Zimbabwe partnering up with fintech for gold-backed digital currency

Zimbabwe has already seen the surge of bitcoin casinos along with different online websites

In Summary

• In the most recent effort to embrace the fintech revolution, that country has set out to partner up with local fintech professionals to create its first-ever gold-backed digital cryptocurrency.

• According to Apollo, this isn't the only project that the company will be collaborating with the Zimbabwe government on and there is much more in store for these two.

Sparks glow from broken Bitcoin (virtual currency) coins in this illustration picture, December 8, 2017.
Sparks glow from broken Bitcoin (virtual currency) coins in this illustration picture, December 8, 2017.
Image: REUTERS

Zimbabwe is starting to embrace the fintech more and more, seeing the potential of the technology and how it could make life easier for a lot of citizens.

In the most recent effort to embrace the fintech revolution, that country has set out to partner up with local fintech professionals to create its first-ever gold-backed digital cryptocurrency.

The government will be backing up the entire process and hopefully, we will be seeing the results of this collaboration soon enough.

Even though the information has not been confirmed by the government quite yet, the local residents are saying that the deal is pretty much done and on top of that, recently the CEO of Apollo Fintech recently publicly confirmed that the collaborations with the Zimbabwe government is in place and the citizens will be able to access a gold-backed cryptocurrency very soon.

Digital currencies have been gaining more popularity across the country and more businesses are now offering the option to pay with digital currencies, most often with popular cryptocurrencies like bitcoin, etherium and etc.

Zimbabwe has already seen the surge of bitcoin casinos along with different online websites that offer you to make your deposits through cryptocurrencies online.

Who is the company behind this project

Apollo is a world-famous blockchain technology provider and probably the fastest as well.

The friction payment methods have been rolling out across Zimbabwe for a while now, but the country wants to explore the cryptocurrency industry more and focus on the blockchain technology in order to deliver the fastest services to their citizens while guaranteeing their security and transparency of the entire process.

According to Apollo, this isn't the only project that the company will be collaborating with the Zimbabwe government on and there is much more in store for these two.

Zimbabwe seems dedicated to making the country more tech-savvy and making fintech options mainstream and available to the masses. The two might be working on the Xangle project, which is a platform that aggregates crypto-related announcements.

The continent of Africa has been a priority for the company for quite some time now and they have always been very vocal about wanting to focus on Africa specifically, so their rumors fall right in line with the company's vision.

Apollo is also not opposed to working with governments which is something that many fintech companies are still trying to figure out.

Apollo is already in talks or currently working with many governments, offering them a Government Bank Platform, allowing banks to make instant payment possible to any bank networking by using local currency.

The governments all over the world have been expressing their interest towards fintech and Zimbabwe is also trying to distinguish themselves in the region and offer prime services to their citizens.

More projects ahead

Since Apollo confirmed that they are currently in talks with the government, and Zimbabwe's desire to become more technologically advanced makes this a perfect pairing.

Hopefully as teased by the Apollo CEO, this won't be the only project that the two collaborate on and the blockchain-based company can bring more changes and innovations to the country and help spread it all across Africa.

We are seeing more and more companies pull their resources towards Africa since the potential for growth is much bigger there than anywhere else.

This move from Apollo’s part is also understandable, creating a gold-backed currency is definitely less risky, allows more room for mistakes and helps the users feel safer using digital currency, especially since Zimbabwe doesn't have much of an experience handling digital currencies.

This is a perfect time for this collaboration and it could really change the way Zimbabweans live their day-to-day lives.

It could give a lot of new financial opportunities to the local residents, it could create new jobs and make the entire transactional system much more simplified and secure.

This is the best way to go about introducing digital currencies into a new country and Zimbabwe seems to have done a great job.