There is a new cryptocurrency exchange in town: Styx24. The exchange aims to break Golix’s monopoly as the only crypto exchange in the country.
Styx24(pronounced Sta-i-x) is a cryptocurrency exchange platform and currently it allows registered users to trade in Bitcoin, Litecoin, and Dash.
They went online a week ago and had a user count of 18. Users are required to deposit $10 initially before they can start trading. Transaction fees range from one to two percent on a sliding scale just like Golix. The Gweru–based exchange traded $3200 worth of Bitcoin on its first day. Styx24 was built by a UK firm over several months.
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The founder of Styx24 Tatenda Mabungu seems to be aiming straight at Golix’s head. He mentioned the several crashes that Golix has experienced and went on to declare that the platform is unsafe. He sounded pretty confident about their project as he informed ebussiness weekly:
Monopolies tend to be arrogant. We wanted to break that. The other exchange has been hacked many times; their website is poorly developed (for example, their trading page does not auto-refresh); has a lot of bugs, security vulnerabilities, they take a long time to respond to support tickets and they delay processing Bitcoin and US dollar withdrawal requests. I believe that competition will benefit Zimbabweans since it results in lower transaction fees, better customer service, and fosters innovation.
These are not false claims as we have reported the multiple crashes on the Golix site in the past. I do agree that the competition most probably will benefit Zimbabweans. The fact that Golix had no challengers meant they could rest on their laurels but with Styx24 breathing heavily on their necks they will be forced to continuously innovate to remain at the top of the cryptocurrency exchange pack.
Who are the heads behind Styx24?
The exchange was designed(and is run) by Stella Mabungu and Tatenda Mabungu. Stella is a lawyer based in SA and Tatenda has “a proven executive management track record and over 10 years of experience driving sales growth in the technology and construction industry”, according to the Styx24 about us page. According to Tatenda, Zimbabwe is the second biggest crypto market in Africa after South Africa and this motivated their decision to come and set up shop in Zimbabwe.
It will be interesting to see if Styx24can catch up with Golix, who as recently as October of 2017 managed to process a million transactions in a month.
What do you think about Styx24’s entry into the Crypto Exchange field? Let’s get chatting in the comments.