Zimcoin, a Zimbabwean blockchain technology company, has launched a new digital currency exchange that will facilitate the buying and selling of Bitcoin for all its users.
The Future of Zimcoin
As regarding the future of Zimcoin, we can point to the fact that it hints at the possibility of much larger projects with its Bitcoin exchange acting as a gateway: “At Zimcoin we want to provide Zimbabweans with access to the new decentralised internet. Bitcoin acts as a gateway to all the exciting projects happening in the cryptocurrency and blockchain world. Whether you want to engage with the prediction markets of Augur or invest in the Decentralised Autonomous Organisation Decree, Bitcoin is a great starting point. Here at Zimcoin, we provide a platform to buy and sell Bitcoin, as well as a place to find out about the blockchain projects we are excited about. So, what are you waiting for? Sign up today and become a pioneer in Zimbabwe’s love affair with Blockchain.”
In the past when Golix was operating in Zimbabwe, they faced little incidences of security breaches and scares. We are more likely to say that Zimcoin is learning from their mistakes and trying to avoid that at the start. As of the time of writing, Zimcoin has already implemented two-factor authentication. In fact, they implemented the two-factor authentication from day one, unlike Golix which only implemented a few years after operating. Note that two options come with the Zimcoin’s 2FA; an email or using Google authenticator. An interesting fact here is that you don’t have to download a separate application. For additional security, the exchange also logs out after a period of inactivity. This clearly means that incidents like someone getting access to your computer because you’ve gone out are unlikely to happen.
The Challenges faced by Cryptocurrencies in Zimbabwe
It is no new info that the Reserve Bank of Zimbabwe had classified operations by cryptocurrency exchanges as illegal. This greatly affected Golix, Zimbabwe’s largest exchange, in a negative way. According to a report by TechZim, Zimcoin is not highly concerned about this ban and reveal that they had been in communication with the RBZ. According to them, they feel that they will be able to successfully operate without any major problem.