Blockfinex Plans to Launch Three New Stablecoins for the African Market, Naira, USD and Gold Stablecoins

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Blockfinex Cryptocurrency owned by Dan Holdings plans to launch three new stablecoins for the Nigerian and African Market.

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According to the Chairman of Dan Holdings Group, Mr. Danny Onyekan, the reason behind expanding into Nigeria and other African markerts is to give users access to financial services through the use of cryptocurrency and stablecoins.

He also notes that the company has this vision to decentralise finance. According to Oyekan, the company is currently working on giving its users access to lending and portfolio investments.

Additionally, he disclosed to journalists that the company plans to move into its Lagos office in Nigeria in the second quarter of the year, 2020. 

The company according to Oyekan, currently has about three stable coins as its products. These includes; 

  • The naira stable coins which is a naira coins. 
  • The dollar stable coins which is yet to go live dubbed the dollar stable coins.
  • The gold coins still under development and also known as Goldberg stable coins.

Speaking about the creation of this stablecoin, Oyekan notes that the naira stablecoins is already live on the ethereum blockchain. He also said that no much announcements have been made the group is still working to get things ready in-house.

See Also: Following the New Case of Coronavirus in Nigeria, the Value of Naira Depreciates to Dollar Affecting the Price of Bitcoin to Naira.

Moreso, he notes that the dollar stablecoins and the gold stablecoin will be out in the second quarter of the year 2020 while the group will be announcing other updates in three weeks to a month time.

Meanwhile, Dan Holdings Group headed by Danny Oyekan already has three products including Telechat app, Bkockfinex cryptocurrency trading platform and Coins App cryptocurrency wallet.

Speaking on how Dan Holdings will operate considering the nature of cryptocurrency regulations in Nigeria, Oyekan says;

“I think that if we don’t adopt it now we are just shooting ourselves in the foot. We are the biggest economy in Africa, we are the giant and we have to lead the way for every other country in Africa to follow. So at this point in time when we adopt it will really help us a lot.”

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Meanwhile, Oyekan notes that Dan Holdings will focus on decentralizing finance adoption in Africa through cross border remittance and payment services in and outside Africa.

He also notes that the platform has other targets like social messaging and social networking which are other segment of its business through its Telechat app, a blockchain based messaging app. 

Moreover, the main focus of the company according to Oyekan is on the adoption of cryptocurrencies in everyday life of Africans, peer-to-peer payments and driving cryptocurrency mass adoption.

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