Government To Partner With Fintech To Issue Gold-Backed Cryptocurrency

There’s a widespread belief that the Zimbabwean government along with other African states will be announcing Apollo Fintech as their partner in launching digital currencies.

Rumours are the coin will be gold-backed and the CEO of Apollo Fintech recently confirmed they are working with a country on a gold-backed coin:

We have gotten a large number of questions pertaining to rumors circulating that Apollo will be used in a strategy/survival MMO that is the distribution method for a gold backed coin. I want to set the record straight. It is true, and the details are coming soon.
Stephen McCullah – CEO of Appollo Fintech

Apollo claims to be the fastest blockchain in the world – which has been one of the biggest constraints of the technology since it’s inception and has limited how much cryptos can scale in the past.

Apollo’s Steve McCullah also previously suggested that they were working with the Zimbabwean government “on more than one solution” on Xangle – a platform that aggregates crypto-related announcements:

The fintech also posted a blog post on the 24th of February stating that African payments were a priority in their strategy:

…that is a major priority. We have been in conference with a number of central banks to design a product that would be superior to what is available now. It will not only be for Africa, but it is a focus.

Interestingly, Apollo Fintech also currently offers a Government Bank Platform which they claim “gives a central bank the ability to conduct instant payments to and from any bank in the network using the local currency as well as foreign currency if needed.” This seems like something that could also interest our government and help them evade the effect of sanctions IF other banks were to ever join this platform.

Expectations from those close to Apollo suggest that the gold-backed solution for Zim will be launching in about a month, and we have gotten in touch with Apollo Fintech for more information.