The XendBit ICO pre-sale will start on December 1st, and the whitelist is open for registration at xendbit.io.

Also, last week an AMA (Ask Me Anything) session with the XendBit founder and CEO, Bolaji Onibudo, took place on their Telegram channel. Mr. Onibudo explained how he got into Cryptocurrency and Blockchain shortly after the global crude oil crash around mid-2016. He saw many local construction companies having to downsize, some were even forced to shut down completely, and he thought that perhaps there wasn't adequate planning and budgeting for such critical infrastructure projects like housing for the citizens, construction of schools and hospitals. And so, having heard about blockchain and smart contracts from a friend he spent time with while in York for his college internship, Mr. Onibudo reckoned: "we need Blockchain in government to ensure budgets are well implemented and perhaps to facilitate everyday transactions in Africa and other emerging economies". He wrote:

"I wanted to do everything possible under the Blockchain umbrella, Wallet, Exchange, coin etc. (...) then I developed the first XendBit windows wallet based on BitcoinJ library and to my surprise it worked as I was able to get a friend to send me some bitcoins on the wallet."

Wendy Q. [05.11.18 16:30]

What makes XendBit different from platforms like EtherDelta or WaveDex?"

Bolaji Onibudo, [05.11.18 16:32]

Most of those exchanges only support single chain tokens and to be a full fledged DEX you must be capable of atomic swaps, i.e.multi-chain transactions. XendBit is a multi-chain DEX supporting BTC, ETH, LTC, Ardor, Monero, NXT, Ignis, DASH and more to come.

Opeyemi Adeniran, [05.11.18 16:41]

How will XendBit be able to help financial inclusion in Africa. With this, i mean people that does not and cannot have access to the traditional bank accounts? Having access to payments, remittances and transfers across the continent with much ease.

Bolaji Onibudo, [05.11.18 16:44]

Currently we are connected to over 30 banks in Africa, as a requirement of the central banks we are required to enforce KYC and AML requirements. Our integration with the banks makes it second nature to easily verify the identities of XendBit users with the banks. We intend to leverage the features of the Blockchain and provide a secure multi-chain wallet that acts as quasi-bank account that will enable savings, payments/remittances and also give individuals access to credit.

Read the rest of this AMA on the XendBit Telegram channel - or learn from the whitepaper.

A few days later, an African community member asked a question that IMHO exemplifies the relevance of XendBit, and why it should be taken very seriously. This is not a funny Cryptokitten, not another shitcoin launch, or a to-the-moooon-token. XendBit is on a mission to solve real problems, also on a local level. And how great is it, that it's Bolaji Onibudo, and not some foreign investor that stands behind it.

Sadia Lawal wrote:

Take a look at this table [below]. Increase in the price of these food items is even more than a 100% between 2015 and 2016. My question now is, with the issue of inflation and hyperinflation and everyone wanting to switch to a more stable currency, what can be done for those whose investment and value have been trapped in fiat currency?

David, [09.11.18 14:03]

Hello Sadiya. Inflation and Hyperinflation have become common in many economies due to many factors, of which only one is the dwindling value of the fiat currency of the country. With the advent of Crypto currencies, attempts will be made to create Stablecoins which could slow down inflation.

Ewere Osaro, [09.11.18 14:24]

I like the idea of Xendbit introducing the NGN tether which is a stablecoin just like the USD tether. As a Nigerian cryptocurrency trader, I am so eager to see this become a reality soon. The beauty of having a stablecoin is to be able to hedge your coins during period of negative volatility (falling market) thereby still retaining the original value. Just take for example when bitcoin got to the peak around $20,000 early this year, some individuals who understand market cycle were able to quickly convert their bitcoin to USD tether. Imagin, if you had converted your 1 bitcoin to USD Tether when price was at $20,000, the value will still be retained by now. Guess how much bitcoin you will have now if you convert your $20,000 tether to bitcoin given the current price today? A whooping approximately 3 bitcoin! NGN tether will help Nigerian traders on our platform to quickly convert their bitcoin or other cryptocurrencies to naira during period of negative volatility thereby still retaining the actual value of your crypto. You will also be able to withdraw this into your naira bank immediately if you choose not to convert back to crypto.

JayDee, [09.11.18 15:02]

Xendbit is fast becoming Africa's fiat-to-crypto, crypto-to-fiat switch for instant transfer, remittances and exchange #beyondbanking.

Let's hope it does. A lot is happening right now. Here at Nxter, we bring you the Nxt- and Ardor-related news and the quotes of the week - we do not trade, we do not ask you to buy/sell, and we do not give investment advice - always DYOR!

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