Zimbabwe Crypto Exchange Aims for a National Digital Revolution
Cryptocurrency exchanges currently serve as the ideal gateway for entrance into the ecosystem and therefore the designated channel of adoption into the mainstream. The effect of the exchanges in the financial solutions industry is obvious in a number of areas. Payments and clearance, remittances, operations and several other facets have experienced one kind of intervention or the other as a result of crypto implementation through exchanges.
It All Goes Through the Exchange
In the current stage of the market, the several opportunities that abound are accessible through these exchanges. For instance, the speculative market that's mainly responsible for the price fluctuations and increasing trade volumes are traded on exchanges. Beyond this, the alternative to traditional financial systems being offered by cryptocurrencies are the significant reasons behind the many political and institutional interventions being experienced lately in the business.
The truth is that there is a whole new financial ecosystem with several factors that would not have been possible without the gateways created by the exchanges. So far in 2018, the ICO sector alone has consistently returned over $1 Billion revenue each month. This wouldn't have been possible without the role played by these exchanges which provide entry opportunities to newcomers in the industry. Same applies when converting from 1 cryptocurrency to another or from crypto back to fiat currencies.
While more financially established countries and societies may boast of various alternative routes of entry into the emerging market of cryptocurrencies, the narrative isn't so for the less developed nations. Ironically, it's these less developed nations that even want the alternate cryptocurrency opportunities more. This is due to the absence of stable financial solutions infrastructure and unstable financial processes, as reflected by the majority of their national currencies.
The part of Golix in Zimbabwe because its only cryptocurrency exchange is indeed significant especially with the country's recent history of mainstream financial turmoil. The exchange steps in as an alternative to the nearly hopeless situation the country was plunged into with its record-breaking hyperinflation of the past decade.
This situation gave rise to various other multiple complications that included selling dollar notes for much more than they are really worth.
This type of scenario as described above automatically required a financial system that stretches beyond the direct influence of already twisted local institutions. Anyone could presume that cryptocurrencies couldn't have came at a better time than now for the South African country. However, this hadn't been the case until the intervention by Golix who now stand alone as the only indigenous cryptocurrency exchange operating in Zimbabwe, opening up new financial stability opportunity for the taxpayers.
Golix may not have attained a high liquidity due to the low level of awareness and citizen involvement. However, it's common to expect a relatively significant demand since everyone runs to the same source for supply. This explains the high top level recorded in Bitcoin trading as detected in Zimbabwe.
It's All About Participation
But then, as the company makes an effort towards establishing a robust crypto ecosystem and lively marketplace in Zimbabwe and beyond, the team proceeds in participating in activities that would enhance this development. For instance, Golix team members are involved in the national conversation on the country's readiness for the digital revolution, and its participation in the TOKEN2049 conferenceholding in Hong Kong is also a movement to establish partnerships which will benefit the nation and region as a whole in the long term.
No matter how popular the understanding of cryptocurrencies and electronic revolution becomes among any people and inside a region, the intrinsic value that it provides can only be reached through direct participation. Zimbabwe as a nation and the whole African region is ripe and due for this revolution, but an important aspect of this process is viable gateways.
With the activities of Golix so far and the developments that will follow, it's anticipated that the days of extreme financial instability in the southern African country will soon be over as the people will have the opportunity to directly plug into a global financial system that knows no bounds.