• Wednesday, April 24, 2024
businessday logo

BusinessDay

Is first Africa crowdfunding blockchain project in the offing?

GIGM plans first Africa-wide crowdfunding blockchain project

A major African brand operating within the mobility and logistics sector may be in advanced stages in its collaboration with a set of international partners to develop and launch what may be the first Africa-wide decentralised blockchain-enabled project financing platform, revolutionising not just how projects are financed in Africa, but the range of partnerships possible.

Market intelligence suggests that the project will involve the minting and launch of a new cryptocurrency which will serve as the primary medium of value exchange on the platform. The backers of the project, sources say, are confident that the new currency has the potential to retain value and survive volatility owing to the sound liquidity management system to be deployed, and the real-world assets upon which it will be hinged.

The promoters seem to have done a good job at maintaining secrecy, especially for a project as consequential as this. Inside sources, choosing to keep sealed lips, have left little to speculations.

However, BusinessDay investigations point to cautious conclusions that GIGM and GIGL, one of Africa’s foremost brands in mobility and logistics, may have been involved in such a far-reaching disruptive project.

Read also: Binance Concludes Its Widely Anticipated Hackathon, Allocates Over $40,000 To Top Blockchain Projects

A quick search of the cryptocurrency space reveals a fresh platform in the works, gigxpad.com, a deFi project.

According to the website, “GIGX is Africa’s first decentralized marketplace, bringing real-world business opportunities to a blockchain-based environment.” It adds that the project seeks “to unlock economic opportunities for all by enabling peer-to-peer services, effectively cutting out the middlemen – reducing associated costs in the process.”

There are strong indications that the cryptocurrency being minted and launched will be branded ‘gigx’.

This platform was unable to confirm the rumoured foreign partners on the project whom we also hear have committed some funds to it. However, BusinessDay gathered that apart from the pre-seed funding from the partners, an initial private sale of the token is imminent as some investors have indicated interest.

Senior officials at The GIG Group who were approached to speak on the developments would neither deny nor confirm speculations around gigxpad.com.

Market operators who spoke with BusinessDay say they are hopeful that this project will see the light of day given its anticipated impact on thousands of businesses and institutions across Africa who live with the perennial challenge of accessing funds for projects within a sustainably convenient and profitable arrangement