After a long phase of beta testing, Kubitx, a crypto and digital asset exchange that has the goal to be a “pan African” exchange, has been launched. The company, which is registered in Malta but is a company from Nigeria and Zimbabwe, has used the occasion to release its hybrid OTC (over the counter) wallet.
Kubitx was founded in 2017. The company had an extensive beta phase since then and finished all the prepation for the launch of its hybrid services.
They are described as being hybrid because they leverage the blockchain to facilitate payments across Africa and even remittance services and trades in over the counter markets.
Company Listed 22 Assets For The Launch
According to the CEO of Kubitx, Eric Annan, the exchange will start its official post-beta operations with 22 digital assets listed on the market. Four markets will be listed against these tokens: BTC (Bitcoin), ETH (Ether), USDT (Tether) and KBX, the in-house token of the exchange. Some of the 22 assets include very popular cryptocurrencies like Ripple (XRP), DASH, Zcash (ZEC) and Doge Coin (DOGE).
At the first day of the launch, at least 100 people signed up in the exchange. Anyone who wants to withdrawal or send at least $10,000 USD has to pass a Know Your Customer (KYC) procedure first. At the moment, only people from Nigeria will be able to turn their cryptos into their national fiat currency but the services will be expanded soon.
According to Annan, the whole process for registering in the company is easy and people who are not crypto experts can easily use the program, something that was one of the goals of the project.
Also, the transactions are designed to be made very quickly, another feature that the creators of the exchange want the company to have.
The Hybrid Crypto OTC Wallet
One of the most important developments of the launch was the launch of the Kubitx crypto wallet. It was officially announced back in October, when the exchange was still in Beta. During this phase, at least 150 people used the wallet and they helped the company to fix some of the bugs that appeared at the time. According to Annan, the tests went very well.
The wallet is made for Android and the investors who chose to use it will be able to trade, send and receive all the cryptos that can be traded on the platform. With the help from the wallet, they will even be able to pay bills and other utilities. Cross-border payments and remittance services are also possibilities for the people who decide to use this product.
According to the CEO of the company, the crypto wallet was created as a way to facilitate the financial inclusion of Africa in the world and within itself. The blockchain is an innovative technology that can be used to connect people financially.
At the moment, the next plan for the exchange is to be able to to complete an Initial Coin Offering (ICO) and to expand to other countries of Africa like Zimbabwe, Ghana, Angola and South Africa, as well as to add more assets for the investors to use.