Pesamill Africa launches Two-in-one Cryptocurrency Exchange.
September 27, 2018 7:09 am,
Pesamill Africa has launched as Kenya’s new Cryptocurrency exchange founded by Brian Ngugi, a lawyer by profession. It is a peer to peer platform and a centralized trading exchange promising to help them buy and sell Cryptocurrency peer-to-peer or through a centralized exchange with an order book. This exchange will offer cross-platform trading basically which means two models in one exchange.
Pesamill currently lists five coins on its exchange namely Bitcoin, ripple, Bitcoin cash, ether, and Litecoin. The exchange will include other Cryptocurrencies, including African coins, in accordance with market demand.
Pesamill offers a simple know your customer (KYC) process that only takes five minutes to complete, The KYC process is tailored to the Kenyan environment which means that users will not have to give residence details as is the case with global exchanges. The exchange is compliant with anti-money laundering (AML) requirements and has invested in security measures such as one-time password (OTP) and two-factor authentication (2FA) keeping users’ funds safe in their web wallets.
The aim of this exchange will be to solve the tedious and complex Know Your Customer requirements of most global exchanges, speed up verification, boost security and ease payment processes.
The introduction of these exchanges such as Pesamill into the African market offers an opportunity for eliminating foreign currencies such as the USD which have been limiting intra-African trade on the continent. Presently, to purchase an item from Nigeria while in Kenya requires converting the Kenyan shilling to the US dollar. But with Cryptocurrencies, this barrier is eliminated.
This Exchange is entering the top 25 rated Cryptocurrency market in the world and third in Africa after Nigeria and South Africa. Pesamill Africa will face competition with the established and emerging trading platforms like Bitpesa, Coindirect, and Belfrics.