The developing nations in many parts of the world are currently in the process of rapidly developing the essential infrastructure as they continue to register positive economic growth. Banking and financial services are one such industry segment which needs a lot of attention, especially in many African nations as access to financial services among the population remains very low.
Bolenum, a London-based financial services firm has decided to do something about it. The company is involved in development and implementation of a cryptocurrency powered financial network which can potentially improve the quality of financial services in the continent. With Bolenum, a majority of the unbanked and the underbanked population in the region will be able to gain access to instant and cost-effective financial services.
The Bolenum platform is powered by Boleno cryptocurrency, created on Ethereum blockchain. The ERC20 compliant cryptocurrency supports smart contracts implementation, allowing automation of various financial services. The services offered by Bolenum will work seamlessly with existing monetary systems in many African nations to ensure added flexibility while facilitating immediate adoption by anyone.
Using Bolenum, users will be able to send, receive and exchange money of all forms. The company has announced that it will start by localizing the service to Egypt, Nigeria, Ghana and South Africa. The service will first address the challenges in the remittance sector by creating an end-to-end remittance service over Ethereum blockchain. The team behind Bolenum have realized that it is important to educate the people in the region about cryptocurrencies, blockchain technology and how it will benefit them. The platform explains its future course of action in a detailed whitepaper.
In order to support the project, Bolenum has recently announced its upcoming crowdsale, scheduled to go live on 16 July 2017. During the 30-day long ICO, investors and cryptocurrency community members get a chance to purchase Boleno tokens. Their contributions will be used by the platform for further development, community building and other activities surrounding marketing, promotions, etc.
The total number of Boleno tokens is fixed at 10 million, out of which 50% of the tokens will be offered to the participants of the ICO. Investors will be able to purchase the tokens at a price of 0.02 ETH per token. More information about the ICO, including any early bird bonus, etc. will be announced by the platform soon.
