Announcing the Public Launch of Kudi Exchange — Powered by Ferrum Network

ferrumnetwork (41)in #crypto • 6 years ago

Hello Community Members,

We are thrilled to announce the official public launch of Kudi Exchange, the “Coinbase + Venmo” of Africa, now available for download in the Google Play store!

Kudi Exchange was built from the ground up to be a fast, simple and secure means of buying and selling digital assets, and sending money instantaneously for zero transaction fees. It is all powered by Ferrum Network’s powerful blockchain technology.

We believe that blockchain technology is only as useful as the problems it solves. So before highlighting Kudi’s primary features, it’s important to understand why we built it.

Problem One: Physical Cash and Bank Apps Are Limited in Terms of Speeds, Costs, and Security

Many emerging markets, including Nigeria, operate largely a cash based economy. The majority of daily transactions are conducted with physical currency, which has inherent limitations in terms of security, portability, and speeds (ever tried to do monthly payroll with a cash-only business?).

Although in recent years there have been a proliferation of bank apps to facilitate cashless transactions, many of these apps are unreliable and expensive, levying fees for every transaction no matter how small. Moreover, these bank solutions are often slower than advertised, sometimes taking up to 24 hours to transfer money between accounts.

Another pain point identified by our early customers were their frequent trips to the bank, which can sometimes be an all-day affair and standing in lines for hours.

Therefore, we saw a need to create an app with instant and free local currency transactions, so people can send money directly to anyone’s SMS or What’s App number, and avoid trips to the bank.

Problem Two: U.S. Dollars are in High Demand but Difficult and Costly to Obtain

For better or worse, the U.S. Dollar is considered a safe haven asset in many countries around the world. Until the day comes when bitcoin is the global reserve currency, U.S. Dollar will continue to be in demand in emerging markets around the world.

Although demand is high, access is a different story. Obtaining U.S. Dollars requires a trip to a local currency exchange, and purchasing at an unfavorable exchange rate. Then there’s the matter of what to do with the physical dollars, store them under the mattress? Of course converting them back to local currency is also a pain.

Fortunately, crypto has presented a perfect solution to this problem in the form of stable coins. But not all stable coins are created equal, as some may not be backed by sufficient reserves, while other face legal troubles.

This is why Ferrum Network and Kudi Exchange have partnered with the most trustworthy issuer of U.S. Dollar stable coins — Gemini — and offer them to our customers right in the app.

Problem Three: Many Fiat-to-Crypto Exchanges Are Costly, with Limited Functionality

Bitcoin and other cryptocurrencies are demonstrably popular in emerging markets including Nigeria, and for good reason due to the unstable nature of the local currency.

However, fiat-to-crypto exchanges in many of these markets are expensive, and offer only a limited number of digital assets.

Moreover, most exchanges offer a single function: buying bitcoin and Ethereum with fiat. None provide the ability to transfer fiat to other users.

The Kudi Solution: A Low Cost Digital Currency Exchange with Access to U.S. Dollar Stability Plus Instant Money Transfers

Kudi Exchange is West Africa’s own low-cost digital currency exchange where users can buy and sell digital currencies like Bitcoin, and send local currencies like the Naira to friends and family instantly for zero transaction fees.

Kudi is the first exchange in Nigeria offering a U.S. Dollar backed stable coin through its work with world-renowned cryptocurrency company Gemini, thereby providing low-cost and easy access to digital U.S. Dollars as a hedge against local currency fluctuation.

Powered by Ferrum Network’s groundbreaking blockchain technology, customers can send local currency and digital currency to anyone’s phone or What’s App number instantly for zero transaction fees in a safe and secure manner.

Kudi Business — Free Point of Sale and Payroll System For All!

Another problem for our customers is a lack of infrastructure for businesses. For example, point of sale systems are relatively rare in many emerging markets due to their high costs and because they are issued by the banks themselves. Moreover, doing payroll in a cash business can take days.

Therefore, we built features into the app we are calling Kudi Business, with revolutionary functions like a free point of sale system and payroll system that can bring any business to the next level.

With Kudi Business, customers can buy products directly with their Kudi app, and the Naira will appear directly in the merchant’s Kudi account in seconds without ever going through a bank.

For companies with payroll needs, they can instantly send their employees their weekly or monthly earnings with the push of a button, and Kudi’s sophisticated technology helps keep track of everything.

Be the First to Download and Have a Chance to Win Big!

We have a built-in referral system that allows you to refer your friends and family by sending them as little as 1 Niara right to their What’s App or phone number! Lucky winners of this referral system will win up to 1 million Niara! The money will be sent right to your Kudi app.

For those who want to be the first users of this powerful new app, you can download it here!

What’s Next

We will be announcing winners for the Kudi Exchange referral program every two weeks! Also, look out for a bounty program for our early users!

Thank you all for your continued support of Ferrum Network and Kudi Exchange. For more information, please refer to the links below.

Very Truly Yours,

The Ferrum Network Team

Links:

Kudi Exchange App: https://playstore.kudi.exchange

Kudi Exchange Site: https://kudi.exchange/

Kudi Exchange Telegram: https://t.me/joinchat/H6T8PVgvkBhlDCuU73rDOw

Ferrum Telegram: http://telegram.ferrum.network

Twitter: http://twitter.ferrum.network