This South African Start-up Wants To Create Africa’s Crypto Bank and Exchange

Chryptex project was designed and developed to leverage blockchain technology in order to advance society into the 4th Industrial Revolution

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Shutterstock.com
Shutterstock.com

Africa is still the new economic frontier, despite political uncertainties and various risk factors.

The continent also has a large and youthful workforce, an increasing middle class, a developing financial services network based in part on mobile phone technology and abundant natural resources.

This enormous potential is waiting to be unlocked.

A case in point is the economic miracle Ethiopia has experienced since 2005. With embracing globalization and foreign investment, the country has had double-digit economic growth since 2005, only recently slipping to 8% growth the last year.

The big question is how to unlock these economic opportunities with solutions that mitigate the risks that are specific to the continent.

A new crypto startup wants to enable Africa to achieve more of these success stories. And not only achieve it but amplify it.

Chryptex, a start-up based in Cape Town is aiming to use blockchain to become the preferred crypto exchange and banking partner on the African continent, and later the world.

The total market cap of cryptocurrencies increased from $26 billion a year ago to about $350 billion today. Exchanges experience as much as 100,000 new signups daily and major players such as Binance earn hundreds of millions in fees.

Pan-African people are fighting the structural and mental shackles that are constricting them; the world is only choosing to hear their raising voices now.

Chryptex will break a lot of these shackles and amplify the economic, social and communal growth that will sprout therefrom, the crypto startup said in its white paper.

The startpup says its Chryptex project was designed and developed to leverage blockchain technology in order to advance society into the 4th Industrial Revolution

The company is planning to launch a world-class international crypto and FIAT currency exchange, and then expand into being one of the “first true digital banks” that operate on the blockchain, offering people “true transparency, financial power and freedom”.

“We are currently negotiating with initial investors after which we will run an ICO (initial coin offering) in November and launch the first phase (Exchange) of our project in Q1 2019,” Quentin Grundlingh, the COO and co-founder of Chryptex, told TechFinancials on Monday.

Pieter Kemp and Quentin Grundlingh, co-founders of Chryptex
Pieter Kemp and Quentin Grundlingh, co-founders of Chryptex

Founded by its CEO Pieter Kemp and Grundlingh, Chryptex will then in 2020 launch a stable currency, designed to remove the volatility from the cryptos thus creating a viable method for using cryptocurrencies for day to day transacting.

Thereafter, the startup will launch a Chryptex Digital Bank and become available to users in 2021.

The start-up says the exchange will be the foundational platform for subsequent Chryptex banking, payments and eCommerce solutions.

Chryptex Exchange will enable ICO backers to immediately trade Chryptex Coins
with other cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, Ripple, EOS, Litecoin, IOTA, NEO and more. The Chryptex Coin (CTEX) will be created with Ethereum ERC20 technology. Chryptex will generate 500 million tokens in a total of which 60% will be made available at ICO stage. Any unsold tokens will be burnt.

“Our exchange will also be available on smartphones, tablets, laptops & desktops.
From the date of launch, the exchange will support 15 cryptocurrencies & four major foreign currencies, namely ZAR, USD, EUR and CHF,” the company said.

“The number of tradable FIAT currencies will increase to no less than 12
in the near future along with more cryptocurrencies being added over time.”

Chryptex Exchange will also offer global payment processing, allowing users and merchants to send and receive payments — similar to PayPal and Western Union combined, but with substantially lower fees, faster processing times and live market rates.

Chryptex will start off with English and French and in the pursuit of becoming a world class exchange, it will offer its services and support in multiple languages, including Chinese, Japanese, Korean, German, Spanish, Italian, Portuguese, Russian, Arabic and Swahili.

The yet-to-be-launched Chryptex Exchange intends to distinguish itself from other current crypto exchanges by offering users so much more than just a platform to buy or sell crypto.

“We intend to introduce crypto into the business world where it can grow and unlock its true potential. Furthermore, many people are at a disadvantage when it comes to investing in traditional, international stocks as they’re either hindered by geographical
barriers or high entry costs or both,” company says. “We strive to give our users the opportunity to invest in the stocks they wish without any of the hassle of geographical restrictions, high minimum entry costs or expensive fees imposed by the majority of institutional exchanges out there today.”

Digital Bank

As the world is entering the 4th Industrial Revolution, the need for cashless payments is on the increase. This is evident with the increase in mobile payments over the past few years.

The globe is shifting from a cash-based to a cashless society more every day. Multiple countries are taking the leap in replacing their cash-based infrastructures and solutions with more cashless alternatives.

Cashless payments are the future, according to experts who believe cashless societies may exist as soon as 2022.

Hand holding mobile with Mobile banking word and features icon with blur office counter background,Digital Lifestyle concept.
Hand holding mobile with Mobile banking word and features icon with blur office counter background,Digital Lifestyle concept. (Photo Credit: www.shutterstock.com)

Chryptex Digital Bank, which may be operational in 2021, aims to introduce the following features:

  • Low account maintenance fees;
  • Tiered accounts including business accounts.
  • Flexibility to send & spend funds freely anywhere;
  • Built-in customer support to resolve customer queries;
  • Scheduled payments to both individuals and businesses;
  • Allow Chryptex Digital Bank customers to transact with account holders from traditional banks & other Crypto-banks;

“Our banking solution aims to provide users with a solution that provides a mobile/online banking experience that’ll allow them to transact using both fiat and cryptocurrencies much like a traditional bank account,” Chryptex argues.

“Our goal is to offer users a high-quality user experience in trading virtual assets, conducting daily banking and ultimately enabling them to switch all their fiat transactions to next-generation Crypto transactions.”

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