Yolft Technology the company behind Bitkesh, a money transfer platform that facilitates money transfers, recently launched a stablecoin, uZar along with the supporting crypto the Uhuru wallet.
The uZar token runs on the Stellar blockchain and is augmented by a network of agents that facilitate transactions. At the moment Uhuru wallets are funded via automated teller machine (ATM) deposits and Efts.
According to Reginald Tsvetu, a co-founder at the technology company which is based in South Africa (SA), the Uhuru innovation is a WhatsApp based digital wallet that targets the unbanked population. The wallet application enables users to pay for utilities with the uZar stable token and to exchange this for cash.
âIt (uZar) allows users to process transactions such as making payments for Dstv, Avon, inuka as well as cashing out. Further, this comes with the function of sending money locally and across borders,â explained Tsvetu.
Some three weeks after launch, the Uhuru wallet platform had recorded more than 600 sign ups and management believes more will sign up as the application gains popularity.
Tsvetu, who also doubles as Chief Marketing and Business development officer, says they in fact, expect this innovationâs growth rate to outpace that of Bitkesh.
According to him, the objective is to now target corporates with Bitkesh while individuals are encouraged to go for the Uhuru wallet.
A Zimbabwe native, Tsvetu also revealed that a stablecoin based on the Zimdollar had been created but is yet to be activated.
âWe also created the zwl
Posted from my blog with SteemPress : https://africablockchainmedia.com/news/bitkesh-founders-create-the-uzar-stablecoin/2020/04/07/