NGNT- A Stablecoin Introduced by BuyCoinsAfrica
Jamie Green – Cryptocurrency Investor
What is NGNT?
BuyCoinsAfrica has introduced a stable coin named NGNT, to work in a very similar way to Tether USDT. Naira-backed token (NGNT) is working on blockchain and chainlock for users to benefit from by generating interest, meanwhile the NGNT remains in a fixed deposit. This has been revealed by an official blogpost by the team.
It is an ERC 20 token using the basis of the Ethereum blockchain. NGNT is introduced with the intention of connecting Naira with the pros of digital currency. It has the potential to bring more business and encourage the use of cryptocurrencies within businesses, software developers, and blockchain traders who buy and sell cryptocurrency.
Value of NAIRA
The NGNT will be pegged as 1:1 to the Naira, which is just the same as USDT. In other words, we can say 1 NGNT is redeemable for 1 Naira. It will provide a wide platform for the traders to make use of their Nigerian Naira because they can avoid volatility incurred in the crypto markets. Providing new users with the means to enter the world of cryptocurrency, possibly becoming investors that buy and sell Bitcoin, as well as altcoins.
NGNT has maintained major safety measures to balance itself in the market and is open-source and transparent. BuyCoinsAfrica has taken security measures to secure the network. Reserves for NGNT will be kept in licensed financial institutions along with multiple bank accounts. BuyCoinsAfrica, being a new coin in the market has still managed to rapidly spread a borderless transferring platform.