Financial platform Freedium is building a Blockchain ecosystem that offers a stable currency, liquidity to commodity owners, and financial inclusion solutions in emerging markets – particularly in Africa, but also in Latin America, Asia and the Middle East. A game changer for a potential 6 billion people worldwide, founder Keba Keinde introduces the top lines on his new venture into cryptocurrency.
The Freedium Coin is the currency of the people for the people. Our dream is to allow people with assets and resources to benefit from it and to put an end to unfair practices where people without resources are making money from people with resources.
In the same way mobile telephony allowed Africans to be connected to the global information super highway, Freedium aims to allow Africans to be connected to the global economy, to transact with the rest of the world efficiently and store value.
Freedium aims to unshackle Africans from weak and volatile currencies, lack of access to foreign exchange, difficulty to trade with the rest of the world and limited access to basic financial services.
There are $50 billions of remittances towards Africa per annum. Most of these remittances come from migrants sending back money to vulnerable parts of the African population to pay for food, education and health. It is a travesty that an average of 11% of that amount is kept by remittances companies and corresponding banks. One of the first use cases on the Freedium ecosystem will be to allow Africans to make remittances more efficiently at much lower cost.
African trade totals $1.5 trillion per annum, of which 2/3 is on a cash basis. For example, traders in Nigeria buying computers from China to sell them in Nigeria. Today these traders have to take their Naira (Nigerian currency) to the black market, change it in USD, travel to china, change their USD into RMB, buy their computers and travel back with those computers to Nigeria to sell them. One of the first use cases on the Freedium platform will be a smart trade application that will allow traders from Africa and international suppliers to efficiently trade, without any risk, without having to travel, with no banking and forex costs.
Commodity owners in Africa have limited access to liquidity. As a result, international trading houses have a significant advantage when they deal with Africa commodity owners. By providing liquidity to commodity owners, Freedium will provide African commodity owners to mobilize funding and have better bargaining power in selling their commodities.
With global de-risking (international banks shutting down correspondent banking lines with African banks), African banks are finding it more and more difficult to make international payments for their clients. Freedium aims to provide an alternative to those African banks for international payments so that they can better support their clients.
In this day and age, Freedom is more than just the right to free speech and free movement. At Freedium we believe that Freedom includes the right to transact freely with the rest of the world and to store value resulting from our hard work. The pursuit of real Freedom is what drives us at Freedium.