CI Cryptosolutions, an innovative and forward-thinking blockchain company, is announcing the transition of its OTC business to a new entity, LEDIG TECHNOLOGIES, as it shifts focus towards expanding and streamlining its Virtual Assets service offerings.
CI Cryptosolutions was founded in 2019 with a vision to create an all-in-one financial ecosystem powered by blockchain technology. It built a multitude of services that enhanced the utility of web3 products In Africa and the world at large.
CI Cryptosolutions had to put a pause on some of its finance-related products due to the uncertainty surrounding the regulatory environments of digital assets in many jurisdictions, especially Nigeria, where a good majority of its client base resides.
This uncertainty has now gained clarity, thanks to the Nigerian Securities and Exchange Commission (SEC) through its proposed framework to regulate virtual asset service providers in Nigeria. CI Cryptosolutions have pivoted one of its major products to a new entity called “Ledig Technologies” in order to setup in the best way to meet the commission’s requirements. It has also applied for the commission’s incubation program for virtual asset companies aimed at getting licensed by the commission.
LEDIG is a B2B virtual asset service provider focused at helping businesses mitigate treasury risks using blockchain-based tools like stablecoins. The company’s primary product is its Fiat/stablecoin high-volume Dealing Desk aimed at giving businesses the ability to swiftly exchange local currencies for dollar-pegged stablecoins and other digital assets.
The company’s other products include an asset hedge tool, local currency ramps and treasury management tools.
Businesses that can leverage LEDIG TECHNOLOGY’s unique service offering include
1. PSPs
2. Businesses with cross-border exposures.
3. Digital asset exchanges.
4. International trade facilitators.
5. Other Fintechs
LEDIG’s product supports businesses with crucial use cases, including cross-border corporate remittances for efficient international transactions, hedging against local currency volatility, and facilitating import/export payments to streamline trade. It also enhances liquidity for exchanges, ensuring they maintain smooth operations and efficient trading flows.
Why the name “ LEDIG?”
According to Sylvester, the newly appointed CEO of LEDIG Technologies, LEDIG, short for “Le Digital” in French, was an easy choice of name, as it symbolises a modern, digital-first identity, reflecting the company’s innovative and global mindset. The name showcases LEDIG’s commitment to delivering cutting-edge solutions that resonate beyond language and geographical boundaries. The name also positions LEDIG as a standout in Africa’s tech landscape, aligning with its mission to connect with diverse markets and foster global partnerships.
LEDIG offers several advantages. To begin, it offers fast and streamlined settlements, foreign exchange risk mitigations and geographical presence in over 35 countries. It also reduces settlement risks while providing real-time treasury management, giving businesses full oversight and control over their financial activities.
SEC Licencing Programme
On June 26, 2024, the Nigerian Securities and Exchange Commission (SEC) launched the Accelerated Regulatory Incubation Program (ARIP) to expedite the registration process for Virtual Asset Service Providers (VASPs) in Nigeria. This regulatory framework has provided direction for businesses like LEDIG, as it provides clarity and support for secure and compliant operations in the evolving Nigerian blockchain space. LEDiG has now applied to SEC to participate in ARIP, setting a clear path to become regulated.
“Transitioning our Virtual Assets business from CI Cryptosolutions to LEDIG allows us to streamline our operations and focus on acquiring the SEC’s VASP License”, said Sylvester.
Conclusion
Effective today, CI Cryptosolutions’s B2B Over the counter desk would transfer all existing contracts to LEDIG Technologies.
While CI Cryptoslutions will continue to offer its other service offerings, such as Software development services, LEDIG will focus on the OTC desk and other Web3-related financial services while expediting efforts to get regulated in multiple jurisdictions, beginning with Nigeria and Europe.