South Africa: Blockchain startup to service R50 billion Township economy

South Africa: Blockchain startup to service R50 billion Township economy

Ekasi-bucks, a blockchain based South African startup.

Ekasi-bucks, a blockchain startup company based in South Africa, will be looking to make an impact on South Africa’s Townships by providing Financial systems to Township-based small businesses. These businesses operate in an economy estimated to be R50billion ($3.8billion) per annum.

Ekasi-bucks have partnered with Lykke, a global blockchain platform which brings its blockchain expertise and infrastructure, is set to redevelop the way consumers transact across Africa.

The startup has a database with a wide client base of over 4000 merchants and over 27 000 users who have adopted the system since the initial launch in 2016. Ekasi-bucks is built on the Bitcoin blockchain platform, the platform provides Merchants and consumers with Wallets, an exchange and Point Of Sale systems equipped with a loyalty program, inventory management and consumer analysis systems.

The company is also bringing mobile banking to over 300 000 unbanked clients on their database. The systems in place at Ekasi-bucks look to give the previously disadvantaged group total control of their money and redistributes wealth back into their hands. The Ekasi-bucks cryptocurrency is Decentralised from the South African Reserve Monetary System, the currency value will not be affected by any political instability.

With our mobile wallet linked to our Ekasi-bucks Prepaid MasterCard, transactions costs are very low, thus enabling Township P2P & B2B instant money transfer at a fractional cost currently being charged.

Ekasi-bucks is raising capital through Initial Coin Offering ICO. Issuing 100 000 000 Ekasi-bucks (EKB) coins of 200 000 000, at less than R7 per ekasi-bucks coin ($0.50). ICO will begin start 07 July 2017 – 31 July 2017. Bonus allocations during ICO are as follows; bonuses are allocated by percentage of the number of coin purchased.

Sale of coins will be open for three weeks with the following discounts on offer:

  • 50% first 24 hours of sale
  • 20% second week of sale
  • 5% last week of sale

Staff Writer

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