New West African Zaddex STO Crypto Exchange (ZEX Token) Obtains Ø Crypto Union Partnership
A revolution in the West African SME space could be happening soon, thanks to a Memorandum of Understanding signed by Crypto Union and Zaddex. According to the agreement, the tri-product Blockchain-banking project will partner with Zaddex, a recently-launched digital assets exchange and issue discounted trading fees.
— Ø Crypto Union [ $KSB $OUR ] (@OCryptoUnion) March 2, 2019
Plans to roll out the project are already at an advanced stage and the exchange has already finalized the last tests on it. Some of the details of it include the use of ZEX, the platform’s native cryptocurrency, to issue the reduced trading fees and, at the same time, power all payments on the platform.
Why ZEX Tokens
Part of the profits generated on a quarterly basis will be injected back to buying and burning more ZEX tokens. This strategy is meant to increase the financial perks of the ecosystem’s participants. However, to further enhance liquidity, the two have agreed to introduce a host of trading pairs as well.
Though ZEX tokens were not issued in any ICOs and fundraisings whatsoever, they will soon be available to everyone. Their availability, however, is subject to the project going live as they will be exclusively issued to those who will invest in it only.
Other ZEX tokens will be kept within the ecosystem to later help in developing the platform, market it and even fund any maintenance expenses on the STO platform. Interestingly, Zaddex is working closely with Komodo, a strategy that they aim to use and make the exchange a scalable and decentralized one. Kimodo will incorporate their cutting-edge Atomic Swap technology along with their Crypto Conditions to the exchange.
Details About The Partnership
Crypto Union’s decision to work together with Zaddex is powered by their joint quest to create a single solid platform they would use to advance Crypto Union’s agenda in Africa. As a banking entity, Crypto Union had previously made a foray in the region and founded a robust working relationship with the government of Ivory Coast.
Therefore, this partnership with Zaddex will see the Blockchain-based banking institution make its way into the expansive and opportunity-rich West African SME market. It will also expose the region to the perks or a border-less blockchain technology. Essentially, what Crypto Union expects to provide are funding in form of equity and debt financing as well as e-money and crypto-backed loans.
Details about the pact have been shared with the Ivory Coast’s Trade Ministry along with a host of relevant government organizations. The fact that Zaddex is fully licensed and can freely operate across West Africa is another huge boost to the success of the project.
Crypto Union expects to reach out to a majority of the region’s SMEs who are the single largest employers. They envisage a scenario whereby a new self-sustainable middle-class will have emerged by 2035 and subsequently boost the region’s economy. With this, Crypto Union is starting by injecting funding to 150 SMEs in Ivory Coast alone.