GIGXPAD, a decentralized finance (DeFi) project based in Africa, is partnering with public blockchain network Conflux to tokenize real-world assets in the country, according to a company statement shared with Forkast.News.
Fast facts
- The collaboration, which marks the Chinese blockchain Conflux’s first use case in Africa, will see GIGXPAD deploying a decentralized crowdfunding platform on Conflux. According to a statement, GIG Mobility, a Nigerian passenger transport company that operates over 30 bus terminals across West Africa, will be the first partner to tokenize real-world assets on the GIGXPAD marketplace. GIG Mobility intends to finance a new fleet of buses by tokenizing 100 buses, raising funds from investors and with a portion of the profits to be distributed to users who stake GIGX tokens as yield.
- GIGXPAD’s goal is to be a bridge between DeFi and real world assets across Africa by leveraging blockchain technology to help businesses access funding and bring investment opportunities to retail investors. The GIGXPAD application on Conflux features smart contracts and staking pools that enable businesses to finance real-world assets and investors to stake and earn rewards.
- “Africa’s financial services ecosystem is still a closed network with little transparency and limited access, but we believe blockchain technology has the potential to change that,” said Osamede Arhunmwunde, GIGX co-founder. “By pegging real-world assets to a digital token, we’re not only opening up access to new sources of capital but also aligning the interests of customers and stakeholders by democratizing ownership.”
