International Investment Company Advances Cryptocurrency Adoption Across Africa
Today Apollo Currency announces a historic partnership with African Development Funding Group (ADF Group) to encourage the use and adoption of cryptocurrency at a national level across the continent of Africa.
The ADF Group works directly with 54 African Nations at the presidential and ministerial level to provide funding and sustainable development on a range of commercial and non-profit ventures. In addition, the ADF Group offers a comprehensive suite of financial consulting services to governments, specializing in wealth management, infrastructure projects, and more.
The ADF Group originated as an investment company focused on Africa, but has since expanded its reach on a global scale as an international fund management and private equity company with interests across Asia, Europe, and Africa.
In an official letter dated May 30, 2019, ADF Group CEO, Mr. Anthony Mokhele states the following:
“We as the ADF, with our mandate of facilitating funding and solutions for the upliftment of Africa continuously investigate emerging technologies that will enable our vision to create wealth within Africa.
“It is for this reason that we have identified Apollo Currency Africa as the only and obvious choice with regard to cryptocurrency and its application in an African perspective, to form a partnership and integrate into our involvement in the African continent.
“Because of Apollo’s independent blockchain and endless features we are endorsing its use and adoption to any of the fifty-four (54) African countries we have relationships with.”
Apollo has made tremendous strides over the past 12 months by developing innovative solutions to longstanding challenges, namely the issues of speed, long term sustainability, privacy, and high transaction fees that plague some of the more established blockchains such as Bitcoin and Ethereum. Apollo, on the other hand, has managed to develop Sharding, a breakthrough technology that allows for hyper-efficiency, and subsecond transaction speeds. While other cryptocurrencies tend to “bog down” as more users join the network and begin sending transactions, Apollo does effectively the opposite, increasing its efficiency as more users join the network.
According to Steve McCullah, director of business development for Apollo, “Sharding and adaptive forging make Apollo the most sustainable blockchain on Earth. Our goal is to realize sub-one-second transaction speeds and TPS capabilities in the multi-millions before the end of 2020.” Mr. McCullah goes on to say, “It’s crucial for developers to stay ahead of the curve, and to consider upcoming trends in their organization’s strategic planning. The Web 3.0 economy is evolving fast and it’s important to match developer competence with vision and prudence. Blockchain use-cases are leading to tectonic shifts in how people and merchants do business, and we want to prevent future issues that are avoidable. This approach makes the technology scalable and sustainable.”
The implications of this technology are massive when considered against the backdrop of many of the challenges facing the continent of Africa today, where over 70% of the world’s mobile money transactions occur, according to GSMA 2018 statistics. This presents a challenge if even a small percentage of these transactions were to move to a less advanced blockchain infrastructure. If a nation were to attempt this without Apollo’s next-generation technology, the network efficiency would suffer as the number of transactions increased. Not so with Apollo. Thanks to Apollo Sharding, Adaptive Block Generation and Fast Apollo technologies, the Apollo blockchain is capable of 1-2 second settlement speeds, making it one of the fastest cryptos on Earth. Utilizing the Apollo platform means that increased network volume does not have to come at the cost of efficiency, enabling a predominantly digital economy to transition with greater ease and effectively breaking down yet another barrier to mass adoption.
Mr. Mokhele had this to say regarding the application of the Apollo platform in Africa: “I believe that Apollo currency is the best way to create wealth for the African people and the best solution to Africa’s biggest problems.”