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Boost as African Consolidated Exchange Commences Operations
Goddy Egene
Doing business on the African continents and financial transactions will soon witness a major boost as TE Markets, an adaptable company with interest and investments in real estate, mining and exploration, and digital financial services last Friday launched the African Consolidated Exchange (ACEX).
ACEX will ease the hassles of doing business among African entities and nations, while offering higher profits and at the same time, culturally unifying Africans.
The Managing Director of TE Markets and President of ACEX, Mr. Ian Mvula, said the exchange will be a trailblazing infrastructure for players in the financial markets and in Africa’s digital finance ecosystem.
“This innovative infrastructure will serve as a digitalised general store for all forex traders, crypto traders, stakeholders and investors in the financial market on the African continent, and beyond. We are committed to positively rewriting the African story, with the commitment of our seasoned team of diligent professionals,”Mvula said.
According to him, ACEX, being a one-stop exchange built by TE Markets, will be a pan-African and multi-assets trading platform that will allow people to buy and sell stocks, Exchange traded funds (ETFs), Bonds, Forex , Cryptocurrencies and Commodities.
“ACEX as a market that never sleeps will be an exchange bustling with liquidity providers, merchants, traders and Iinvestors alike. There is no one exchange on the continent where natural minerals and agricultural produce native to the African continent are listed. ACEX will be the first exchange where native producers from Africa can list their produce, fix their competitive price and earn direct rewards for their effort. African products such as cobalt, cocoa, and timber will be synthetically indexed and offered as quotes for traders to take advantage of,” he said.
Mvula disclosed that businesses within the TE Markets ecosystem, namely: TE Properties; TE Micro funding, TE Payment Gateway, TE Capital and Red Planet will all be listed on ACEX.
“Also, ACEX will allow for listing opportunities to be extended to interested reputable businesses and startups. These businesses will leverage on the robustness of ACEX as a beehive to entice investors to their business by offering competitive and profitable staking opportunities that come with juicy return on investments (ROIs). These businesses will serve as veritable sources of passive income earning to investors who just want their money to work for them on the listed businesses. Listed business can use the liquidity generated to power their growth or finance their expansion,” the CEO said.
According to him, aside the combination of over 40 major, minor and exotic currency pairs that will be available to forex traders, ACEX will be that centralized exchange where fiat currencies from nations across the African continent will be paired, quoted and traded for profits by currency traders.
“ So, on ACEX, for example, the Kenyan shillings will be paired with the Nigerian naira, and offered as tradable instrument to traders from around the world to analyze and trade. There’s no other known exchange that does this already,” he said.
On ACEX, criptocurrencies enthusiasts and traders will be spoilt for choice as there would over 200 tokens and coins listed for both spot and futures traders to enjoy.
“Temcoin ($XTEM) will be the native cryptocurrency of ACEX.The coin is already being used in several different aspects. However, the foremost use will be on ACEX, where it will represent different financial instruments and therefore, have actual value. Temcoin was developed on the efficient and fast ERC20 blockchain. It’s a deflationary token that leverages DeFi and offers different staking services and a fees distribution on ACEX, offering higher profits and at the same time unifying the people of Africa. Temcoin will be used to create a single base asset so that different monies and limited liquidity can be avoided once and for all,” he said.
Mvula noted that there will be a handful of verified people who will be known as merchants on ACEX, adding: “They will be allowed to engage in the business of converting $XTEM to fiat (nationally issued currencies) and vice versa on the ACEX platform, and charge a fee known as spread for their trouble.”
“These merchants will be cast across all regions of Africa to facilitate smooth financial transaction on the ACEX platform. Because their fee will be small, these merchants will be solving the issue associated with foreign remittances on the African continent. The advantages of cryptocurrencies over traditional money transfer are that crypto transactions are faster and cheaper. And can be used by the unbanked. Merchants will serve as the middlemen between senders of crypto ($XTEM) and receivers on ACEX,”
