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Home Tech After Golix, There’s Now Cryptogem: A Local Peer-to-peer Bitcoin Trading Platform
Tech
July 31, 2019

After Golix, There’s Now Cryptogem: A Local Peer-to-peer Bitcoin Trading Platform

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It’s now over a year since cryptocurrency trading platforms, Golix and Styx24 were humbled by the Reserve Bank of Zimbabwe (RBZ). Golix and Styx24 deadly fate came as a result of RBZ instructing banks not to process their payments. Ultimately, this left many cryptocurrency holders without a platform to buy and sell their digital money. But it didn’t last for long.

Cryptogem Global is a local decentralized peer-to-peer Bitcoin trading platform that’s been in existence since late last year. If you remember clearly, RBZ’s ban instructed banks to stop processing cryptocurrency transaction payments (and shut down the trading platform’s checking accounts) instead of outlawing the use of cyptos in Zimbabwean. Cryptogem Global founder, Melissa Mwale, who recently made it into Forbes 30 Under 30 list, says that they don’t maintain a checking account so that’s why they are are able to operate despite RBZ’s ban.

There is actually no need for a bank account at the present moment, though we are registered fully as a private limited company in Zimbabwe. We don’t work with banks directly as we do not handle any fiat currency. And if you noticed, the (central bank) ban was mainly directed to using banking services by exchanges

Trading on Cryptogem Global

Sellers have to make a deposit of their Bitcoin into the Cryptogem wallet and then patiently wait for a buyer who matches their offer. Cryptogem will then release the deposited Bitcoin into an escrow and once the seller confirms that they have received a buyer’s payment, the buyer then receives their Bitcoin. There are more than 20 way to make or accept payments on Cryptogem- ranging from EcoCash to cash to Western union to World Remit to Skrill and so forth. These various forms of payment methods allows Cryptogem to attract traders located anywhere accross the world

As for how Cryptogem makes money, it charges a 0.9% of the total value of Bitcoin for either a buyer or seller who makes an advertisement.

Cryptogem comes in handy for those crypto traders who have misgivings about doing peer-to-peer Bitcoin transactions with people they meet on WhatsApp. Cryptogem also makes it easier to find traders with offers one will be looking for.

The post After Golix, There’s Now Cryptogem: A Local Peer-to-peer Bitcoin Trading Platform appeared first on Techzim.