What is OmiseGO, and how can I buy it in South Africa?

OmiseGO is a financial technology company that offers a decentralized exchange and payments platform. Here’s how to buy OmiseGO tokens in South Africa!

While digital currencies such as Bitcoin and Dash have the potential to cultivate a new monetary system, other developments within recent years have put the Blockchain to use in developing systems that can exchange value between cryptocurrencies and fiat currencies.

Read: Chrome, Safari, Firefox, Edge and other browsers could soon support cryptocurrency transactions

What is OmiseGO?

OmiseGo is an Ethereum-based financial technology company based in Bangkok and operating in Thailand, Japan, Singapore, and Indonesia. OmiseGO offers both a decentralized exchange and a payments platform, and its underlying financial technology allows for real-time, peer-to-peer exchanges and payments.

OmiseGO enables users to and receive payments far more affordably, and offers an easy method through which users can exchange currencies – regardless of whether a user trades cryptocurrency or fiat currency.

The company’s network enables users to conduct varying types of financial transactions – including payments, payroll deposits, supply-chain finance, and even loyalty programs among others.

What makes OmiseGO different?

While cryptocurrencies such as Bitcoin are proprietary in the sense that they have to either be earned (through mining), traded (peer-to-peer) or bought (through an exchange), OmiseGO is instead focussed on developing a state of perfect competition where the best currencies can thrive.

As the company itself states, “The OmiseGO network is intrinsically agnostic between fiat and decentralized money: as far as adoption and usage go, the system is constructed so that the best currencies will win.”

OmiseGO wallet enables users and companies to implement its wallet as they see fit; for example, shop owners can, through a Software Development Kit, can trade fiat currencies alongside decentralized currencies.

OMG (OmiseGo) tokens – which leverage Ethereum’s ERC20 token standard – were launched through an Initial Coin Offering (ICO), where the company succeeded in raising over $19 million USD.

OMG tokens are given as a reward, where token holders can earn money (in a form of dividend) by validating transactions on a special type of Proof of Stake network.

How can I buy OmiseGO tokens in South Africa?

To buy OmiseGo tokens in South Africa, users can make use of Coindirect – a South African exchange that offers easy access to Bitcoin, Ethereum, zCash, and many other popular cryptocurrencies, and represents an easy means for many South Africans to purchase OmiseGO with Rand.

With Coindirect, users can make use of secure instant EFT to purchase their coins – Users can create their own Coindirect account by signing up with their email address and can then create a password. within a 90-minute payment window, users can dictate how many OmiseGO tokens in OMG or Rand value they wish to purchase, and can EFT the required funds directly to Coindirect. Until the EFT is authenticated, the allocated OmiseGO will be held in escrow.

Coindirect provides customers with both easy access to an online Bitcoin and Ethereum wallet, and users trading OmiseGO tokens will further receive their own online wallet for their personal use.

Users interested in selling their OmiseGO tokens or other cryptocurrencies can further setup payments to reflect directly into their banking account of choice once a trade is completed.

To unlock a R15,000 ZAR trading limit, users will need to fill in their personal details and can verify themselves by uploading a copy of their ID or Passport, a selfie holding both items, or a Proof of Address.

Read: Amazon has purchased three new cryptocurrency-based domain names

Have your say!

What are your thoughts? Do you plan to purchase OmiseGO tokens or any other cryptocurrency in the near future? Which appeals most to you to hold or trade? Be sure to let us know your opinion in the comments below!

Follow Bandwidth Blog on Twitter: @bandwidthblog