ABCD, Africa’s newest and true stablecoin by the Ghanaian startup, BitSika, is under development on the Binance Chain.
The stablecoin is the first of its kind to be backed and truly pegged to the Nigerian Naira and will be available and native on the Binance crypto exchange, the largest crypto exchange by volume globally.
The project was part of the 4 African projects out of 13 in total that applied and qualified for the Binance Labs Incubation Program.
According to Atus Davoh, the CEO and Founder of BitSika, the startup behind ABCD stablecoin, the Nigerian Naira is most favorable because Nigeria has the biggest crypto liquidity by far in Africa. The Naira also happens to be the biggest currency in Africa. As a result, the currency stands a better chance of leaving the continent and being used beyond Africa.
Speaking to BitcoinKE, Atsu defended his position on ABCD being the first true stablecoin in Africa saying that it will be the only stablecoin available on reputable exchanges like Binance and 9 other crypto others, making it globally available.
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The stablecoin will also be operational on launch.
“On Day One, it will be completely usable. It will not be a progression to usability like other previous African stablecoins.”
Having successfully built BitSika, a crypto remittance service serving the Ghana-Nigerian corridor, Atsu believes his team has the capability to undertake this massive project.
“Anyone can start a website, but not everyone can be a Facebook or Twitter. Our aim is to basically build all the infrastructure to make the coin run smoothly. We are taking a page from the success of Binance which takes time to build every single infrastructure for all its projects.”
COMING SOON: Look out for the full interview on BitcoinKE featuring BitSika CEO, Atsu Davoh, as he discusses the BitSika Project, the ABCD stablecoin project, meeting Twitter CEO, Jack Dorsey, and tips for African blockchain developers.
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