New York-based blockchain company Veritaseum are expanding their operation to Africa, with infrastructure being set up in Lagos, Nigeria and Kampala, Uganda.
Veritaseum CEO, Reggie Middleton, confirmed that he is in talks with a Ugandan resident, who will oversee the taking of Ugandan Shilling deposits, possibly as soon as this week.
Customers using the Veritaseum platform, entitled the VeADIR, will be able to deposit fiat currencies or crypto to purchase asset-backed Gold, among other commodities, all on the Ethereum blockchain.
Middleton went on to state that Veritaseum was looking for undervalued Ugandan businesses to ‘veritize’ – a step that could massively accelerate blockchain adoption in Uganda and Africa as a whole.
Speaking on Tuesday morning, Middleton said: “Our operations are in Nigeria and Uganda. Abu (Abubakar) is a Ugandan resident and he will spearhead the taking of Ugandan Shilling deposits, possibly starting this week. We will start with VeGold as a stable store of value in Uganda for those 30 or so million unbanked. We are already looking for undervalued Ugandan businesses to Veritize.”
The announcement comes around the same time as Binance’s launch of their Ugandan exchange, which will also accept Ugandan Shilling deposits.
Meet Abubaker Mayanja, Veritaseum's newest, spearheading our efforts in the West African coast. Veritaseum's creating jobs in Uganda (& soon Nigeria, boosting FDI). See bottom of https://t.co/YC846swlUE to meet him. For more on our African aspirations, see https://t.co/02P6sDzPqL
— ReggieMiddleton (@ReggieMiddleton) October 15, 2018
Both examples are a sign of how blockchain technology can positively impact lesser economically developed nations, with Uganda being one of the poorest nations in the world with a gross domestic product (GDP) of just 25 billion.
However, the landlocked East-African country has a thriving blockchain community; Africa’s annual blockchain conference takes place in capital city Kampala and there are numerous cryptocurrency meet-ups throughout the year.
Nigeria, meanwhile, has a thriving oil industry that puts its GDP at over 400 billion. Middleton is attempting to tap into the Nigerian market and he seems hopeful of establishing a connection with some reputable figures.
On the potential Nigerian connection, Reggie added: “You guys will have your socks blown off when you hear what we’re doing and who we are doing it with in Nigeria. Africa will clock faster economic growth than any continent on the planet, and countries like Nigeria (if they follow our lead and execute properly) will exhibit growth that will make China look like a snail’s pace in comparison.”
Increasingly stringent regulations in the United States have resulted in Middleton incorporating Veritaseum in Bermuda, meaning that the company now has a base in New York, Bermuda, Lagos and Kampala.