Ø Crypto Union Launches Partnership with Zaddex Cryptocurrency Exchange
STO platform to launch SME market via blockchain in West Africa
A Memorandum of Understanding established an agreement between the blockchain-banking project, Ø Crypto Union, with the newly-launched cryptocurrency exchange, Zaddex.
Zaddex completed its final stage of testing earlier this week in preparation for launch. The platform will utilize its native platform coin, ZEX, which will offer discounted trading fees, whilst functioning as a medium of payment for cryptocurrency listing requests. To further liquidity, an array of trading pairs will be established. In addition, the platform will utilize a share of quarterly profits to buy and burn ZEX coins directly through the market with a view to find financial benefits for market participants.
ZEX was not subject to a coin offering fundraising campaign; the cryptocurrency will soon be exclusively available through the platform upon launch. founders coins will be reserved to further the development of the decentralized counterpart, project marketing and for the establishment and maintenance of the STO platform; the venture is working in close cohesion with Komodo with view to establish a decentralized and scalable platform, complete with Komodo’s Crypto Conditions and Atomic Swap technology.
Under Ø Crypto Union’s controlling interest, the joint venture with Zaddex will seek to establish a launch platform, furthering Ø Crypto Union’s ambitions in Africa. Since 2017, the blockchain-banking platform has been working in cohesion with the Ivory Coast’s government. The partnership with the Ivory Coast seeks to connect the West African SME market with border-free blockchain technology with a view to expand across the UEMOA states through equity and debt financing via asset-backed loans and e-money. The partnership is documented through an agreement between Ø Crypto Union, the Ivory Coast’s Trade Ministry and extended government agencies; a business relationship with the BRVM has also been established. The exchange is fully licensed to operate in West Africa, with permission to integrate SME ventures.
The World Economic Forum reported in 2015 that small and medium-sized enterprises accounted for 80% of the region’s employment. With the number of Africans joining the working-age population set to exceed of the rest of the world combined by 2035, an expanding labor force will facilitate the growth of a new middle-class, many of whom will live and transact locally, catalyzing economic development of local economies and the SME market. In identifying such opportunities, Ø Crypto Union has pledged to invest in 150 small businesses in the Ivory Coast.