africa Banking Currency Economy Finance Tech

Following Binance’s praise, Africa welcomes mCoin: Crypto accessible without the internet

Approximate reading time: 2 minutes

ONEmCommunications, a global mobile ecosystem, had earlier in the year launched its revolutionary coin that operates independent of the internet – the mCoin. Now, the world’s first cryptocurrency accessible without the internet has expanded its reach and is all set to enter the untapped market of Africa.

Operating on the coin distribution principle of “Pseudo-Mining”, mCoin seeks to build an efficient asset transferring ecosystem in a region where technological infrastructure is quite poor. To introduce themselves to their new customer base, ONEm is giving mCoins to people who simply text #mine to +44860039088.

Also included in their promotion package are 100 free bonus mCoins when users sign up, in addition to a wallet operated via SMS to facilitate transactions. Mobile phone users can store, transfer and even “hodl” these tokens through the SMS wallet, as they would with any other cryptocurrency. Coins can be sent offline from the SMS wallet to digital app wallets. mCoin announced its arrival in Africa on its Twitter page:

The introduction of mCoin into the African market is significant on account of the continent’s broken technological infrastructure. For a crypto-market to survive, there needs to be an efficient transferring system, a storage device, interested parties, necessary but lenient regulation, among other factors, most of which are present in developed countries that boast of a well-organized fintech sector. However, these factors seem to be absent or minimal in Africa. Compounding these issues, the internet service in the region isn’t top of the line. Hence, the entrance of such a coin, free from the regulatory hassle and the need for a strong internet network, is eye-catching.

mCoin is invariably bridging two divided worlds. The World Economic Forum reported that more than 4 billion people do not have access to the internet. Moreover, the World Bank has stated that affordable financial infrastructure can help resolve global issues such as poverty and income disparity, thereby propelling economic growth. A cryptocurrency like mCoin can be play a key role in connecting these two worlds and providing a bankable solution.

Late last month, cryptocurrency exchange Binance announced its support for the African continent. Benjamin Rameau, director at Binance Labs, explained ten reasons why Binance Labs was “fully committed” to Africa. In a Medium post, Rameau acknowledges the vast size of the continent and its poor infrastructure, but also stated that “Africa’s geography will no longer be an impediment to economic progress.”

Binance CEO’s Chanpeng Zhao also shared the list via Twitter:

Also, given the fervor sparked by M-Pesa, a mobile-based money transfer service launched by Vodafone in Kenya and Tanzania, mCoin seems to have a welcoming market. Given the encouragement iterated by Binance, a leader in the crypto-industry, mCoin will not be alone in venturing into this promising market.

Source: BCFocus

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