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TMX Global Coin First Kenyan Cryptocurrency

The continued growth of blockchain technology has seen many businesses adopt the technology into their systems. As a result, many new projects and ventures are indicating the promise Distributed Ledger Technology (DLTs) has in stimulating the economy without discrimination. A good example of borderless is TMX, the company behind TMX Global Coin.

The company aims to become the first digital currency not only in Kenya but also in the East African region. The team behind this crypto coin aims to solve common challenges traders face in the shipping industry. They include fraud, delays in product deliveries, and lack of information by customers.

About TMX Global Coin

80% of the world’s cargo shipment is by sea, making this an ideal market to exploit using Ethereum smart contracts. According to the TMX development plan, the pre-ICO phase was set to take place in September 2018 with one TMX coin costing $0.02 in the first phase, and $0.05 in the second phase. The official launch will be on May 2019.

According to the CEO of TMX, Anthony Njoroge, the company’s main goal is to reduce costs and increase shipping efficiency. TMX will achieve this by, integrating information about shipments on a secure platform accessible to carriers, shippers, freight forwarders, and other transporters in the supply chain.

Using various ERC20 tokens that allow execution of smart-contracts, the company aims to create a global courier service that will allow customers to collect their goods from any part of the world using TMX services. TMX blockchain technology will enable customers to have prior information on the amount of duty they need to pay, import rules for a specific country, delivery timelines, cost of shipping, and other related costs. Such a payment system will ensure a higher level of security that’s not available in most existing systems.

Future Prospects

Because of the high capacity of transporting goods all over the world, there’s roughly $4 trillion worth of cargo moved every year. If shippers were to do this process effectively, there’ll be a significant reduction in the cost of shipping, and the benefits can be passed on to the end-user.

TMX is setting up a global freight forwarders association which will plug into the TMX system, enabling freight forwarders to become TMX trusted agents in any country. In conjunction with its global partners in Asia and Europe, the company has managed to close up the value chain with transparency.

TMX will be able to collect cargo on behalf of the customer and inform the customer issues they need to know in the smart contracts such as:

  • Tariffs for a specific country
  • The country’s expectations and
  • The HS code in the TMX system such that when a customer requests Copper info, they will get relevant info.

The use of smart contracts will help reduce the cost of moving cargo by 14%, which is a significant reduction in the overall cost of shipment. Besides, TMX plans to raise capital through crowd-funding. The TMX coin will be available in markets such as vinyl where supply and demand will dictate the number of coins available. The company’s CEO predicts it may take 12 months to sell 50 million TMX coins, though he expects the dab to be ready by July 2019.

Jeff Mwaura No Comments

How To Buy Bitcoin In Kenya

Since mining Bitcoin is an expensive and inefficient task, the next best alternative is to buy bitcoin through a coin exchange.

Most of the coin exchanges online do not accept Kenyan traders and the ones that do require much verification that doesn’t work in a Kenyan setting. But for the few that accept Kenyans, below are some of the requirements and procedure:

  • To get started you’ll need a MasterCard or Visa card and a Neteller or Skrill account. Load your Neteller or Skrill account with your desired amount.
  • You can open an account with exchanges such as Remitano, Belfrics Kenya, Bitpesa, Localbitcoins or Paxful. Once you’ve done the verification, within your exchange is the option to deposit via Neteller or Skrill.
  • You can then buy bitcoins instantly. Secure your bitcoins by storing them in a private wallet such as MyEtherWallet. Your wallet will give you an option to exchange your Bitcoin for other cryptocurrencies.
  • Protect your wallet with a strong password and set up a backup mechanism in case you lose your computer.
  • Neteller offers a tool for converting Bitcoin to USD, and it deposits the amount into your Neteller account. You can use Neteller to transfer your money via Mpesa instantly.

Which are the best Bitcoin Exchanges in Kenya?

Remitano

This company just recently entered the Kenyan market. Remitano is a peer-to-peer bitcoin exchange which allows you to buy and sell bitcoin through an escrow service. You’ll need to sign up using your email address to buy bitcoin on Remitano’s platform. After account verification, you can access a list of local buyers and sellers and place orders instantly. Remitano acts as an escrow account to ensure transactional security. Once the transaction is complete, bitcoins will appear on your Remitano wallet.

Belfrics Kenya

This bitcoin exchange and payment gateway charges a 5% fee on transactions and has no minimum limits on buying bitcoins. For account verification and payments, you’ll need to top your account using a bank transfer. Once you complete this process, you can commence trading immediately. Your account will also double up as your wallet.

Bitpesa

Bitpesa provides a bitcoin cross-border payment platform that doubles up as a bitcoin marketplace. This company is the most established and well-funded bitcoin startup in Africa. To trade on the exchange you’ll need to register and go through the standard processes of verification. This exchange requires you upload a picture of your ID for verification. You can then buy bitcoin in Kenya shillings as yourself, a different person or a contact you’ve used before.

In September 2017, Bitpesa introduced a minimum transaction limit of $25,000 for Kenyan clients. It no longer verifies new Kenyan accounts due to the complex regulatory environment in the country. This limits the company’s ability to make payments in Kenya shillings, thus only high net Kenyan traders can use Bitpesa to buy bitcoin.

LocalBitcoins

This company is a world leader in peer-to-peer cryptocurrency exchange that assists over the counter bitcoin trades. After creating an account on the platform, you can proceed to buy bitcoin in Kenya shillings. The platform ranks sellers according to transactional history.

Paxful

Paxful is a peer-to-peer bitcoin exchange that connects buyers and sellers in one central point. The platform also allows traders to buy bitcoin using Kenya shillings. They rate the reputation of sellers same as LocalBitcoins, thus it’s important to choose buyers with high ratings.