Cryptocurrency Exchange

[IMPACT] Please describe your proposed solution.

We are proposing to provide a digital asset exchange platform where users can buy and sell ADA with fiat currency. Our platform is ready for service and will allow users from Kenya, Ghana, Nigeria, South Africa, and Ethiopia to exchange ADA with native fiat currency. More regions will be supported in future Market expansion plans.

These are the products we proposing the catalyst challenge.

Ennarea

This platform is ideal for beginner-level traders and investors. The platform will have a simplified and easily understandable UI/UX design. Service will be available on Android, iPhone, and web browsers.

 Featured services

•  Single touch crypto buying and selling option.
• Deposit and withdrawal of crypto & fiat currencies.
• send, receive, and transfer funds to emails and phone numbers.
• Asset and portfolio management UI.
• Swap/ convert cryptocurrencies.
• Debit/credit card to spend funds.
• Investment and Crowdfunding portal.

The architectural and application design of Ennarea basic is being finalized, implementation and development will start in mid-year 2022.

Ennarea Pro

This platform is ideal for professional traders and investors that have prior trading experience.

Featured services

• High-Speed trade matching engine.
• Limit and market price order books.
• Stop-loss order book
• multiple currencies pairs
• cheaper trading fee

Currently, Ennarea Pro is on pilot Release. The project can be accessed using the following links. Test users are created with preloaded funds to test trading functionalities. Also, deposits and withdrawals on Ethereum ropsten Test Network are available.

URL: pilot.ennarea.com

Username: user1@ennarea.com , Password: #GoAfrica1888!

Username: user2@ennarea.com , Password: #GoAfrica1888!

[IMPACT] Please describe how your proposed solution will address the Challenge that you have submitted it in.

Out of fifty-four countries, only five countries' fiat currencies have trading pairs on major exchanges, the remaining forty-nine are not supported and don't have trading pairs. This has led the adoption of cryptocurrency and blockchain technology to be relatively low on the continent. Our exchange will support the deposit and withdrawal of fiat currency in most African countries and will enable users to buy and sell ADA with their native currency. Also, Startups can issue their tokens on the Cardano blockchain and make them tradable in our exchange.

[IMPACT] What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?

Risk: Fait currency deposit and withdrawal gateway in Eritrea, Somali, and Djibouti.

solution: we will manual deposit and withdrawal mechanism to help users to use our platform. this technique is used in many other countries where payment integration is unavailable.

Risk: Regulatory approval in Somali, Eritrea.

Solution: Some countries in Africa have no regulatory ground that regulos cryptocurrency. we will hire an experienced lawyer to meet the country's service compliance.

Risk: Communication hardship in some non-English speaking regions.

Solution: we will use local translators to help us communicate and our application will have multiple language options to provide easily understandable service.

[FEASIBILITY] Please provide a detailed plan, including timeline and key milestones for delivering your proposal.

*Project Overview**

A cryptocurrency exchange that supports trading in African fiat currency.

Project URL****

URL: pilot.ennarea.com

Username: user1@ennarea.com , Password: #GoAfrica1888!

Username: user2@ennarea.com , Password: #GoAfrica1888!

***********************About Us**********************

Ennarea is a digital asset exchange and management platform that has intended to become a one-stop financial solution for blockchain-powered products such as cryptocurrencies, NFTs, Central bank digital currencies (CBDC), tokenized security, stocks, and other traded commodities. Our service will be available in all African countries and will enable users to invest and trade digital assets using their native fiat currencies.

****************The Problems and Our Solution*****************

Despite having high demand, the adoption and development of blockchain technology in Africa are relatively low due to the following main reasons.

Lack of cryptocurrency exchanges that support trading in native fiat currencies.

Out of fifty-four countries, only five countries' fiat currencies have trading pairs on major exchanges, the remaining forty-nine are not supported and don't have trading pairs. This has led the adoption of cryptocurrency and blockchain technology to be relatively low in the continent. Our exchange will support the deposit and withdrawal of fiat currency in all African countries and will enable users to invest and trade cryptocurrencies with their native currency.

Lack of beginner-friendly investment and trading UI/UX.

Most exchanges are not beginner-friendly and they are complicated to understand for new users. Our Exchange will have two independent UI/UX called Ennarea and Ennarea pro, where Ennarea is for beginners and will enable users to invest and trade in a few simple steps.

Lack of crowdfunding Portal.

ICOs are a common way of funding projects in the blockchain industry. However, Africa is missing this opportunity due to the absence of a crowdfunding platform that primarily focuses on Africa-based startups. Ennarea launchpad will provide a multichain crowdfunding platform and enable startups to raise capital for their project.

Lack of marketplace for African-based blockchain startups.

It is rare to find projects originating from Africa listed on exchanges. Since many projects are released frequently, the competition to get listed on major exchanges is very high. Our platform will enable Africa-based projects to get listed with a few simple requirements.

Lack of Payment processors that provide crypto payment services.

Cryptocurrency payments are gaining popularity all over the world. Yet most African countries are missing this opportunity due to the lack of a payment process that provides crypto payment services. Ennarea finance will provide a merchant service for businesses to accept and process crypto payments and will enable users to spend their crypto assets for goods and services.

****************Market and Customer Segment***********

Our service mainly focuses on regions where the adoption of blockchain technology is low due to the facts we mentioned above. The following countries are some of the destinations our exchange can start its operations without regulatory challenges. 1. Ethiopia 2. Gahanna 3. Nigeria 4. South Africa 5. Angola 6. Egypt. More regions will be supported in future Market expansion plans.

**************The Ennarea Exchange ************

The Ennarea exchange is built to be highly available and scalable for any type of workload. It is hosted on a secure hybrid cloud environment. Our platform will have two independent UI to interact with customers, Ennarea pro and Ennarea basic.

Ennarea

This platform is ideal for beginner-level traders and investors. The platform will have a simplified and easily understandable UI/UX design. Service will be available on Android, iPhone, and web browsers.

 Featured services

•  Single touch crypto buying and selling option.
• Deposit and withdrawal of crypto & fiat currencies.
• send, receive, and transfer funds to emails and phone numbers.
• Asset and portfolio management UI.
• Swap/ convert cryptocurrencies.
• Debit/credit card to spend funds.
• Investment and Crowdfunding portal.

The architectural and application design of Ennarea basic is being finalized, implementation and development will start in mid-year 2022.

Ennarea Pro

This platform is ideal for professional traders and investors that have prior trading experience.

Featured services

• High-Speed trade matching engine.
• Limit and market price order books.
• Stop-loss order book
• multiple currencies pairs
• cheaper trading fee

Currently, Ennarea Pro is on pilot Release. The project can be accessed using the following links. Test users are created with preloaded funds to test trading functionalities. Also, deposits and withdrawals on Ethereum ropsten Test Network are available.

URL: pilot.ennarea.com

Username: user1@ennarea.com , Password: #GoAfrica1888!

Username: user2@ennarea.com , Password: #GoAfrica1888!

Ennarea Launchpad

This is a crowdfunding platform for a new project to raise a fund using our exchange customer base. It will enable users to invest in new ideas in form of ICOs. Currently, the platform is under development and will be released in mid-year 2022.

******************RoadMap*****************

Pilot and demo release (Sep2021 –Jul 2022)

Ennarea finance is officially on pilot release since September 2021. Currently, we're testing trading functionality and other security features on a test blockchain network. System and account Security will be our main focus to provide users with a reliable service.

 Major activities and Milestone

• Process business registration and license.
• Addis Ababa, Ethiopia office setup and furnishing
• talent acquisition and team building
• Demo trading release.
• 5 thousand demo users.

Production release and marketing campaign (Sep 2022 – Jan 2023)

September 01, 2022, will be the official main net release of the Ennarea exchange. Trading of digital assets and cryptocurrencies will be available in native Ethiopian and Ghanaian currencies.

Major activities and Milestone

• Developers' get-together event in Addis Ababa & Official Product Release
• List 6 trading Pairs (ADA/ETB, ETH/ETB, BTC/ETB, SOL/ETB, XRP/ETB, LTC/ETB)
• Social media campaign
• Accra, Ghana regional office setup and customer care formation.
• List 6 more trading pairs (ADA/GHS, ETH/GHS, BTC/GHS, SOL/GHS, XRP/GHS, LTC/GHS).
• Reach 100 thousand active users and $1 million daily transaction volume.

Startup launchpad and crowdfunding portal release (Feb 2023- Jun 2023)

Activities and Milestones

• Senior talent acquisitions and team expansion.
• Intensive social media marketing camping continues.
• Ennarea basic trading and investment platform releases.
• Startup launchpad and crowdfunding TestNet release.
• Startup launchpad and crowdfunding production release.
• Host New year event and promote service in Washington DC, Ethiopian diaspora community.
• Crowdfunding the first startup on New Year's Eve, 2023.
• Reach 100 thousand active users and $10 million daily transaction volume.

Crypto banking and payment processing service release (Jul 2023 - Jan 2024)

Activities and Milestones

• Senior talent acquisition and team expansion.
• Office expansion.
• Crypto banking and payment processing service feature release.
• Developers' portal and sandbox environment service release.
• Intensive marketing campaign.
• Collaboration and partnerships.
• 1 million individual and business customers.
• Crowdfund 100 projects and raise $100 million in one year span.
• $50 million daily transaction volume.

Market Expansion and penetration (Jan 2024 – Jan 2025)

Activities and Milestones

• Regional office setup and market expansion to Kenya, Ghana, South Africa, Nigeria, Angola
• Talent acquisition and team expansion.
• List trading pairs of crowdfunded startups that have successfully implemented their project.
• Collaboration and partnerships.
• Intensive marketing campaign.
• 300 trading pairs.
• 2 million active users.
• $1 billion daily transaction volume.

[FEASIBILITY] Please provide a detailed budget breakdown.

under progress

[FEASIBILITY] Please provide details of the people who will work on the project.

The Team

Team Ennarea is a group of five talented tech enthusiasts with diverse backgrounds. Three senior software engineers, one project and media manager, one marketing manager are ready to execute the project within the given period. The team has proven its experience and ability to execute the project, with a working cryptocurrency exchange that is on pilot release. More team members will join us once we enter the market. 

Henok Lapiso 

Founder, CEO 

Email: henok@ennarea.com 

LinkedIn: https://www.linkedin.com/in/henok-lapiso-26bb281a2/

 **

Beza Yared 

Media manager 

Email: beza.yared@ennarea.com 

LinkedIn: https://www.linkedin.com/in/beza-yared/ 

**

Frehiwot Samuel

marketing manager

Email: frehiwot@ennarea.com

********************* 

Denys Tun 

Senior Software Engineer 

Email: denys.tun@ennarea.com 

LinkedIn: https://www.linkedin.com/in/denystun/ 

******************** 

Daniel Hawkins 

Software Engineer 

Email: daniel.hawkins@ennarea.com 

LinkedIn: https://www.linkedin.com/in/daniel--hawkins/ 

[FEASIBILITY] If you are funded, will you return to Catalyst in a later round for further funding? Please explain why / why not.

Yes, We will return. Ennarea Finance requires $350,000 for the first year of project development and management. We are requesting $55,000 in this funding round this fund will help us to deliver the product to the market. The remaining budget will be requested in another funding challenge.

[FEASIBILITY] Are you or any member of your team working on any other proposals in this Fund9?

[FEASIBILITY] Are you or your team working on any other proposals from previous Funds?

[AUDITABILITY] Please describe what you will measure to track your project's progress, and how will you measure these?

Every step of our progress will be announced to the public on our social media platforms as well as on our webpage blog posts. The following data can be used as KIPs to measure our progress in development.

1. The number of new users signed up every day.
2. Daily transaction volume.
3. Daily active users.
4. The number of successfully funded projects on our platform.

[AUDITABILITY] What does success for this project look like?

3 months  

• Launch the platform in a production environment. 
• Enable users to buy and sell ADA in our exchange. 
• Fully organized customer care team to respond to customer inquiries. 
• Have at least 10 thousand active users on our platform. 
• List 25 trading pairs (ADA/USDT, ADA/ETB, ADA/GHS) 

6 months 

• Intensive marketing camping to reach 25 thousand users 
• Affiliate and referral program launch 
• Crowdfunding platform pilot release 
• List 50 trading pairs. 

12 months 

• All service of Ennarea Finance is fully operational
• At least 50 thousand active users 
• Raise a $10 million startup fund using our platform. 

[AUDITABILITY] Please provide information on whether this proposal is a continuation of a previously funded project in Catalyst or an entirely new one.

New project. Never funded before.

Sustainable Development Goals (SDG) Rating

.