Business

BIG STORY! Meta Shield seeks to take African virgin Crypto market by storm

Robert Ndawula, a certified Blockchain professional and developer says Meta Shield Coin combines the strength of a decentralized network with multi-signature crypto security.

Robert Ndawula, a certified Blockchain professional and developer says Meta Shield Coin combines the strength of a decentralized network with multi-signature crypto security (PHOTO /Courtesy)

KAMPALA – Meta Shield, built on Binance, the world’s largest crypto exchange platform has launched an innovative new entrant to the crypto wallet market – the Meta Shield Coin – allowing both veterans as well as newcomers in the crypto space to safely participate in the world of Decentralized Finance (DeFi) token of change markers as well as creating possibilities for many.

Meta Shield Coin, a simple to use and safe platform, built on Binance Smart Chain Network, targets virgin markets in Africa starting with Uganda before expanding to the rest of the world.

Cryptocurrencies rely on blockchain, or the public, distributed ledgers that track the coins’ ownership. The Meta Shield Coin ledger is powered by “miners,” so-called because they throw computational power into the system to discover and verify cryptocurrency units, occasionally receiving – or “mining” – new crypto in return.

Cryptocurrency adoption in Africa grew 1200% between July 2020 and June 2021, making it the fastest adoption rate in the world. However, in terms of overall values traded, the continent is still playing catch-up to other regions.

Africa’s interest in digital currencies comes as the use of fiat cash declines in major economies in Africa, with consumers adopting electronic payment methods such as Mobile Money, credit cards, and payment gateways amid doubts and skepticism.

Several people on the African continent lack knowledge about cryptocurrency but the latest data shows the continent is a fertile market for the same.

Markets like Kenya, Nigeria, South Africa, and Tanzania have some of the highest grass-roots adoptions in the world and ranked in the top 20 Global Crypto Adoption Index according to Digital analytics firm Chainalysis.

Chainalysis’ latest figures show transaction volume made up of retail-sized transfers in Africa was 7 percent, against the global average of 5.5%.

Robert Ndawula, a certified Blockchain professional and developer says Meta Shield Coin combines the strength of a decentralized network with multi-signature crypto security.

Ndawula adds that Blockchain increases trust, security, transparency, and the traceability of data shared across a business network — but also delivers cost savings with new efficiencies

The industry has seen a surging demand for a stable digital currency amidst fears of an economic recession in both traditional and digital markets. Meta Shield Coin is establishing itself as a champion amongst fast-growing tokens, with an all-time high market capitalization of over UGX 7 billion.

Company CEO and Founder, Peter Sserwanga says Meta Shield is working on creating its own non-fungible token (NFT) marketplace. “Our NFT line will be the first to drop on the marketplace and then will allow other NFT projects to land on the platform as well,” Mr. Sserwanga said during a virtual presentation to members.

A non-fungible token is a cryptographic token that represents a unique asset. They function as verifiable proofs of authenticity and ownership within a blockchain network. NFTs are not interchangeable with each other and introduce scarcity to the digital world.

Sserwanga promised that more developments would be available soon including the much sought-after P-2-P decentralized payment.

“Meta shield Wallet will support direct currency exchange between individual parties without the involvement of central authority,” he assured users.

Meta Shield is already listed on Trust wallet, MetaMask, Nomics, Watcher.guru CryptoExchange, Flooz Trade, pancake Swap, and coin hunt.  Sserwanga said the user would soon find Meta Shield on gate.io, Kucoin, Bitmart among other exchanges.

In the future, users can also look forward to a VISA Card integration to spend their dollar-pegged cryptocurrency as a convenient off-ramp for their cryptocurrency at the 60 million VISA merchants operating globally.

Commenting on widespread skepticism regarding cryptocurrency, Meta Shield marketing director Mayi Nannyondo said trust is at the heart of Meta Shield on top of cryptographic proof. “We believe in the power of Blockchain technology to disrupt many industries including finance. Meta Shield is building trust around its ecosystem and community.”

On how Meta Shield works and how users make money, Nannyondo, a marketing guru said the platform works around the principle of “Tokenomics.”

“There are many ways to make money in crypto but one of them is to buy and hold and then sell when you’ve made your returns. There is no third party controlling it except its community of users. The value of MetaShield can’t be lowered or affected by inflation given we have a limited number of tokens that were minted”.

On how users withdraw or use their money, she explained: “The same way one buys –all you need is to sell SHIELD in an exchange like pancakswaps or trust wallet, and you get BNB which you then Swap for USD and then to UGX. Any time you feel you have made a good return on your investment you can always withdraw”.

She added that Meta Shield users or holders have significantly made profits from their investments, and that “we are continuously building partnerships and utilities around it. We hope to reach a $10M market cap by March 2022. So this is a good time to buy.”

Cryptocurrency landscape in Uganda

Uganda is one of the few African nations where there is a crypto-friendly environment and today there are several crypto companies in the Ugandan market. Data shows that the crypto landscape in Uganda is thriving.

Despite warnings of money laundering and a lack of regulatory protections, some tech-savvy Ugandans prefer the volatility in bitcoin trading, the most popular virtual currency, to their prospects in the continent’s job market.

Uganda’s youths are usually technology savvy and have taken to crypto quickly. 55 percent of the country’s population is below 18 years old which they have a predominantly young population.

Many adoptees are professionals aiming to supplement their salaries, but others are jobless millennials hoping to make a living by trading the cryptocurrency, which isn’t tied to any bank or government and, like cash, allows users to send and receive money anonymously or mostly so.

Ugandan President Yoweri Museveni previously spoke in support of blockchain technology.

At the Africa Blockchain conference held in Kampala, he said that there is a need “to look for a new technology of enabling things to move faster and new systems that go with it.”

Uganda’s Minister of Finance, Matia Kasaija told Ugandan Parliament that the government is working on introducing regulations to govern cryptos.

The Minister was responding to concerns about the emergence of pyramid schemes branding themselves as crypto projects. Several Ugandans had fallen victim to the scams, losing millions in total.

Click to comment

Dear our estimated reader, what is your take about this topic?

Most Popular

To Top