Dallas, Texas--(Newsfile Corp. - December 3, 2019) - Alternet Systems, Inc. (OTC Pink: ALYI) today highlighted its ongoing African Crypto Strategy after Twitter and Square CEO Jack Dorsey announced plans to move to Africa. Mr. Dorsey, the CEO of both companies has already been in Nigeria for a month meeting with crypto entrepreneurs. Dorsey has Tweeted about cryptocurrency and Square has launched a crypto division.
A reporting on Dorsey's plans include some analysts' outlooks:
Lisa Ellis, partner and senior equity analyst at MoffettNathanson said an Africa expansion, "fits tightly with Square's mission to empower the individual entrepreneur and drive financial inclusion."
"I can see products like Square's merchant working capital, and the ability to purchase bitcoin and do fractional investing, having significant applicability in Africa," Ellis told CNBC. "Someone still has to 'mind the store' at home, though."
The region represents the "future of payments," according to Macquarie senior payments analyst Dan Dolev. The move could be "very forward thinking" and an opportunity to learn that market in depth, he said. Dolev is also confident that Dorsey can manage both companies remotely.
"This could provide them with a strong perspective on Africa, and a first-mover advantage in a market that will likely be very dominant in payments over the next decades," Dolev said. "I don't see any issues, only opportunities."
ALYI African Crypto Strategy Highlights
The firm, IW Global () has proposed launching and managing an Initial Coin Offering (ICO) on ALYI's behalf specifically targeted at raising $100 million to fund infrastructure for electric vehicle production in Africa. ALYI has partnered with IW Global and ALYI's production and marketing partners in Kenya to form a new company (NewCo) with the specific focus of building a new, state of the art electric vehicle production plant. This NewCo will be a separate company apart from ALYI but exclusively contracted by ALYI for producing ALYI designed vehicles. The NewCo is the business entity that would initiate the proposed ICO. The funds would be dedicated to 1. Building the plant and 2. Funding the production of ALYI's vehicles. A successful ICO would permit ALYI to substantially accelerate and expand upon its existing $300 million in electric vehicle projects.
ALYI sees the same digital currency, payment, and investment technology and business practice leapfrog opportunity that it appears Mr. Dorsey is now pursuing. ALYI management also maintains that Africa holds higher potential for eclectic vehicle sector growth than any other region within the global electric vehicle market anticipated to reach over . Africa is urbanizing at a rate that exceeds twice the global average. Car ownership in Africa is extremely low at only compared to 70% in the U.S. and 50% in Europe leaving tremendous room for growth. Shared riding has been a custom in Africa long-before phone apps made the rest of the world aware of the shared ride market. ALYI is betting on the rapid adoption of electric vehicles for the shared ride market in Africa and positioning to be the leader in the field of manufacturing electric vehicles for the African shared ride market. The shared ride market will likely grow through revenue and investment transacted via digital currency transactions.
While Mr. Dorsey has been in Africa for a month and considers extending his stay another six months, ALYI CEO Randy Torno has been in Africa for the past two years and has just committed to at least another year.
ALYI has recently confirmed that later this week is expected to issue its initial results from a consumer acceptance cryptocurrency survey intended to measure the viability of a strategy to raise $100 million to expand ALYI's African electric vehicle strategy and to correspondingly refine the strategy in response to the survey results.
ALYI management plans to publish continued progress reports as the ICO strategy develops.
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Disclaimer/Safe Harbor: This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies' contracts, the companies' liquidity position, the companies' ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.
Alternet Systems, Inc. Contact:
Randell Torno
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