Coming off the RBZ’s recent directive instructing financial institutions to refrain from dealing with Cryptos, Golix, Zimbabwe’s first and biggest cryptocurrency exchange is soldiering on and has announced that they have launched their very own token (crypto) i.e. GLX Token.
Whether or not the RBZ’s stance is a good move is subject to debate but it looks like Golix don’t think that this directive affects their plans. It is quite telling the fact that they have launched their token sale on the very day the news of the RBZ ban broke.
They have sent out a press release announcing the developments and you can read it below:
Golix, a cryptocurrency exchange that enables Africans to have financial autonomy through cryptocurrencies, is excited to announce the launch of its token, the GLX Token.
Golix is an African fintech startup that has been facilitating African customers to buy and sell cryptocurrency, using payment channels that are predominately available to Africans, such as mobile money. Over 1 billion Africans currently do not have access to a cryptocurrency exchange that will accept the fiat in the hands of the majority and Golix will accomplish this through their token sale raise.
The GLX token, an Ethereum ERC-20 token, will be available for purchase from Monday 14 May 2018 on the Golix token sale website, tokensale.golix.com. Potential buyers can use their bitcoin (BTC) and/or ethereum (ETH) to buy the GLX token which has been priced at $0.05612 per GLX token.
Golix has been operational in Zimbabwe as an exchange for 3 years already and boasts of over 50,000 customers having transacted over US$20m to date. The funds raised will see them opening exchanges in more African countries as well as expanding their portfolio of services offered.
The total supply of GLX tokens will be 1,274,240,097 tokens, with fifty percent (637,120,049 tokens) available for sale during the token sale. The hard cap for the token sale has been set at a sale of the 637,120,049 tokens.
Golix has essectially began their Initial Coin Offering (ICO). Quick lesson: An ICO is similar to how a company gets to list on the stock exchange through an Initial Public Offering (IPO). The ICO allows cryptos to grow since they are initially sold to investors before being later acquired by the general public just like shares.
In the case of Golix though, the token is not a security token meaning it is not exactly like buying shares. The GLX will have its specific benefits and functions that will give it inherent value thus it is a utility token. The idea is that if indeed this token will be deemed useful by people, it will grow in value as a result. Thus buying the token during this ‘ICO’ stage will be an investment into that possibility of growth or it would be because you want to use it for whatever its uses will be.
The uses of the GLX will be in the white paper that is published as part of the token sale. You should be able to access the white paper on the Golix website above.
Roadmap of the ICO
Anyway, back to the matter at hand. Golix also released the roadmap they will follow with this ICO and they expect to be done by the
26th of June 6th of July which is just two months days away. The roadmap is as follows:
- 12.2014 – BitFinance incorporation
- 11.2015 – BitcoinFundi exchange launched
- 10.2017 – Profitable after only US$63 000 investment
- 05.2018 – Mauritius incorporation
- 05.2018 – Token Sale Launch
- 06.2018 – Open Office in South Africa
- 07.2018 – Token Sale End
- 07.2018 – List GLX token on Golix.com for trading
- Q4 2018 – Launch exchange in new country
- Q4 2018 – Launch Golix mobile application
- Q4 2018 – Launch API for third-party integration
- Q4 2018 – Launch exchange in 4 new markets
From this roadmap, it appears the Pre-Token sale has already been conducted, and this pre-Token is the period where investors are buying (or at least they are supposed to be) into the project and the funds from this often provide operational costs from whoever is ICO-ing, in this case, Golix.
The public token sale will be starting on the 14th of this month (Monday) and will go on for the next month until the 10th of June. After this process, the GOLIX token will be listed on their exchange and trading will commence.
This ICO will see Golix issue out 1,274,240,097 tokens and these will be based on the Ethereum blockchain (ERC20).
The tokens will be issued out as follows:
- 10% Marketing, investment fund, partners
- 15% issued to investors, shareholders
- 25% founding team, future employees
- 50% Open market token sale
It’s going to be an interesting few weeks for Golix and co as they handle the drama around the RBZ’s directive alongside with their ICO and it will be interesting to see the outcome after everything is done and dusted.
Golix is a Cryptocurrencies exchange in Zimbabwe. Golix was founded in December 2014 and was initially called BitFinance while their exchange was called Bitcoin Fundi. The company was founded by Tawanda Kembo and Verengai Mabika. In May 2018, Golix was ordered to shut down operations... Read More About Golix
The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About RBZ