Kubitx Bitcoin Exchange Launches Beta For OTC Trading, Payments And Remittances In Africa

Kubitx, a technology startup based in Africa and registered in Malta, just announced that it will be launching a new cryptocurrency exchange in Beta mode. The platform will support seven digital coins, including BTC and BCH and will be available for users in Nigeria, exclusively – at least until the platform expands to other countries in the coming months.

Victor Philips, the platform’s co-founder and chief operating officer stated, “Today we launch the Kubitx Exchange feature release version .01.” He added that the platform will include 150 people who have been invited by the platform to test the beta version.

Philips continued,

“[The] first rollout spot for crypto-to-fiat conversions and bill payments using crypto is Nigeria – a suitable destination to test our platform, as the country boasts the largest population and active youth within massive crypto adoption, ranking sixth globally.”

The platform was founded in 2017 and it describes itself as a “hybrid digital asset exchange” leveraging distributed ledger technology to facilitate payments throughout Africa and abroad. The platform also offers trade financing and handles remittance and over-the-counter trades.

The beta release enables users to try the trading, deposit, and withdrawal features and to provide feedback. The platform’s trial period will run until October 15 and official live trading will take place a week thereafter.

Kubitx wrote, in an online statement,

“Once the beta test is done, we suggest a one-week window to implement any suggestions received from the users on our platform, after which the (official) beta launch takes place.”

Africa’s digital currency ecosystem has seen significant growth lately. Countries such as Ghana, Uganda, Nigeria, South Africa, and Zimbabwe seen an increased interest in cryptocurrency. Such a wave of steady cryptocurrency adoption is viewed as a driver of economic growth and financial inclusion, while also mitigating remittance costs throughout the continent.

Another driving factor in the country’s growth is its technological advancements – more are using mobile phones as a mechanism to make payments and it is also becoming a financial leader in mobile-based financial settlements. When it comes to Kubitx, the platform recently reached an agreement with Interswitch International, a payment switching company, to claim a 99 percent share of Nigeria’s banking sector. The platform will operate a fiat-to-crypto payment and remittance business.

As Philips explained,

“Our ecosystem will support cryptocurrency-to-fiat handshake to get transactions done using the transparency, speed, security, immutability and decentralized features of the underlying (blockchain) technology.”

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