Ghana-based cryptocurrency exchange, Bit Sika has partnered with Linova capital to create an African Stablecoin $ABCD for the Nigerian market and for the benefit of other Africans.
As the adoption of stablecoins grow, opportunities will be created that enable hundreds of millions, and eventually billions of people to join the developing global, borderless and public decentralized financial system.
What is Bit Sika
Bit Sika helps Africans instantly receive money from anyone on earth at no fees. The app is simple to use. Everyone signs-up to the app via a Google account login and gets to set a short username starting with a dollar sign.
What is a stablecoin?
Stablecoins are cryptocurrencies designed to minimize the volatility of the price of the stablecoin, relative relative to some stable asset or basket of assets. A stablecoin can be pegged to a cryptocurrency, fiat money or to exchange traded commodities.
How the Africa Stable-Coin (ABCD) will help the Nigerian market
The Naira is Africa’s biggest currency, but for the most part it is restricted to the four walls of Nigeria. Investors who want to deal in Naira have to be present in Nigeria to do so. Not to talk of the frequent downtimes, huge fees, daily limits and seizure of the fiat Naira.
This is the reason Bit Sika and LinovaCapital are building a Naira stable-coin that will solve these problems and provide a better currency for Nigeria and Africa as a whole. The token is built on the Binance Chain for efficiency and performance.