Ta X’biex, Malta – Ferrum Network, a next generation decentralized network for high-speed, low cost cross-chain transactions, is pleased to announce it will bring the Gemini dollar (GUSD) stablecoin to West Africa. As a result of working closely with Gemini, a U.S. based digital asset exchange and custodian, , users of Ferrum Network’s forthcoming Nigerian exchange will be able to purchase GUSD, the world’s first fully regulated stablecoin, directly with fiat currency.
By introducing Gemini dollar to the Nigerian cryptocurrency market via Kudi Exchange, users will have a unique opportunity to access a fully regulated U.S. Dollar pegged stablecoin, which combines the creditworthiness and price stability of the U.S. dollar with blockchain technology and the oversight of U.S. regulators. Kudi Exchange users will be able to quickly and easily transact with GUSD, send it as a remittance, or purchase other digital assets with it through the exchange platform.
“Ferrum Network is extremely excited to be working with one of the world’s premier cryptocurrency companies to bring a fully regulated stablecoin to the people of Nigeria. In my recent travels to the country, the demand and need for U.S. Dollar backed stable coin was clear, and there is no stablecoin more trustworthy or better suited for this market than GUSD,” said Ian Friend, Esq. Co-Founder and COO of Ferrum Network.
“When I conceived of Ferrum Network, the goal was to bring useful financial products to people who needed them most. It is a privilege to work with Gemini to make this dream come true, and to offer one of the world’s most trusted stablecoin to our users so they can hedge against the volatility of their fiat currency, and easily access what are effectively digital dollars, said Ferrum Network’s Founder and CEO, Naiem Yeganeh, PhD.
“Gemini is thrilled to work with Ferrum Network to bring the Gemini dollar into a new marketplace. We have long recognized the critical impact a regulated stablecoin can have in the developing world, and are very excited that through this listing with Ferrum Network, users in Nigeria will soon have access to GUSD,” said Sarah Olsen, Head of Gemini’s Business Development team.
Ferrum Network’s Founder and CEO Naiem Yeganeh added, “this is just the beginning for Ferrum Network. In the coming months we will increase our exchange offerings to the other top digital assets, such as Ripple XRP, and continue our plans to launch more Ferrum Network powered fiat gateways in other regions of the developing world.”
About Ferrum Network: Ferrum Network is a fin tech company building the next generation of decentralized cross-chain financial applications. Founded in 2018 by a former Amazon, Microsoft and Bloomberg engineer, Ferrum Network enables the exchange of any digital asset in milliseconds for near-zero network fees, without taking custody of user’s assets. Ferrum Network’s line of financial products includes a decentralized wallet, a cross-chain decentralized exchange, a cold storage application with military-grade security, and fiat gateways such as Kudi Exchange.