Bolenum – Africa’s Ethereum Boleno Cryptocurrency Remittance?
Bolenum is a cryptocurrency payment platform targeted at the continent of Africa. Find out everything you need to know about this new company today in our review.
What is Bolenum?
Bolenum is a startup that aims to make it easier for Africans to access cryptocurrency markets worldwide. The company will provide cryptocurrency services and financial services. After expanding across Africa, the company plans to expand globally – with a particular focus on the Global South.
What will Bolenum do? The core features of the platform will be to facilitate the sending, receiving, and exchange of money – including both cryptocurrencies and fiat currencies. Bolenum will create an exchange, a wallet, and a digital token for these purposes.
Obviously, targeting the entire continent of Africa is ambitious. That’s why Bolenum is currently only providing services in Egypt, Nigeria, Ghana, and South Africa – four nations that account for over 350 million people.
Bolenum is holding an ICO starting July 15, 2017. The company is releasing its Boleno token (BLN), which will be the base asset of Bolenum. The ICO will last until August 14.
We couldn’t find any information about who’s behind Bolenum. The company refers to itself in press releases as “a London-based financial services firm”, but we couldn’t find any information about the founders, executive team, advisors, or even the location.
What Problems Does Bolenum Seek to Solve?
Cryptocurrency use is exploding around the world. However, the continent of Africa, home to over 1.25 billion people, is falling behind. The Bolenum whitepaper mentions that there are several key roadblocks between Africans and their adoption of cryptocurrency. Those roadblocks include:
- A lack of publicity and knowledge around cryptocurrency
- There isn’t a lot of technical literature written in African languages
- Few people are aware of this technology across Africa
- Even those who are aware of the technology and cryptocurrency world find it difficult to get involved
- Most exchanges – even the largest exchanges – don’t accept African fiat currencies
- Many exchanges don’t even allow the registration of citizens of African nations
As the Bolenum whitepaper explains, “This lack of knowledge and lack of access combines to form an almost insurmountable barrier for many.” These are the problems that Bolenum seeks to solve.
Bolenum Products and Services
How does Bolenum plan to solve the problems listed above? The first goal of the project is to launch an Ethereum based token, its Boleno token (BLN). That token will be specifically designed to increase African participation in the cryptocurrency world. To facilitate the use of that token, Bolenum will create an exchange and a wallet system. Here’s a more detailed description of each of the three core Bolenum products and services:
The Boleno Token
The Boleno token (BLN) “will serve as the currency of the Bolenum project”, explains the official Bolenum website. The tokens will act as a store of value while also working as a secured payment instrument for transactions. Users can use the Bolenum exchange to trade Boleno tokens into African fiat currencies – including the Naira as well as popular foreign fiat currencies like the USD. The Boleno tokens will also be available for trade on third party cryptocurrency exchanges along with the Bolenum exchange.
The Boleno Exchange
Bolenum calls its exchange the Boleno Exchange. The exchange “will combine the traditional exchange characteristics with a marketplace twist where peer-to-peer trading as well as peer-to-central fiat funding are available.” Users can withdraw Boleno into their fiat currencies while also buying Boleno directly using a wider range of African fiat currencies than what’s currently offered by any exchange. Traders can view order books and check historical performance data to make informed trading decisions. In addition to trading BLN on the Boleno exchange, the tokens will be available for trade on large exchanges “after the conclusion of the ICO”, according to the Bolenum whitepaper.
The Bolenum Wallet
Bolenum is creating a Bolenum wallet that’s fully compatible with the Boleno exchange. It allows for the easy withdrawal and purchase of tokens. You can use the wallet to support any Ethereum ERC20 contracts, allowing for flexibility for token holders to us whichever service they prefer most.
The Bolenum ICO
Bolenum is launching its ICO on July 15, 2017 at 8.00 GMT. During that ICO, the company will make its Boleno token (BLN) available for sale. The token will be the base asset of Bolenum.
There will be a fixed total of 10,000,000 Boleno tokens. no more tokens will be created after the end of the ICO. Of the total supply, 50% (5,000,000) tokens will be made available during the ICO and put into circulation.
The token will launch at a static price of 0.02 ETH during the ICO. To purchase the tokens, you’ll need to send an amount of Ether to the Bolenum ETH address equivalent to the number of tokens you wish to purchase.
Following the ICO, all funds raised through the ICO will be put towards development of the project. Specific goals include product research, development, launch, and the associated overhead costs, as well as promotion and marketing throughout Africa and around the world.
The ICO is scheduled to conclude on August 14, 2017.
You can read more about the ICO, and register your interest for the ICO, at the official Bolenum website here: http://bolenum.com/ico.html
Who’s Behind Bolenum?
Typically, a project’s whitepaper gives detailed information about the development team, the executive team, advisors, and others involved with the project.
The weird thing about Bolenum is that there’s no such information on the official website. We couldn’t find any information about the executive team or any other individuals involved with the project. The website itself is very small and features limited information about the platform or its technology.
The only information we could find about Bolenum was from a handful of press releases launched on June 13. Those press releases refer to Bolenum as “a London-based financial services firm”. Typically, press releases feature specific address or contact information for a company – but no such information is available for Bolenum.
Ultimately, cryptocurrency startups are launching all over the world. However, the continent of Africa – which is already underserved by traditional banking institutions – isn’t as well-represented in the world of cryptocurrency. Bolenum wants to change that. The company is targeting its cryptocurrency and financial services at four countries to begin, including South Africa, Nigeria, Egypt, and Ghana, which together account for over 350 million people. In the future, Bolenum wants to expand globally (with a focus on the Global South).
The next step for Bolenum is to launch its digital token, the Boleno token (BLN). The ICO is scheduled to start on July 15, 2017 and last until August 14.
If Bolenum is successful, the company will be able to expand the use of cryptocurrency across the continent of Africa while solving crucial roadblocks along the way. The three core products offered by Bolenum include a wallet, an exchange, and a Boleno Token.
One issue with Bolenum is that there isn’t a lot of technical information in the company’s whitepaper. The whitepaper is just 7 pages long and provides basic information about the company’s goals and anticipated products. We would like to see more concrete information regarding timelines and project development. We also can’t find any information about the founders of the company, or its executive team.
Ultimately, there are some red flags about Bolenum that need to be addressed. The platform claims to have benevolent goals in mind – but we need a lot more information about the project.