• In for a penny

    In for a penny

    Mobile-money payments have taken off and found success in many parts of Africa. However, another cashless system making its way into the continent is cryptocurrency – digital money that makes it easier to transfer funds between two parties, and uses coding to ensure security.

    After producing its first crypto coin in February 2016, Ghanaian tech firm Ghana Dot Com (GDC) – accredited with introducing internet services to the West African country – established what it refers to as the first cryptocurrency-producing company on the continent.

    According to an AFKInsider report, the company expects its coin to add to the global Bitcoin pool and hopes to increase it by several terahashes-per-second capacity throughout this year.

    Furthermore, GDC is also considering investing in the blockchain technology used in Bitcoin, and plans to build technical capacity, further enabling the development of blockchain applications in Ghana.

    22 March 2016
    Image: Gallo/GettyImages