Introducing Ethereum (ETH) and Ferrum (FRM)to the First Kudi App

Ian M. Friend, Esq.

Published in

FIRST KUDI

3 min readDec 27, 2019

Dear First Kudi Community,

We are thrilled to announce the addition of Ethereum (ETH and Ferrum Network Token (FRM) into the First Kudi app!

Now, our users can invest in ETH and FRM directly with Naira. This will also open up other utilities for FRM within the First Kudi app.

In this article, we provide an overview of this major development and what it means for our users.

What is ETH and FRM

Ethereum (ETH) and Ferrum (FRM) are cryptocurrency tokens similar to Bitcoin but with notable differences.

ETH is the utility token that powers the Ethereum network and FRM is the utility token that powers the Ferrum Network ecosystem, of which First Kudi is a part of. You can invest in these assets and use them in a variety of different ways.

For example, FRM can be used in Ferrum Network Staking and Social Mining as ways to earn more FRM and contribute to the Ferrum ecosystem.

ETH can be used in thousands of decentralized applications, and a small amount of ETH is needed for all transactions on the Ethereum network.

FRM as a Utility Token

As a general overview, FRM is designed to be the rewards token for customers of the First Kudi app. It is also an easy way for everyday Nigerians to become familiar with investments in this alternative asset class of cryptocurrencies and utility tokens. With this in mind, we have designed the integration of FRM token into the wallet to best fit our customer base and long-term goals.

Investment in Utility Tokens and Cryptocurrencies

First Kudi is Africa’s financial empowerment app. It allows you to save money on money transfers, lower your business costs, and provide access to an exciting new asset class: blockchain and cryptocurrencies.

With this in mind, our users can now invest in FRM, ETH, BTC and GUSD directly with Niara! A price chart within the app will allow you to keep track of your investments.

Buy/Sell Limitations

However, please be advised that First Kudi is not a typical exchange for traders. It is an investment app, and FRM is a utility token with specific use cases within the app.

Therefore, for the time being, we have limited the sell amount per person to a limit deemed suitable for organic users of the app — day-to-day Nigerians, not traders or speculators.

The current sell limit is 120 FRM per day in order to reduce the risk of price manipulation and discourage speculation.

Currently, there is no daily buy limit. However, we will analyze the data and may adjust the buy/sell limits periodically.

What’s Next: Rewards for Using and Holding the FRM Token

In the coming weeks and months, we will be introducing a series of utilities for the FRM token within the Kudi app. These will includes rewards, buy-backs, and other exciting utilities that will increase the use-cases for FRM and reward our loyal customers. Stay tuned as we announce these utilities.

As always, thank you for your continued support of First Kudi.

Yours truly,

The First Kudi Team

Useful Links

First Kudi Announcement Channel Telegram: https://t.me/firstkudi

First Kudi Official 24/7 Support Channel Telegram: https://t.me/Firstkudi1

First Kudi Twitter: https://twitter.com/firstkudiapp

First Kudi Official Website: https://firstkudi.com

First Kudi Official Facebook: https://www.facebook.com/firstkudi/

First Kudi Instagram: https://www.instagram.com/first_kudi/

First Kudi Google PlayStore App : https://playstore.firstkudi.com

First Kudi IOS Appstore App : https://appstore.firstkudi.com