Trade Bitcoin Over The Counter Instantly and Remit Mobile Money Transfer to Africa
About
Applicant name: AfBit
Innovation Name: AfBit
Innovation Type: Service
Website: https://m.facebook.com/AfricaBitcoinExchange/
Innovation Description:
Problems:
. Difficult and expensive to trade bitcoin in Africa (West Africa)
. Sending money from US to Africa
. Traders wait a week to create an account and wait for their bank transfer.
Aim:
-Bringing a gamer bitcoin trading platform to retailers in Africa (west Africa) Trade executed via mobile money, cash or bank partners deposit.
-Send money from US to Africa (west Africa) within 1 hour
-We believe for broader bitcoin adoption in africa
-Competitive rate
-Trade with mobile money, Cash, or bank partners deposit
Problems solve:
-West African countries will have their own buy/sell Btc/cfa over the counter trading platform.
-Send money from USA to Africa with the best rate, using bitcoin
-Fast and easy mobile money payout, Cash bank teller or bank partner deposit
Advantages:
-West Africa buy/sell Btc/cfa automate trading platform at the best bitcoin market rate (Btc/usd)
-Fast sending money from USA to Africa
-Best exchange rate
-Low transfer fee
-Easy mobile money payout, Cash at teller or bank partner deposit
Status of Innovation: In-market
Innovation Active Since: 01/22/2018
Applicant Type: Individual
Headquarter City: Philadelphia
Headquarter Country: United States
Year Founded: 2017
Main Category
Main Category Choice: End-user Experience
Why do you think you should win this category?:
Winning this category will bring to users a brand new trading platform for West African countries trading Btc/Cfa as currency exchange. Easy build mobile application which will facilitate users to trade bitcoin over the counter using cash, mobile money, or partner bank deposit.
-My startup is relevant to this category because we would love Create an easy ecosystem for users to get involved with development of bitcoin and Blockchain technology.
-Easy and fast way to Trade bitcoin with the supporting country currency Btc/cfa
-First we are targeting West Africans countries and scale our innovation to other countries.
-Been testing through partners websites such as LibertyX https://libertyx.com for bitcoin supplier and sell in Africa with Afriexchanger http://afriexchanger.com.
-Good experience so far but with legal licenses and support we could scale our innovation
-Mobile money, Cash or bank partners deposit
-Fast delivery within 10min
-Best Btc/cfa rate at the current market eg: Buy 1$ Btc ~ 670 cfa, Sell 1$ Btc~ 570 cfa
Secondary Category
Secondary Category Choice: Remittances For Social Impact
Why do you think you should win this category?
-We are bringing a game changer asset exchange Bitcoin as well a new form of sending money from USA to Africa using blockchain.
-We are using a new form of sending money using blockchain into the remittance business
-We are adding to the old banking system a new digital asset (bitcoin) for money remittance business.
-Serving retailers with no bank accounts and credit card.
-Payout procedures with mobile money, Teller cash or local bank partner deposit.
-Market Western Africans living is USA and others (Cameroon, central Africa, Gabon, Congo).
-Impact on remittance transfer direct mobile top up or cash at teller
-Case study tested with partners websites.
Eg Client send 100$ in Côte d’Ivoire Afriexchanger buys 1$ Btc at 580 cfa with AfBit. We set the sending exchange rate 1$ at 540cfa. Customer pays $100+$10fees. we send 93.10$ btc to Afriex payout 54000 cfa via mobile money. We pay 94.5$ to Liberty So we end up with 15.5$ in commissions
-We are moving slowly because license operation and built platform
-Fast transfer within 1hour
Team Members
Full Name: Brahima Fofana
Role: CEO & Founder of AfBit
Linkedin: https://www.linkedin.com/in/imwithfof/
Full Name: Fanta Diaby
Role: Store Owner
Link: https://m.facebook.com/AfricaBitcoinExchange/
Full Name: Abel Dedo
Role: AfriExchanger Partner for bitcoin trade and Cash,mobile bank payout operation in Africa
Link: https://www.afriexchanger.com/
Full Name: LibertyX
Role: Buy bitcoin instantly with cash in USA
Link: https://libertyx.com
Supporting Links
Competitive Analysis for remittance money transfer & Buy/sell Bitcoin: http://docdro.id/wcKNyYW
SALES & COMMISSIONS SHEET of Market Test using LibertyX App: http://docdro.id/JztPVe0
Start Up Needs: http://docdro.id/UQtI0wx
Image projection of AfBit operation: http://docdro.id/RI8U4Il
Entry Representative
Full Name: Brahima Fofana
Role: CEO & Founder of AfBit
Email: imwithfof@gmail.com
Phone: +12029108944
