Mahala Coin is SA’s new cryptocurrency

The locally developed cryptocurrency is expected to bridge the gap between traditional capital markets and the world of digital currency and will be traded on a global stock exchange

Mahala Coin, which is said to be the world’s first cryptocurrency backed by contracted, external revenue, was recently launched worldwide in Nelson Mandela Bay.

Developed by Forus Global Digital Exchange and issued in partnership with FirstCoin, Mahala Coin is expected to bridge the gap between traditional capital markets and the world of digital currency, as it is traded on a global stock exchange.

The recently launched cryptocurrency is a key link in the Forus, an ecosystem of business built on the public utility blockchain, which generates external revenue.

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According to Mahala Coin, the more active users on the platform, the more the coin is transacted, which generates more revenue and in turn creating more capital and increasing the value of the currency.

The Forus payment platform and Mahala Coin provide the means to transact with anyone, anywhere in the world in real-time, breaking down barriers to economic participation and fostering prosperity for all.

Forus founder Sonny Fisher says the new cryptocurrency opens up the first opportunity for traditional fund managers to participate in cryptocurrency at investment-grade levels of risk acceptable in traditional capital markets.

“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,” Fisher was quoted as saying.

He said the Forus payment platform and 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.

Forus Global Digital Exchange is a blockchain-based payments and banking platform that will support transaction in both traditional currency and cryptocurrency.

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He told MyPE that planning and compliance for an imminent listing on the main board of JSE and several African exchanges were advanced, with details to be announced soon.

It has been reported that the Initial Coin Offering (ICO) will see 180 million coins issued, 110 million of which are pre-mined, while the 20 million issued on launch day will be available at a pre-ICO discount of 50%, at $1 each.

Source: MYPE and