A new consolidated exchange that covers digital tokens, stocks, assets and traditional financial instruments in Africa is entering the market with its ICO. Is this what the continent and its people need?
The African market has immense economical potential, with one estimate saying the GDP will increase 3.1% this year. TE Markets realized that there are several markets in Africa, but different jurisdictions and borders mean that these are fragmented. Modern technology means that all of this can be consolidated in one massive exchange and that is how the idea of ACEX came about.
The XTEMCoin Breakdown
With a holistic exchange such as ACEX, one major problem arose. Considering the massive size of the assets being traded, liquidity was going to be an issue and this is where the XTEMCoin was born. A cryptographic token leveraging blockchain could single-handedly allow people from any nation to trade commodities, bullion, stocks, forex and even cryptocurrencies.
Cryptocurrencies such as Bitcoin already enjoys a lot of popularity in Africa and as more adoption continues, cryptocurrency use will only rise. While introducing another coin in the heavily competitive market seems counterintuitive, TE. Markets has a very justifiable reason.
Ian Mvula, the founder describes XTEMCoin,
“Unlike other coins, XTEMCoin is not just going to be a naked cryptocurrency but rather will have real intrinsic value as it will be synthetically indexed to defined commodities exchanges, Indices, Stocks, Forex Cryptocurrencies and also enjoy the full credit and might of T.E Markets Limited and its various projects.”
TE Markets will be using the Binance Smart Chain to run the XTEMCoin. The decision is based on the higher throughput, efficiency and speed of BSC in comparison to other larger ecosystems. A total of 500 million XTEMCoin will be minted, creating a deflationary environment. With only 55% of the tokens set for sale, the rest is set for future expansions and team.
While leveraging the properties of blockchain, the XTEMCoin has a few features that is designed to appreciate its value over time.
- Coin Burn: A certain percentage of the coin will be burnt every quarter.
- DeFi: Staking pools will reward token holders, creating passive income.
- Fee Sharing: A percentage of the fee charged through XTEMCoin on the exchange will be shared with token holders.
Use Cases: ACEX and Other Projects
The XTEMCoin is more than just a token. It is linked with the different operations of TE Markets and token holders can enjoy various benefits.
ACEX, the African Consolidated Exchange will be the set up from the ICO funds to create a one-stop solution for all kinds of instruments and tradable assets under one roof. The XTEMCoin will also serve as the primary token through which ACEX users will be able to pay their trading fee, creating an intrinsic value and provide liquidity.
A mining company, Red Planet is already on the verge of closing two deals in Zambia and Zimbabwe. XTEMCoin holders will be able to stake their tokens in the company and earn dividends through higher than market buybacks.
Secured investments in local and international properties and real estate, XTEMCoin stake holders will enjoy higher profits in a tax-efficient environment.
Pursuing sustainable, economical and financial changes in the low-income population of Africa, TE Micro Funding will partner with several microfinance players to offer ease in money movement and banking the unbanked.
Merchants of XTEMCoin will partner with TE Payment Gateway and become players in the remittance done through XTEMCoin in all markets of Africa. Many countries in the continent see the highest charges on remittances (up to 9%) and the TPGS will enable a fast, secure and low-cost alternative to hundreds of thousands of Africans.
The Venture Capital arm of TE Markets, TE Capital provides funding to SMMEs and startups so people can achieve their financial dreams. TE Capital has been operating since 2005 and is the largest in the region. It will invest XTEMCoin in viable projects and even sell off the token for fiat when necessary.
XTEMCoin is no ordinary token. With backing from the leading TE Markets firm, the token is set to rewrite how Africa will grow as an economic and financial power in the future. The ICO (and subsequent operations using XTEMCoin) is exactly what the African continent needs at the moment.