Kenya’s Pesamill Africa Crypto Exchange Launches to Rival Bitpesa Trading Platform
Pesamill Africa, A Kenya’s Crypto Exchange, Is Launched
Pesamill Africa has just started its business in Kenya, one of the most attractive markets in Africa for Bitcoin users. The exchange will be a direct competitor to other ones like Bitpesa and it promises to help the Kenyans who want to buy and sell cryptos via P2P trading or its centralized order book.
The main differential from Pesamill Africa is that the company is basically a “two-in-one” company, as it has decentralized and centralized trading and, this way, the company can help all types of people who want to profit with cryptocurrencies. Pesamill Africa’s founder, Brian Ngugi, affirms that the exchange will offer cross platform trading in these two methods.
Pesamill Africa’s launch happened on September 26 in the Blockchain Association of Kenya, Nairobi. The founder has affirmed during the launch the main goal of Pesamill Africa is to solve the “tedious and complex” problem with Know Your Customer (KYC) requirements.
According to him, the company is already making plans to speed up the whole process of verification and to boost the security of the payments, among other things. The new exchange will trade Bitcoin Core (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP).
Kenya is rated as one of the top 25 crypto markets in the world and the third one in Africa, only after Nigeria and South Africa. Because of this, it will be a tough mission for the company to establish dominance in the sector, but the rewards will be big, but the company will have strong rivals like Bitpesa, Coindirect and Belfrics.
Regulation In Kenya
Some weeks ago, the Kenyan parliament has decided to come up with a determination on whether to regulate Bitcoin and other cryptos. The Financial Ministry has been tasked with this mission and, so far, there is still no answer as to how the government will decide to act in the end.
The founder of the company has stated that some form of regulation is very important to aid the growth of this new industry as it is going to alleviate some of the tension that the industry faces. The more indetermination that the industry faces, the more it struggles.
He believes that sooner or later cryptos will be finally regulated and the segment will expand as quickly as it is allowed to.
However, Kenyan authorities seem to be more interested in the blockchain technology and its publicly distributed ledgers than in actual cryptocurrencies and tokens. The central bank went as far as reducing Bitcoin to a Ponzi scheme in the past.
Despite this shadow of uncertainty, however, Bitcoin and the other altcoins continue to thrive in the country and there is plenty of chances that the market will continue to be strong unless the government decides to ban it.