A digital currency start up in Nigeria, BuyCoinsAfrica has made a stablecoin called NGNT that is like the standard USD tie.
As per the site, the group fabricated the Naira-supported token (NGNT) on the blockchain and Coinlock as a methods for making a stage to procure intrigue while securing your NGNT a fixed store.
The NGNT is an ERC 20 token based on the Ethereum blockchain. Its motivation was to connect the Naira with the benefits of computerized money, in this manner giving digital currency dealers, entrepreneurs, and programming engineers the capacity to execute with the Naira over the blockchain.
In a medium blog post published by the team, they iterated that they are dedicated and committed to complete actualization of the potentials of this project as a lot of hard work has already been put in to get this far.
Just like the USDT the NGNT is pegged on a 1:1 ratio to the Naira, this means 1 NGNT will always be redeemable for 1 Naira. This token is expected to provide utility for traders using the Nigerian Naira as it affords them the flexibility of holding digital fiat and escaping the market volatility inherent in cryptocurrencies.
The use of the NGNT is devoid of any form of dependencies such as card processors, banks or any financial institution. As security happens to be the most important issue of concern to users the BuyCoinsAfrica team has ensured that reliable NGNT reserves are safely kept in licensed financial institutions and backed up across multiple bank accounts.
The NGNT is also open-source, allowing other projects to build around its source code.
Although BuyCoins is a relatively new startup they have evolved rapidly over the last year while maintaining their core mission, which is to create a platform for true borderless transfer of value across the African continent and beyond.
Finally, the blog post recorded that over 10 billion Naira in crypto trades this year has been processed on the platform, having served about 1400 users this year the team still looks forward to an exponential growth of these figures in the coming years.