Uganda surprised the crypto market after a higher number of users got their attention on the country’s blockchain-based project known as DALA.
Uganda sees an increasing number of users who are getting involved in crypto-powered activities. Released by the South African company Wala, DALA is a promising project powered by Ethereum blockchain. Through this startup, Southeast Africans can benefit from financial solutions against the economic difficulties in the region.
$DALA offers users the opportunity to take advantage of financial services, consisting of money transactions and fee payments for public services.
$DALA had a successful ICO. Organized last year, the company managed to collect $1.2 million, registering over 100,000 $DALA wallets opened. Since then, the startup boasts more than 2.5 million transactions operated via its system. $DALA comes as a solution against expensive cross-border options for African users.
It also supports a blockchain-based electricity project
The African company is also supporting an electricity project based in Uganda. The two businesses are committed to providing for Ugandans clear energy economy. The one who developed the project is Energy company CleanPath Emerging Markets Uganda (CPEM), having as a co-leader Prince Kudra Kalema of the Buganda Kingdom.
Prince Kudra Kalema told TechCrunch that:
“We began using the $DALA protocol because it became very clear that the financial structure in Uganda was not adequate. It was clear we needed something. There is no way the Uganda shilling is stable enough for the type of program we are doing. Wala was already invested in the same country and wasn’t just about the idea of a running a crypto coin in an emerging market, but was also about creating the best type of financial institutions for the country. That goes hand in hand with what we are doing. It became a no-brainer.”
Speaking about the project, Wala co-founder and CEO Tricia Martinez elaborated that:
“The numbers we’ve seen since the launch of $DALA have been staggering, and a large portion of our current users are Ugandan, so this partnership is a natural next step to allow users the opportunity to further benefit from using $DALA. The high level of user traffic also shows us that Ugandans are ready to use crypto assets in their day-to-day transactions.”
Author: Adriana Midrigan