Nurucoin is predicted to be the first Kenyan currency that will give value to the buyer and seller by eliminating every extra cost of any middlemen party when paying locally or internationally. This is the very first statement that you will find on the official website of NuruCoin.
Regardless of being a new name in the crypto market, Nurucoin has acquired immense popularity that solves all the financial crises of intra-African trade. This digital currency was introduced as a business-to-business source of money transaction or trading of goods and services by Isaac Muthui, who is the founder and CEO of Nuru Inc.
The first white paper of Nuru Coin describes it as the first peer-to-peer internet currency that enables instant, zero-fee payments to anyone anywhere in the world. Launched in 2017, NuruCoin served as a personal cryptocurrency for crypto enthusiasts in Africa – a country that has touched a market cap of more than $2.5 billion.
The massive use and profits from cryptocurrency in Africa are not new for anyone. But, the flow of cryptocurrency performance in Africa has severely been disturbed due to interference of its government and authorities like SAARS. In the light of the above statements, Muthui came up with the solution of introducing NuruCoin that solved more than half of the problem of transactions globally.
With that said, here is more you need to know about the reason behind the invention of NuruCoin and its rise in Africa.
Read also: Impact of Blockchain Technology in Africa
Besides, cryptocurrency in Africa also became trouble for the high volatility, fluctuating inflation rate, and the under-progression state of Africa. It was just an overview of the purpose of introducing NuruCoin that was influenced by many such adverse down-sides of using cryptocurrency in Africa.
How NuruCoin Helped Africans?
With the increasing supply and use of bitcoin in Africa, it was pretty evident that it will soon become the future currency of Africa. But, the transparency or freedom of using cryptocurrency provided an easy path for numerous crimes like money laundering, and cybercrime to happen at a rapid pace in Africa.
Therefore, a new initial coin offering (ICO) named as NuruCoin was registered in Kenya for individuals to smoothly run their e-commerce without worrying about instant transactions locally or across the borders. However, many Africans also believe that NuruCoin is a cheap version of Monetha (an old cryptocurrency) that didn’t last long. This is because the white paper of both the cryptos highly resembled and worked on the same blockchain system.
Its universal trust-based system works really cheap with a market capitalization of mere thousands today. Moreover, NuruCoin aims to cover the market cap of $3M with 1 billion tokens to generate a maximum limit of 21 million units.
To sum up, Nurucoin has proved quite an efficient replacement for the extensive use of cryptocurrency in Africa. Although it doesn’t have any strong financial backing yet but has helped countless investors to earn profits by investing in it.