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Thursday, Aug 22nd

Kenyan cryptocurrency to list

Kenyan cryptocurrency to list

The founder of a Tangle-based cryptocurrency has disclosed plans to list the offering as an exchange traded fund (ETF) in Kenya.

Ricardo Badoer says the plan to list the Aidos Kuneen (ADK) ETF through the Nairobi Securities Exchange (NSE) is expected to work out before the end of Q1 2019.

It would be the first crypto-based ETF in any part of the world if no other gets completed before then.

All eyes have been on the US Securities and Exchange Commission (SEC) to approve the first crypto-backed ETF. However, most of the applications made to the financial regulator in the past two years have either been delayed or rejected. The most-awaited ETF decision by the SEC is expected by February 2019.

Since the use of cryptocurrencies is still in its infancy, it is believed that an ETF would be crucial to improve their adoption. An ETF listing is expected to expose cryptocurrencies to more investors.

It will enable the trading of the currencies on a stock market and such trades would have to go through recognised institutions, which builds trust.

"It is a major step that will open the world of crypto to mainstream investors who have been cautious or stayed away from digital currencies based on the fear of its complicated tech," says Badoer. "Now, they can invest in the crypto world without the need to understand or handle the tech."

Badoer recently bought shares in banks in Kenya and Tanzania - 16% shares in Sumac Bank in Kenya and 23% in Hakika Bank. He says the choice of Kenya for the ETF seems pertinent since he is already involved in the country's banking sector.

"By owning 16% of Sumac Microfinance Bank, it just was natural to pproach the NSE in order to get ADK ETF listed. Kenya has all to gain by being in the forefront of crypto ETF and being open to the crypto world," he says, adding that the NSE has invited its project to be a part of sandbox mode though they are still waiting for the approval of the Capital Markets Authority (CMA).

ADK is an open source project that focuses on privacy, decentralization and scalability. It provides secure and untraceable solution to the problem of a lack of financial privacy in crypto to fiat currency transactions.

Badoer believes a trustless tech like ADK that is fully connected with a banking network is missing in the crypto world.

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