Bitcoin Forum

A new digital asset exchange has been launched in Zimbabwe. The new exchange named Styx24 aims to provide Zimbabweans with an alternative trading platform to the country’s most popular digital currency exchange Golix.

A series of worrisome events, such as numerous times when the site was offline for a substantial amount of hours without warning, has led to a decrease in consumer confidence and subsequent dissatisfaction with Golix’s platform. This is something that Styx24 aims to do better.

http://bitcoinafrica.io/2018/03/10/styx24-launches-in-zimbabwe/ (http://bitcoinafrica.io/2018/03/10/styx24-launches-in-zimbabwe/)

Having 90%+ of coins in cold storage does not give it a lot of liquidity, but I reckon that is not a priority for them when their

user base is that small and when they are dealing with competitors that are being hacked all the time.

https://citizen.co.za/news/news-africa/1734187/mnangwagwa-zimbabwes-richest-man-and-his-illicit-mining-exploitations/

Zimbabwe got their first billionaire this year {2018} : Telecom magnate Strive Masiyiwa.  Forbes estimates Masiyiwa’s net

worth at $1.7 billion.

Just when you thought the country with the worst economy in the world, could not produce any Billionaires.  :o

So, finally someone went and did it. Always wondered when enterprising people would take advantage of Zimbabwe's Bitcoin price extremes. Days of arbitrage should be almost over now, I can foresee local traders shaking their fists at Styx24, though.

@Kprawn yeah they wouldn't need the liquidity with such  variants in price already. Probably only take them under 15 minutes to get cheaper Bitcoin from elsewhere to fill all buy orders coming in at Zimbabwean rates. Oh, and first Billionaire? I'm pretty sure there have been so many before him, probably 99% of the country's richest people are all off the books.

Obviously. The reason these countries keep going backwards, is because of how the elite is sucking the life out of their economy for their own benefit. It has a financial reward aspect behind it, and another more serious aspect, which is that poverty allows the state to suppress its people with iron fist. Other than that, the Zambian crypto space is too centralized with how only a few parties share a huge part of the market. The more players join that market, the better it is for everyone there. More competition translates into lower fees, more availability of services, less centralization, and a higher quality of service in order to attract users. Competition is good.

Successful exchange development is highly risk involved, that too getting into existence in competence with another exchange platform is simply a big thing. During the time of Zimbabwean financial outburst bitcoin contributed good to the economy and was suggested by experts for an adoption of bitcoin. This was ignored and now more exchanges from the country seems to be a positive sign of cryptocurrency growth.