Lotucrypto an African crypto currency exchange made a grand entry into the market in March 2021. The exchange offers its customers unique services, positioning itself as one of the most progressive cryptocurrency exchanges on the market today. The company had the ICO of its native coin Lotucoin in April 2021. The successful entry of the company into the market was led by CEO Otu Andiong, who is a tech enthusiast. As this article proceeds, Mr Otu will share his thoughts regarding the monetary future of the world.
Mr Otu is a chemical engineer and a serial entrepreneur. The most notable of his earlier businesses is iLance Global Concepts Ltd. He started this business 7 years ago and the business has grown in leaps and bounds. When he was asked about his motivation to start Lotucrypto he explained “There are two worlds — virtual and real, both powered by currency. Crypto for virtual and fiat currency for the real world.
Many, if not all of us live and transact in both worlds. We make payment for food stuff with fiat currency and trade crypto or store crypto via exchanges or wallets. Most of the time, these transactions are done on different platforms. What if you have a platform that can perform both transactions? Imagine how comfortable that will be?”
From all indications, Otu Andiong is a revolutionary. Together with his team, he has set up an exchange that further merges the crypto and traditional financial worlds. The world’s financial future begins with platforms that are useful for both crypto traders and fiat currency traders, and through which users can trade gift cards and settle utilities. The native coin, Lotucoin will benefit traders, when adopted as a medium of exchange by businesses, they can give discounts and other incentives to their customers, and this would boost sales for these businesses.
A cryptocurrency is a medium of exchange that is digital, encrypted and decentralized. Unlike the paper currency, there is no central authority that manages and maintains the value of a cryptocurrency. Instead, these tasks are broadly distributed among miners who verify transactions through blockchain technology. Cryptocurrency has come to stay, but no one knows the future. No one can tell if crypto will replace traditional finance or the both will co-exist side by side.
Mr Andiong is quite optimistic about the future of cryptocurrency and how it would impact global finance. This is evident by Lotucrypto’s decision to set aside 10% of pre-minted Lotucoin for product development. Crypto is young, and its adoption is in its infancy. As time goes by Lotucrypto hopes to carry out more product development in order to further the adoption of crypto currency as a medium of exchange. This will be its contribution to the future of the world’s monetary system.