Chryptex is a Cape Town based startup that intends to become the preferred crypto exchange and banking partner on the African continent using the blockchain technology. The African community is still dealing with the structural and mental shackles that constrict them. Chryptex intends to break these shackles and amplify the social and economic growth of the continent.
The start-up wishes to launch a world-class international crypto and Fiat currency exchange. It then has plans of expanding to become one of the first true digital banks operating on the blockchain.
Chryptex plans to launch a stable currency in 2020. The start-up was founded by Grundlingh and CEO Pieter Kemp. The exchange intends to remove the volatility from cryptos thereby creating a viable method for using virtual currencies for day to day transactions. The company plans to launch the Chryptex Digital Bank and be available for users in 2021.
The exchange will facilitate ICO backers to immediately trade Chryptex coins (CTEX) with other popular cryptocurrencies. CTEX will be created using the Ethereum ERC20 technology. The exchange plans to generate around 500 million tokens out of which 60 percent will be made available at the ICO stage. The unsold tokens will be burnt.
The Chryptex exchange will facilitate merchants and users to send and receive payments similar to Western Union and PayPal combined. It will, however, have substantially lower fees, live market rates, and faster processing time.
The exchange will initially start off with English and French languages. Later it plans to support in multiple languages. As reported by Tech Financials, the Chryptex Digital bank aims to introduce low account maintenance fees, flexibility to send and spend funds freely everywhere, have tiered accounts including business accounts, have built-in customer support, allow the bank customers to transact with account holders from traditional banks and other crypto banks, and offer scheduled payments to both businesses and individuals.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]