NIRXBLOCK PAYMENT SYSTEMS (“NIRX” or “NairaX”) is firstly a limited company in Nigeria. We come to you with a brief introduction to our unique cryptocurrency-enhanced eCommerce market model in Nigeria; to furnish mass adoption for cryptocurrencies in payments, investments & general African fintech. With the current trend, cryptocurrencies are fast becoming a new financial system for the storage of value. We are demonstrating a truly visionary stance by facilitating an organic use case for cryptocurrencies in settling payments for goods and services within our marketplace.
Incorporated in 2017 & duly registered (RC-2903759), our company was founded by visionary multi-disciplinary members. The NairaX coin or “NIRX” for short, operates exclusively as a daughter subsidiary of NIRX Block Payment Systems, with limited support from a stringent group of financial bodies & investment houses in Nigeria. Asset-backed cryptocurrencies were initially popularized by the Bitcoin infrastructure. Today, successful projects like Ripple, TUSD, Tether, Mastercoin, Nushares and BitAssets have seen limelight as stable coins; already disrupting the fintech sector. Since 2017, our company has been tirelessly working towards the deployment of our intelligent market model, with an understanding that it can be integrated into other techno-financial sectors of African and Global eCommerce in the future; Firstly as a truly profitable asset facilitating transactions in our ecosystem and finally as a requisite asset for settling taxations in NairaX’s payment processor within our forthcoming crypto wallet app.
Introdution to NIRXCOIN (https://market.nirxblock.com)
NIRX is a digitally signed BEP20-based cryptocurrency deployed on Binance’s smart chain protocol, backed with Naira & our company’s bitcoin investments. NIRX currently trades on 2 foreign exchanges (Latoken & Homiex) & Naijacrypto – being Nigeria’s No 1 cryptocurrency exchange. NIRX coin was deployed initially to test its stable performance in eCommerce and locally provide individuals & holders with a profitable decentralized asset for exchanging value via goods and services. While implementing an already familiar accounting system on our ecosystem.
No less than a one-to-one ratio has been maintained between NIRX and the Nigerian Naira (NGN) in the past 2.5 years. However, at specific peak periods when NIRXcoin skyrockets in demand, NIRX characteristically rises as much as 10x of the Naira’s physical value; enabling investing holders earn more value & purchasing power for all their holdings.
(Please see image from live trading graph at Latoken Exchange – No 1 Estonian Exchange in the world)
Source: https://latoken.com/exchange/NIRX_USDT (taken, April 2021)
To guarantee accountability and to ensure stability of NairaX’s future exchange price, Our Company executes a burn protocol triennially. This means that three times every year for the past 2.5 years, we made it a tradition to burn a specified portion of the circulating supply for all NIRX assets.
“How does this matter?
When supply is hacked down or “burnt” as the case may be, the value of circulating assets in the market is positively affected. In other words, a progressive lowering of total circulating coins, implies that a natural scarcity is implemented, which intently pushes the asset value overboard & frustrates inflationary forces.”
Relevant documentations have been provided on our github repo (https://github.com/NairaX/docs) to prove that all issued coins are fully backed under our registered company & reserved coins kept in trust within our company’s coffers.
The idea for the NairaX project was borne from an undeniable necessity to sustainably deliver a decentralized stable crypto payment gateway in Nigeria, which is autonomously governed by blockchain-based technology. The aim is to positively impact upon the adoption of cryptocurrencies as a store of value in our eCommerce market as well as general African cum global markets. The Nigerian Naira as we know, tirelessly loses value over time due to avoidable inflationary forces. Invariably, this deters foreign interest & investments over time in the emerging Nigerian marketplace. Inflation in Nigeria is a major blame for tightened governmental policies, indirectly driving away foreign investments with heinous business operational costs.
Research strongly points to Nigeria as the leading African giant in crypto investing, for obvious reasons. With the unbanked population currently surpassing the banked in Nigeria, our market model can take advantage of viral services we can deliver to positively impact upon the stability of the NGN (Nigerian Naira) through the level of stable digital interactions we can keep recruiting in form of trade interactions between Nigerians, African countries and the Globe. The end result is a practical understanding & acceptance of cryptocurrencies as a more realistic mode of payment in Africa. As well as an progressive increase in demand for Naira in the general African eCommerce market.
Introdution to NIRX eCommerce Mart
Over the years, our company kept working effortlessly to join a richlist of trusted cryptocurrencies globally which will be used for securely completing millions of payment transactions daily. That being said, our company already launched a proprietary eCommerce market: MerchanirX (https://market.nirxblock.com), where coin holders can actually buy physical items with their NIRX assets.
MerchanirX is the first ultimate unique end-to-end solution for a global decentralized ecommerce market in Africa. Powering under a well-developed blockchain infrastructure, we will soon be offering automated supply-chains to all our consumers. This means is that for prying on virgin grounds, MerchanirX has bagged a niche in a first-of-its-kind crypto-commerce ecosystem worldwide; exclusively utilizing our own cryptocurrency “NIRX” to process payments for both goods and services on its platform, as well as with Naira on the local level (optional) & other globally accepted cryptocurrencies like Litecoin, Ethereum & BNB.
The dwindling state of many global economies (attributable to inflationary conditions and the past COVID19 pandemic outbreak) has caused FIAT or Paper currencies to show instabilities over time. It’s now pertinent for business owners to leverage on more profitable options to maximize in-store earnings by holding cryptocurrency OR transacting with them in real-life situations (if possible). This is where we are coming in through MerchanirX. Our optimal crypto-commerce solution is furnished with numerous advantages bordering upon minimizing transaction fees & profit preservation for entrepreneurs in our traditional ecosystem. Our goal at MerchanirX is to deliver a one true globalized marketplace, by providing truly decentralized payment options for completing order checkouts. Of course, For the first time ever in Africa.
This innovation which is provided by blockchains sets our market model aside, because blockchains are a trackable, auditable, transparent and cryptographically secure global ledger. Asset-backed coin issuers like our company have taken advantage of blockchain technology to deliver a better market model that transacts with less volatile assets like “NIRX”.
By initial adoption for NIRX’s utility within MerchanirX, NairaX will provide a guaranteed use case in other commercial world applications. This way, we as a company are continually creating a true value for NIRX & Naira’s associated real-world value as a FIAT currency.
We are inviting all Nigerians to participate in our limited airdrop program which begins today the 1st of July, 2021 & is reserved for 5,000 participants. Please monitor our Twitter (https://twitter.com/Nirxcoin) to participate now!
All NairaX Social Links for NairaMetrics reference
Telegram [English]: https://t.me/NairaX
Market Instagram: https://instagram.com/nairax.market
Market Facebook: https://web.facebook.com/merchanirx
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