South African cryptocurrency launched
Mahala coin, a South African-developed cryptocurrency, was launched worldwide from Nelson Mandela Bay on Sunday. Mahala Coin will bridge the gap between traditional capital markets and the world of digital currency by being traded on global stock exchanges.
Mahala Coin is the first cryptocurrency backed by billions of dollars of contracted external revenue, and will be able to be traded and used for commercial transactions in both the online and the bricks-and-mortar retail world.
“What sets Mahala Coin apart from the more than 1,500 cryptocurrencies already in existence, is that it is the first that is backed by listed instruments and contractual revenue, thereby ensuring the liquidity which has eluded all other digital currencies to date.
“This opens up the first opportunity for traditional fund managers to participate in cryptocurrency at investment-grade levels of risk acceptable in traditional capital markets,” FORUS Global Digital Exchange founder Sonny Fisher said.
FORUS Global Digital Exchange is a blockchain-based payments and banking platform that will support transactions in both traditional paper (“fiat currency”, eg rands or dollars) and cryptocurrency.
Dubbed “the coin for Africa”, Mahala Coin was developed by FORUS and issued in partnership with FirstCoin, which announced its investment in FORUS in an event held simultaneously in Belgrade, Serbia, and Nelson Mandela Bay, South Africa.
Fisher said the FORUS payment platform plus Mahala Coin would provide the means for the “unbanked” to transact with anyone, anywhere in the world, breaking down entry barriers to business and opening up economic access.
He said planning and compliance for an imminent listing on the main board of the Johannesburg Stock Exchange (JSE) and several African exchanges was far advanced, and details would be announced soon.
The digital payments platform and the cryptocurrency, along with opportunities to acquire country licences for the FORUS Global Digital Exchange, will be launched at the International Capital Markets Conference in Sri Lanka later this month.
The licence for Zimbabwe, where FORUS will be listed on the Harare Stock Exchange, has recently been sold for US$5-million.
The Initial Coin Offering (ICO) will issue 180-million coins, 110-million of which are pre-mined, while the 20-million issued on today’s launch will be available at a pre-ICO discount of 50%, at US$1 each.