The AFRO foundation has launched the AFRO token, the first Pan-African cryptocurrency dedicated to growth and development in Africa.
Africa is now welcoming its first digital currency against the backdrop of numerous national currencies affecting trade and growth for the continent. The AFRO token is aiming to provide a reliable, safe, and secure solution suited to Africa’s development challenges.
AFRO was designed in order to address multiple problems facing the African continent. Approximately 65% of Africans do not have a bank account, and are therefore excluded from the banking system. Considering Africa has more than 40 different currencies over 54 countries, it makes currency exchange quite complicated and difficult.
“It will notably lower transfer and transaction costs, facilitate trade exchange between African countries and regions, and contribute to the financial inclusion of individuals and African SMEs,” the AFRO foundation said of their new token.
A proof-of-stake token
The AFRO token will be a 100% proof-of-stake (PoS) environmentally-friendly currency. The project claims that “very little to no energy is required, as the latest blockchain technological developments are taken into account.”
“750 billion AFRO was issued on 19th June 2018, correlated with Africa’s GDP and monetary stock, which symbolically equates to 600 AFRO per African inhabitant.”
The AFRO foundation’s governance relies on a Founders Committee which was created to assist and support the development of the AFRO cryptocurrency.
The Founders Committee aims to bring together economic, political, financial, digital, cultural, academic, institutional, and civil society representatives from across the continent.
Giving out 50 free AFRO
To mark the launch of the AFRO cryptocurrency, the Founders Committee is mounting a major awareness campaign to enable a vast number of users to find out about and experiment with AFRO as a Pan-African, transregional currency. The first 200,000 users will receive a wallet containing 50 free AFROs.
Not the only crypto project in Africa
AFRO is not the first cryptocurrency company to tap into Africa’s interest in blockchain, with Veritaseum CEO Reggie Middleton making inroads to the Nigerian and South African market by introducing an asset-backed module entitled the VeADIR, which allows users to research, transact, and hold digital assets like gold and silver, all on the Ethereum blockchain.
Coin Rivet also recently covered the story of Binance launching a fiat-to-crypto exchange in Uganda. Their plan will enable users to deposit Ugandan Shillings (UGX) to trade with Bitcoin and Ethereum.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.