubt from industry observers expressing concern over the lack of a public face to the Bolenum team, and the company behind the Bolenum platform found to be registered as a UK-based financial investment firm.
At this point in time, it appears that the Bolenum exchange only supports ETH and BLR, but as the platform is still in an early alpha, this is to be expected.
Bolenum Exchange Conclusion
While the Bolenum Exchange is still in the early stages of development, it’s showing a great deal of promise and if it achieves success could potentially provide individuals in African nations with a viable and highly effective means of value transfer outside of hyperinflated fiat currencies.