Golix is spreading its reach to the rest of Africa and pursuing its continental ambitions starting with a foot placed in Johannesburg, South Africa. In a recent press release, the Zimbabwean cryptocurrency exchange announced that it is partnering with Blockstars, a South African blockchain and cryptocurrency incubator.
Operating as an exchange where people in Zimbabwe can buy and sell various types of cryptocurrency, Golix has positioned itself as international payments and remittances company that helps people send and receive value to and from the southern African country.
The extension to South Africa is expected to follow the same operational mould, albeit with a closer handle on the needs of the people who actually send money from South Africa.
The company intends to zero in on the massive community of 1.9 million Zimbabweans that live in South Africa as migrant workers. This pool has actively contributed to the billion dollar remittances market that service providers like Golix have been servicing through an inexpensive corridor for people to send money to their loved ones back home.
The focus for Golix won’t just be on Zimbabwe and South Africa, though. The exchange hopes to one day extend its solutions to the whole continent, harnessing the core strengths of cryptocurrency and blockchain technology to enable financial autonomy for Africa.
A chance for Golix to learn a thing or two
As an incubator with knowledge and experience in cryptocurrency startups and blockchain ventures, Blockstars is expected to provide Golix with learning opportunities, particularly in new environments with a wider spectrum of needs.
So far, Golix had only been operating with two offices within the Zimbabwean space. The setup of a new office in a completely different environment and geographic location is therefore expected to be an eye opener for Golix.
At a glance, South Africa appears to be the best place for Golix to actually pick up one or two things. Not only is the partnership with Blockstars strategic in this regard, but the country is also the most diverse economy on the continent with dynamic financial services and cryptocurrencies space that has a lot to offer for any business that wants to get a feel of how this technology can be applied to some African fundamentals.