Ledig Technologies recently acquired the B2B digital asset brokerage engine formerly run by CI Cryptosolutions as part of its larger vision of building an end-to-end clearing and settlement engine for the African digital assets markets with a major focus on fiat/crypto pairs. It recently applied for the Nigerian Securities and Exchange Commission’s ARIP incubation program with a view to being regulated in Nigeria as a first step to its wider African Vision, positioning the company as the go-to bridge for businesses in the space with a digital asset exposure or utilising digital assets to solve the prevalent treasury problems that come with running a company in this part of the world.
Africa’s digital economic growth is fast outpacing the general economic growth rate of the entire continent. Despite this growth, Traditional institutions maintain outdated infrastructure which reduces their competitive edge in the global space. It is appalling that the current banking and non-bank infrastructure is very limited in its ability to meet the growing dynamism in cross border payments, currency and asset volatility protections. Capital market infrastructure is also exempt from this slow adaptation process.
Ledig Technologies is currently building a robust platform that can help companies navigate the entire Fiat/Crypto clearing and settlement process, including Trade Matching/verification, Netting, risk management, compliance (Including travel rule compliance), Reporting, Reconciliation, Asset Ownership Transfers, Asset Delivery and settlements (RTGS or Batch Settlements ). It aims to streamline these entire processes while maintaining an in-house brokerage/dealing desk (Acquired from CI Cryptosolutions) in order to make sure businesses never face liquidity issues at any instance. In addition to the above services, we are also building multiple hedging tools via smart contract-based derivatives structured around the existing protocols. We would create multiple products around this that would help businesses mitigate currency and asset volatility risk, which is prevalent in Nigeria and the wider African Region.
Some of the businesses our solutions will be relevant to are;
1. Any business with cross-border exposures.
2. Payment service providers.
3. Remittance Companies.
4. Digital assets Broker/dealers.
5. Digital asset exchanges
6. Other Digital asset-focused companies.
7. Banks/Fintechs.
8. B-A-A-S platforms.
9. Liquidity Engines.
10. Tokenization/Securitization firms.
11. Digital Wallet providers.
12. E-Commerce Platforms.
13. Trade Financing companies.
14. Foreign Exchange Brokerages.
15. Governmental agencies.
16. International Traders.
With respect to this, we understand the need to get regulated in the various regions we would be serving. We are currently applying for the Securities and Exchange Commission of Nigeria’s ARIP program, which would help us become properly incubated and set up to eventually be fully regulated by the commission. The regulatory space for virtual asset service providers has been uncertain for years; however, the commission has remained insistent on working with industry players, which led to the development of the ARIP program. We believe that this is the beginning of a proper regulatory framework around digital assets in Africa; hence, the need to take our first step in Nigeria.
We strongly believe our solution and its use of blockchain-based techniques would serve various industry players in the region. We call on major stakeholders to analyse our offerings and communicate with us as we build, as we intend to solve industry-specific problems and not just build a generic solution that does not fit into major pain points of businesses doing business in Africa. While some of our services are currently online, the scope of services will continue to increase gradually, and our partners will have a chance to shape our direction. Our vast industry experience makes the space easily navigable for us and creates room for increased flexibility.
Ledig.io
BY CHIAGOZIE IWU.
Product and Technology Consultant at Ledig Technologies.
