Kenyan startup, BitLipa has announced a partnership that will allow its users access to the AI-Powered Crypto Rating Platform, Evai. This partnership is a protective and developmental measure aimed at helping users avoid getting scammed and cheated while also providing useful market insights into the lucrative and expanding world of cryptocurrencies.
BitLipa is a Kenyan cryptocurrency exchange startup that allows users to convert fiat money (in this case, Kenya Shillings) to digital currencies such as Tether (USDT) and Bitcoin, Ethereum and vice versa. It makes use of the mobile money payments app, M-Pesa, to on-ramp clients into the crypto world (receive crypto coins in exchange for fiat money) and off-ramp clients back into the fiat world (spend cryptocurrency for something that is not a digital asset).
Evai is a fully decentralized artificial intelligence (AI)-powered crypto rating platform that aims to assist people in making smarter crypto investing decisions at minimum risk. As the world’s first impartial crypto-asset rating platform, Evai uses AI and machine learning to evaluate each asset’s live data against several critical KPIs, giving an unbiased rating based on performance.
How Evai Works.
Evai uses a ranking system where crypto projects are marked as A1, A2, A3, B1, B2, B3, C1, C2, C3, D, and U with A1 representing an exceptional crypto coin or token while D and U represent distressed and unratable crypto. The platform continuously assesses crypto assets and gives them unbiased ratings based on peer-reviewed financial research and economic principles with indicators like liquidity, volatility, momentum, utility, behavioural bias, overextension, market risk, and market capitalization.
By harnessing the technological advancements in AI and machine learning, Evai is thus able to constantly optimise the rating system to provide investors with impartial data informing their next investment decisions.
Perks of the Partnership.
The partnership seeks to give BitLipa users free access to the Evai rating platform which ordinarily requires a $50 monthly access fee. On top of the free access, 20 Evai tokens will be distributed to 2000 lucky BitLipa users. To protect users from market value fluctuations, these Evai tokens will be locked (stored on their electronic wallet but not traded and transacted) for at least 12 months giving some long-term stability.
This means that BitLipa users will be able to trade in the Evai- rated crypto and gain access to free educational materials on the Evai platform with the hopes that this information will lead to better trading decisions and higher returns. With over 80% of Africa’s population earning $10 or less a day, BitLipa co-founder and CEO, Apollo believes this opens up an investment opportunity where such small amounts can be compounded over time to give life-changing earnings.
The mutually beneficial partnership will see Evai extend its user base to Kenya and ultimately the rest of Africa while BitLipa looks to add more value and credibility to its platform.
Kenya is one of the leading countries in peer-to-peer cryptocurrency trading and crypto scams are nearly as old as the concept of cryptocurrency. A statement from Kenyan cabinet secretary, Joe Mucheru pointed out that approximately $120 million was lost to crypto scams in the last financial year. It is on this backdrop that he called for collaboration between media groups, fintech service providers and the government to protect citizens from fraud.
By empowering Kenyans to distinguish between secure crypto projects and scams, the partnership between BitLipa and Evai is a significant step towards building trust in blockchain-based projects and accelerating crypto adoption.