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BitFinance becomes digital currency company, changes name to Golix

By , ITWeb
Zimbabwe , 05 Oct 2017

BitFinance becomes digital currency company, changes name to Golix

BitFinance, an early stage Zimbabwe-based Bitcoin start-up, has changed its name to Golix, as part of its evolution to emerge as a digital currency company.

"We're thrilled to have you as an integral part of our vision and today we're excited to let you know that we're moving into the future and changing our brand from BitFinance to Golix," reads an excerpt from the company's announcement, via a statement posted by TechZim.

The company says it started in December 2014 as BitFinance to make it easy for Zimbabweans to use Bitcoin. "For a country that had so many 'monetary problems', we strongly believed that Bitcoin was going to make our people's lives significantly better because it gave them financial autonomy. We chose our brand names (BitFinance and BitcoinFundi) to position ourselves as a Bitcoin company.

"It became clear to us that in the future, Bitcoin will not be the only digital currency that succeeds. A few months ago, we started investing in other digital currencies and have seen that it works, so we are doubling down.

In July, the start-up had announced the offering of other crypto-currencies on its BitcoinFundi exchange platform, including Litecoin and Dash.

According to a report by Techzim, Litecoin is similar to Bitcoin in many respects, but the key difference is that transaction blocks are processed every two and half minutes compared to Bitcoin's ten minutes. Additionally, unlike Bitcoin which has its maximum possible production of coins capped at 21 million, Litecoin's total possible coins are 84 million.

Dash is also a peer-to-peer crypto-currency with features similar to Bitcoin but with a capacity to process private and instant transactions. The currency has a decentralised governance and budgeting system making it what's called a decentralised autonomous organisation (DAO).

The company said, "We are scaling our exchange services, providing more scope and widening the number of crypto-currencies available to those interested in digital assets. Until now, only Bitcoin trades were possible. These additional currency options are in line with our strategy as we scale up our exchange and its offering. This is also in line with our overall pan-African expansion plan."

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