Zim cryptocurrency exchange launches token sale

A Zimbabwean cryptocurrency exchange has launched a token for sale to the public despite a ban on local banks to trade in virtual currency.

Friday, the Reserve Bank of Zimbabwe through a circular, issued a prohibitive order on banks to stop trading in cryptocurrency within 60 days.

However, Golix, a company which was cited by RBZ as one the exchanges, has announced the launch of its token, the GLX Token.

"The GLX token, an Ethereum ERC-20 token, will be available for purchase from Monday 14 May 2018 on the Golix token sale website, tokensale.golix.com.

"Potential buyers can use their bitcoin (BTC) and/or ethereum (ETH) to buy the GLX token which has been priced at $0.05612 per GLX token," Nhlalwenhle Ngwenya announced in a statement.

The fintech startup has been facilitating Africans customers to buy and sell cryptocurrency, using payment channels that are predominately available to Africans, such as mobile money, cash payments and bank transfers.

Golix also announced its plans to spread wings across Africa and money raised through token sale will be used for that purpose.

"Golix targets to enable more people in Africa to access cryptocurrencies by setting up exchanges all around Africa that will accept local fiat.

"The token sale aims to raise funds that will enable Golix to achieve this."

Ngwenya from Golix said the company aims to raise about $32 million through token sale.