Ethereum driven Blockchain network XinFin has introduced TradeFinex, its trade and finance platform in Botswana, Zambia and Kenya after completing its Africa awareness program across the three nations last month. This comes just a few weeks after Belfrics Global launched a bitcoin exchange in Kenya with plans to expand across Africa.
TradeFinex is built over blockchain, offers pre ICO tokens and is aimed at real world integration of smart-contracts between buyers, sellers and financiers while offering instant cross border payments and settlements using its native token XDC (Xchange Infinite Development Contract).
According to Afrikanus Kofi Akosah Adusei, Africa Community Manager, “Infrastructure deficit in Africa is over 90 Billion dollars annually and it has a lot to do with inefficiencies in trade and finance practices. Also the fact that global trade and financing is still a loosely connected process tied to several risks. XinFin’s XDC token is a community driven digital asset designed to hedge risks in global trade and finance. Our upcoming TradeFinex platform will see a great participation from businesses in Africa.”
The awareness drive included engaging with business community as well as Government officials. The Botswana program was held from 28th June till 5th July in Botswana while the Zambia program was held from 18th to 23rd July and Kenya program was held from 31st July till 1st August. The awareness drive included introduction to XinFin’s upcoming tradefinex platform that brings buyers, sellers and financiers on a single platform powered by the XinFin XDC tokens.
The firm says it has interest from hospitals looking to acquire machinery, low income counties who want to build their tourism spots, counties seeking efficient farming equipment, new techniques and cheaper ways to build rural roads and transport, and farming institutions that want training and e-learning programs or alternative ways to hedge weather risks.
“Our team of over 30 financiers worldwide are working on mapping smart contracts to real world contracts and laying the groundwork for all stakeholders to get the projects underway” said Alex Mathbeck, head of marketing for Xinfin.org. “Our goal is to bridge the global $5 trillion infrastructure financing gap that has created a huge disparity between the rich and the poor. For example, traditional fiat currency financing mechanisms allow projects with high rated buyers and suppliers to leverage their ratings multiple times, however it totally ignores viable projects with low or non-existent buyer and seller ratings.”
Apart from institutions and government agencies, the marketplace will be open to individuals who want to take the leadership in identifying and initiating projects, crowdsourcing for support and completing the trade and finance over the xinfin.org XDC network. XinFin has initiated a series of IoT projects across Asia in India and Singapore. Projects in India include a IoT enabled solar power plant that uses smart contracts on the XinFin XDC platform to trade generated energy back to the grid. The Solar project will be showcased to countries across the world for a one stop smart-metering, transacting and financing mechanism.