In my last review, I talked about NGNT by Token Mint but in this review, I will look at the NGNT issued by Cowrie Exchange full time!
Cowrie Exchange is a payment gateway in Nigeria that launched its NGNT in 2018.
The token is a stable-coin pegged to naira on a 1:1 ratio and it is built on Stellar Network.
By the end of this post, you will get to know everything about this token.
Alright, let’s go!
Post Summary
These sub-headings will be our guide for today’s post.
- NGNT by Cowrie Exchange Explained
- Features
- How It Works
- Where can I Buy/ Trade this NGNT?
- Best Supported Wallets
- Dissimilarities Between NGNT by Cowrie Exchange and NGNT by Token Mint
- Frequently Asked Questions(FAQs)
- Cowrie Exchange Official Resources
- Conclusion
You can easily navigate through this post by clicking on any of these sub-headings.
NGNT by Cowrie Exchange Explained
NGNT by Cowrie Exchange is a digital token for the Nigerian Naira and it is traded live on Stellar Platforms.
It is pegged to naira on a 1:1 ratio, thus, 1 NGNT (on the blockchain) = (1NGN settled in a Nigerian bank.)
This token was launched in 2018 to solve the problems of cross-border remittance and to allow traders to hedge against the wild volatility of cryptocurrencies.
Unlike the NGNT issued by Token Mint, Its NGNT is built on the Stellar Network and it is compatible with all Steller wallets.
On the other hand, Cowrie Exchange is a payment gateway for borderless transaction in Nigeria that is made up of five team members.
It is headquartered in Nigeria at 24 Campbell Street, Lagos Nigeria with its branch located at 65 London Wall EC2m 5TU London UK.
Keep reading to find out more about this token!
Features
NGNT by Cowrie Exchange has these following features;
- Stable
- Built on Stellar Network
- Integrated into NIBBS
- Redeemable in Bank
- Borderless Settlement
- Tradeable
- Fast Payment (transactions are confirmed between 3-5 secs)
How to Buy NGNT on Cowrie Exchange
Cowrie is working in collaboration with Interstellar decentralized exchange.
Thus, to buy NGNT directly from Cowrie Exchange, you will be needing the Interstellar Platform.
Here is a step by step guide of how to buy this NGNT from Cowrie Exchange.
- From Cowrie Exchange, visit Interstellar (when you click on “Exchange” from Cowrie website; you will be redirected to the Interstellar Platform)
- Once redirected, create an account and you will be referred to your dashboard. From the “Home” menu, select NGNT.
- In an Instant, you will be referred to the Cowrie Exchange page. Click on ‘Deposit’.
- Input your email address, the amount of transaction, then, select “bank” and click on “Next”.
- Deposit fiat using the account details displayed on your screen
Once the transaction is confirmed, the Fiat will be converted to NGNT and stored in your NGNT wallet.
Thereafter, you can now;
- Trade it with other assets
- Send it to another Stellar wallet
- Withdraw it from your wallet and get its equivalent in your local bank account.
Exchanges to Buy and Trade this NGNT
NGNT by Cowrie Exchange is traded on all Stellar Decentralized Exchanges and wallets.
Here are some Stellar DEX exchanges that you can trade NGNT.
1. Interstellar
Interstellar is a fully decentralized multi-wallet and decentralized exchange that is highly secure.
Its exchange allows you to seamlessly deposit, trade and swap assets, import wallet or generate wallet using your smartphone or computer without any charges.
In this exchange you can trade multiple tokens for NGNT. Interstellar connects you directly to Cowrie exchange.
However, in this exchange, you have to fund your wallet first with XLM.
2. Stellar X
Stellar X, now acquired by Coinsquare (a crypto exchange in Canada) is a global decentralized crypto platform.
It was launched in 2018 and it is the first full trading app on the Stellar network to maintain an open marketplace.
There, cryptos, Tether, commodities, bonds, and multiple assets can be traded freely.
3. Lobstr
Lobstr is one of the highly secure wallet providers for Stellar projects.
Its platform allows you to trade NGNT over 24 assets including BTC and XLM.
However, for you to add NGNT as one of your assets, you will need to have at least >2.02 XLM in your wallet.
4. Stellarport
Stellarport is a decentralized exchange with a decentralize wallet launched in January 2018.
Its exchange offers you a suitable platform for you to trade XLM and other Stellar supported tokens.
In this exchange, Makers’s fee is 0% while Taker’s fee is 0.15%; which is a relatively low fee rate.
5. Stellar Term
Stellar Term is a decentralized exchange integrated into the Stellar Network.
Its exchange uses XLM as a base token which is traded against any other listed asset in the platform.
For you to be able to trade here, you must fund your XLM wallet.
Best Supported Wallets for NGNT by Cowrie Exchange
As mentioned earlier, NGNT can be traded and redeemed on these supported wallets. This is because most of them double as exchanges too.
Lobstr
Lobstr is an open-source wallet provider that is highly recommended for all tokens listed on Stellar.
It offers you an opportunity to trade multiple coins on its platform and it has support for desktop and mobile app.
Interstellar
Interstellar is a very secure decentralized wallet for all Stellar listed tokens.
It is both an exchange and a wallet and has support for mobile phones and desktop.
Interstellar has a wonderful interface and allows users to personalize their wallet address.
Solar Wallet
Solar Wallet is a desktop wallet for Stellar listed tokens created by Satoshipay.
It is a non-custodial wallet that has a very friendly user interface with multi-sig services.
Demars
Demars is a mobile wallet created to secure fiat tokens for all transactions being carried out on the Stellar network.
This wallet uses a 2FA biometric standard to ensure that your NGNT is secure and free from hacks.
Uhuru Wallet
Uhuru is a secure digital wallet that is integrated into Whatsapp.
The wallet provides convenienct, speedy, and cost-effective settling of payments across Africa.
However, it only has a mobile version.
Dissimilarities Between NGNT by Cowrie Exchange and NGNT by Token Mint
In this table, I will be comparing the NGNT issued by Cowrie Exchange with the NGNT issued by Token Mint.
So, let’s get the differences already!
| Cowrie Exchange | Token Mint |
| Launched NGNT in 2018 | Launched NGNT in 2019 |
| Partnered with Stellar Lumen | Partnered with Buycoins, Alpha Training Lab, and Nairaex |
| Built NGNT on the Stellar Blockchain | Built NGNT on the Ethereum Blockchain |
| Issues NGNT on all Stellar Lumen platforms | Issues NGNT on Buycoins and its official website |
| Compatible with Stellar Wallets | Compatible with ERC-20 Wallets |
| It is in collaboration with NIBSS | It is integrated into other licensed financial institution and backed by banks |
| _ | Publishes monthly testimonial of NGNT reserve for issuers |
| Transactions are confirmed within 3-5 seconds | Transactions are confirmed within 10-20 seconds |
| _ | Verified by Quantstamp, a foremost blockchain security company |
| Uses XLM as transaction fee | Uses NGNT or ETH as transaction fee |
Alright; now that we have gotten the comparison, let’s hit the FAQ section!
Frequently Asked Questions (FAQs)
Stellar is an open network that makes it possible for anyone to create, send, and trade digital representations of money around the globe
It’s designed so that anyone can store, move, and perform limitless cross-border transactions using the global market.
Stablecoins is a cryptocurrency that is pegged to an asset with a stable value, such as gold or fiat money like the US dollar.
A stable coin usually has a fixed value to its underlying asset. For example, Tether (USDT) is backed to the US dollars.
Read up: Stablecoins – What It Is And How It Works
It is so simple!
I will explain that using the example below;
Let’s say Andrea in Germany wants to make a payment to Anayo in Nigeria without the traditional bank hitches.
He goes to any Stellar platform (let’s say Interstellar decentralized exchange) and purchase NGNT that is equivalent to the amount he wants to transfer to Anayo in naira.
Once this is done, he can now transfer the NGNT from his wallet to Anayo’s Stellar wallet.
Finally, Anayo can then withdraw the NGNT he has received from Andrea to his bank account.
Cowrie Exchange Official Resources
You can find out more about Cowrie Exchange and its token by checking out these resources.
Here they are;
Conclusion
This where I will be concluding this post.
In this post, you learned that NGNT by Cowrie Exchange is different from NGNT by Token Mint.
You equally learned the exchanges and the best Stellar Wallets where you can store this token.
I have walked you throughout this post as your Tutor and just like every other Tutor, this is the stage I would want to get your questions and opinion.
So tell me;
Did you find this post very useful?
Have you ever performed transactions with this token?
Having seen the differences between the 2 NGNTs (that of Token Mint and that of Cowrie Exchange), which one do you think has a better prospect for Naira on the blockchain?
Put your down your thoughts in the comment section below.
Do not forget to click the share buttons.
Cheers!
Ps: If you want to learn how to trade cryptocurrencies profitably, we developed a perfect course to help you master Cryptocurrency Trading.
Go to www.ctmastery.com to enroll.
Also Read;
0 Comments