The AFRO Foundation, a non-governmental organisation based in Geneva, Switzerland recently launched the AFRO, the first Pan-African cryptocurrency dedicated to growth and development in Africa. The Foundation believes that the AFRO will notably lower transfer and transaction costs, facilitate trade exchange between African countries and regions, and contribute to the financial inclusion of individuals and Africa’s small and medium-sized enterprises (SMEs).
As a global leader in mobile money, Africa is now welcoming its first digital currency. Against the backdrop of numerous national currencies affecting trade and growth on the continent, the AFRO provides a reliable, safe and secure solution suited to Africa’s development challenges.
Recent advances of blockchain technology have contributed a great deal to the development of cryptocurrencies, which have achieved strong momentum worldwide and are being actively used by millions of people.
Simply put, blockchain is the technology that underpins digital currency such as Bitcoin, Litecoin, Ethereum, and the like.
In Africa where mobile payments are widespread, digital currencies represent a veritable revolution. Interest grows exponentially on the African continent for this new form of currency, which can be used to carry out secure, traceable and low-cost financial transactions.
According to the Foundation, the AFRO is a 100% Proof-of-Stake (PoS) environmentally-friendly currency: very little to no energy is required, as the latest blockchain technological developments are taken into account. An amount of 750 billion AFRO was issued on 19th June, 2018, correlating with Africa’s GDP and monetary stock, which symbolically equates to 600 AFRO per African inhabitant.
The AFRO Foundation’s governance relies on a Founders Committee which was created to assist and support the development of the AFRO cryptocurrency. The Committee brings together experts and African and international personalities around a common cause, for the economic and societal development of the African continent.
To mark the launch of the AFRO cryptocurrency, the Founders Committee is mounting a major awareness campaign to enable a vast number of users to find out about and experiment with the AFRO as a Pan-African, trans-regional currency. As part of this campaign, the first 200,000 users will receive a wallet containing 50 AFROs.
The AFRO coin was designed in December 2016 by an international group of economists, cryptocurrency experts, humanists and thinkers. It is an a-political and neutral tool at the disposal of Africa, of all countries forming the African continent, and of anyone who will use this cryptocurrency.
The AFRO is already quoted and traded on cryptocurrency exchanges such as STEX, Crex24 and Golix and will soon be available on Cryptopia, Luno, Ice3X, NairaEx, Remitan, Belfrics, CoinDirect, Coinexchange.io, and CryptoBridge. The AFRO is already listed on CoinGecko, which provides real-time crypto market data.