UbuntuBitX Exchange of BlinkTrade Helping Customers in West Africa


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BlinkTrade has unveiled UbuntuBitX, its West African Bitcoin exchange. It is the second exchange the company has introduced in a week, after launching SurBitcoin in Venezuela last Thursday. Providing its clients technology wherein they get cost-effective ways to start their own Bitcoin exchanges and removing the need to hire a developer, BlinkTrade is a trusted name.

Team head Rodrigo Souza talked to media professionals and said that other exchanges use their own proprietary software, centralizing Bitcoin, fiat money and liquidity; however, BlinkTrade is especially proud of is its ability to give exchange users access to Bitcoin liquidity in regions where Bitcoin trading is not yet widespread.

Thus, according to Souza the company’s mission statement is very simple i.e. lower the costs for Bitcoin exchanges with the help of an open-source, cloud-based platform for exchanges like BlinkTrade, and also allow Bitcoin exchanges to share liquidity. He says that BlinkTrade itself does not hold users’ Bitcoin or fiat money.

He made it clear that however the brokers have custody and are required to publish all of their Bitcoin addresses as a transparency measure. Making it clear that one day the company would be able to give users worldwide the option to select their region’s best brokers; he said that this is looking far into the future.

Nevertheless Souza who has shown confidence in the latest developments for Africa believes that for the time being, his company is focused on empowering as many exchange operators as possible in the developing world. One such measure earlier was SurBitcoin, the company’s Venezuelan client which was launched in beta on Thursday.

Bitcoin Could Have Huge Success in Africa Providing Services to Unbanked People

The company clears that the exchange is giving Venezuelan users 200 Venezuelan Bolivar Fuertes (VEF) i.e. about $32 at press time, in credit upon signup to buy Bitcoins. There have been more than 160 users that have signed up so far with the exchange. However, according to Souza Venezuela imposes a set of challenges.

For instance according to him, if the company can succeed in Venezuela, it can succeed in any country of the world. Currently, regulators have not given an official ruling on how to control Bitcoin or whether to classify it as a currency, a commodity or otherwise. In such a situation Souza sees Bitcoin as a digital asset which may get government assent as well.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com