A Kenyan startup, Nuruchain, is set to join the digital big boys club with the launch of a Pan African Cryptocurrency.
Nurucoin, aptly dubbed the “African Bitcoin” is being launched today, 30th January, through an ICO.
The ICO (Initial Coin Offer) is aimed at raising Kshs. 100 million. Thousands of Kenyans within and outside the country have expressed interest in the historic ICO in the wake of a massive marketing campaign prior to the offer.
According to Isaac Muthui, the CEO and the brains behind the ICO, Nurucoin is set to revolutionize the way Africa trades.
“Nurucoin is not just a Kenyan but a pan African Cryptocurrency. It’s time for Africans to make their presence felt in the world of finance, technology and innovation,” says CEO Isaac Muthui saying Africans should take pride in their own innovations.
The coin will initially be selling at a price of Kshs. 10 per coin. However, those buying the virtual coin during the presale enjoy a 40% discount. However, you must be willing to spend at least $5000 (Kshs.500,000) to enjoy the discount.
Kenya is among the top countries in the world that have embraced Cryptocurrencies. The country ranks at number 41 worldwide in countries using Bitcoin. Is at number 4 in Africa after South Africa, Nigeria and Ghana. Zimbabwe has also made great strides in the use of Bitcoin probably due to the volatility of the Zimbabwean Fiat.
Those buying into the Nurucoin hope that the currency will be accepted across the board. They are looking forward to seeing the price surge and maybe make a killing holding on the coins and selling them later.
It is yet to be seen how the government will react to the Nurucoin Cryptocurrency. Already, the CBK governor is on record warning Kenyans against speculation in the world leading crypto coin, the Bitcoin.
Kenyans, however, have remained positive in the 2009 founded coin that runs on the Blockchain Technology. The Bitcoin was first used in 2009 and was then valued at less than 10 dollars. Nine years down the line, the value of the coin has grown by over 100,000%. Currently, it’s trading at over $11000 (Kshs. 1,100,000).
Hundreds of Altcoins (Alternative Coins) have found their way into the cryptocurrency world since then. The Nurucoin joins these hundreds of Altcoins hoping to claim its space and get accepted. It’s greatest selling point is its Pan Africanist outlook.