Pesamill Africa has on-boarded the crypto ecosystem in Kenya. Pesamill is a peer-to-peer and centralized exchange. The newly launched platform was founded by Brian Ngugi, who has a background in Law. He built Pesamill to solve some of the major problems facing global crypto exchanges.
For one, Pesamill provides a Know-Your-Customer (KYC) process designed to fit the Kenyan market. It does away with the requirement to input residence details as in other exchanges globally. Pesamill founder Brian Ngugi claims the exchange platform is compliant with anti-money laundering (AML) requirements. He says the platform has invested in security measures such as one-time password (OTP) and two-factor authentication (2FA) ensuring that users’ funds remain safe in their web wallets.
At the time of launch, Pesamill lists five coins on its exchange; bitcoin, ripple, bitcoin cash, ether, and litecoin. The exchange will include other cryptocurrencies in accordance with market demand.
The Central Bank of Kenya (CBK) has previously issued several warnings to Kenyans against dealing and investing in cryptocurrencies because of the risk involved. However, unlike other countries that have banned cryptocurrencies, Kenya has, however, not deemed these currencies illegal, meaning citizens can use crypto at their own discretion.
Pesamill’s founder said the exchange will launch in Uganda, Ethiopia, and Tanzania in the near future.