Nigeria’s Kudi Exchange, is set to launch to become Africa’s “Coinbase + Venmo” allowing users to buy and sell digital assets like bitcoin cheaper and faster than ever before.
The platform will also allow users to purchase a U.S. Dollar backed stable coin directly with local currencies like the Nigerian Naira and as well send real money to other people using their Whatsapp or SMS numbers with zero transaction fees.
According to Ian M. Friend, Co-Founder, COO and General Counsel at Ferrum Network, Kudi Exchange will be a simple and secure means of exchanging digital assets, and for sending money instantaneously for zero transaction fees, all powered by Ferrum Network’s powerful blockchain technology.
The Ferrum Network, designed by a distributed systems expert was built to slow transaction speeds and the lack of interoperability between networks. Instead of building a standalone network, Ferrum Network leverages the values of existing blockchains and connects them to a high-speed transaction layer that enables peer-to-peer transactions of any digital asset.Like the Lightning Network for every blockchain, Ferrum’s revolutionary technology brings networks together, for a consistently high-speed, low-cost transaction experience for every digital asset, whether BTC, ETH, XRP, EOS, Zcash, and so forth. It even works with fiat currencies.
Kudi Exchange will therefore allow users to buy, exchange, transact, and store any digital asset with no counter-party risk. For example users can buy a beer with bitcoin and pay for it in milliseconds by exchanging BTC for ETH over Kudi Exchange; or sending digital fiat to a user halfway around the world with no third-party intermediary using Kudi Exchange.
“We have also built features directly into the app for business owners large and small. We are calling it “Kudi Business” and it turns your phone into a powerful point of sale (POS) system and payroll system,” said Ian M. Friend.
“The days of using an expensive POS system are gone. Kudi Business is affordable for every business owner. It is intuitive and user-friendly, so anyone can use it. And it has security features so you can entrust your employees with it,” added Ian.