The Veritaseum platform helps to create smart contracts for capital markets without the need of brokers or banks. Its value is increasing slowly but steadily. This follows an announcement by the CEO on October 5 regarding the company’s expansion into Uganda and Nigeria.
CEO Reggie Middleton explained that Veritaseum will accept unbanked clients and use Veritaseum’s VeGold as an anchor of value
Furthermore, he adds, “We are already looking for undervalued Ugandan businesses to Veritize”. They also have a VeSilver token, and both of are backed by the precious metals.
It may seem as though Binance’s recent Uganda announcement may overshadow the news from Veritaseum. However, the market change may indicates otherwise. It started at around $34.6 million on October 5 and stood at $78.2 million on Monday. The trade volume was consistent at a little under a million. However, the increase remained strong nonetheless.
Part of the goal for both companies is to show how the blockchain can serve less developed countries
While many regions tightened restrictions, the Ugandan government are receptive to cryptocurrency. Additionally, they welcomed the partnership of Binance and Veritaseum to help bolster the economy. Uganda is one of the poorest countries in the world, with a per capita income of around $200. Moreover, the country hosts Africa’s annual Blockchain Conference in its capital city, Kampala.
To escape stricter regulations, Middleton established additional headquarters in Bermuda. For the African branches, it appears as though he assigned a local partner:
“Our operations are in Nigeria and Uganda. Abu Abubakar is a Ugandan resident and he will spearhead the taking of Ugandan Shilling deposits, possibly starting this week”.
Unlike Uganda, Nigeria has a booming economy and oil industry. Middleton sees potential there, and a role for blockchain in this growing environment.
The announcement coincides with a general announcement of VeADIR’s upgrades
VeADIR is the first major product released by Veritaseum. In a nutshell, VeADIR is the research component of the platform. Users can employ the native tokens to purchase market data from the platform. VeADIR uses the same research to determine where Veritaseum invests.
On their website, Veritaseum boasts that the onboarding process is streamlined. Furthermore, they claim that the platform will support easy-access KYC. Basically, it seems as though they plan to recruit the African user base widely and rapidly. Besides helping Veritaseum itself, this partnership could very well help the proliferation of blockchain tech through the nation in general.
Want the latest crypto news? Join our Telegram Channel