Conflux, a blockchain company based in China, has joined forces with GIGXPAD to roll out a decentralized crowdfunding platform.
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.
The transport company aims to finance a new fleet of buses by “tokenizing” 100 vehicle units to raise funds from investors and a slice of the profits will be distributed to users who stake GIGX as yield.
An efficient bridge
To be an advanced and secured bridge between DeFi and real-world assets across Africa is the big goal that GIGXPAD is aiming for, which they intend to achieve through blockchain technology.
If this plan goes well, it will help businesses access much-needed funding and provide business opportunities to retail investors.
GIGXPAD’s application on the Conflux platform is equipped with smart contracts and staking pools that would allow businesses to fund real-world assets.
“By pegging real-world assets to a digital token, we’re not only opening up access to new resources of capital but also aligning the interests of customers and stakeholders by democratizing ownership,” Osamede Arhunmwunde, GIGX co-founder, said.
He added that Africa’s financial services ecosystem has limited transparency and access, which clogs its further growth and according to him, blockchain technology can bring a major change in this situation.
Conflux and GIGXPAD
Conflux is a public, permissionless blockchain that aims to bridge Asian and Western communities and economies by allowing a secure flow of data and assets across borders, applications, and protocols.
GIGXPAD is a platform that facilitates a pool of investments that allow various investments in Africa to become more accessible, which would help boost the country’s economy. It is also known for its highly-secured protocols and custody providers that keep investors’ digital assets secured.
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