The Apollo Foundation has signed a memorandum of understanding with the Southern African nation of Lesotho to develop and implement blockchain technology in various departments and initiatives.
The main objectives of the blockchain initiative are to create new wealth in the private sector by harnessing Apollo’s fintech solutions, reduce financial crime, maximise the commercialisation of the nation’s mineral wealth, and reduce the friction of cross-border payments.
Apollo also claims the plans will help “eradicate” challenges like unemployment, poverty, and poor access to education.
“Lesotho is working to become a leader in technology,” says Steve McCullah, director of business development at Apollo.
“We are confident Apollo can help accomplish this mission.”
Lesotho is hoping to use the tech to improve its export-import sector and the mining and trade of diamonds.
The nation’s Ministry of Communications, Science, and Technology acted on behalf of the Lesotho government in signing the memorandum of understanding with the foundation.
Launched in 2018, Apollo is the 276th largest cryptocurrency in terms of market cap, with a daily trade volume of $350,000.
Many African nations are turning to blockchain to tackle social problems.
Earlier this year, the team behind blockchain start-up MediConnect met with the Ugandan president to discuss ways to combat the country’s ongoing issue with counterfeit drugs.
MediConnect has been working on developing a blockchain solution to trace and manage prescription medication.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.