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ONEm Communications, the London-based parent company of mCoin, has announced the launch of mCoin and its ‘Pseudo-Mining’ Programme in Africa. To mark the launch of the programme and the cryptocurrency, ONEm is rewarding Africans with free mCoins. Users are required to text #mine to +447860039088, although standard international message rates are applicable.

mCoin is the world’s first cryptocurrency, which works on any mobile device with or without the internet. Its Virtual Wallet provides the three billion people who are unconnected a way to use the digital currency. Anyone with a mobile phone will be able to access the Virtual Wallet and interact via SMS interface.

African users will receive 100 free mCoins upon sign up and an SMS wallet. They will also receive a referral code to share with friends and family while receiving more mCoins for every successful referral.

Pseudo mining is an imitation of cloud mining, which works without equipment and facilities. mCoin uses pseudo mining for coin distribution to the masses.

Launched in February 2018, mCoin, had its initial coin offering in April. Using SMS, anyone can own, store, earn and trade mCoin on any mobile phone.

According to the statement by ONEm Communications, cryptocurrency technology has the potential to enable 2.5 billion unbanked people to access financial services. And affordable financial services, according to the World Bank, can be solutions to overcome poverty, reducing income disparities and increasing economic growth.

mCoin was created to empower the unbanked people. It provides affordable financial facilities such as electronic payment, and current and savings accounts for the billions of unconnected and unbanked people globally.

The ONEm wallet allows users to send mCoins among one another by using only their ONEm name instead of inputting long wallet addresses. Also, people can transfer mCoins from an offline SMS wallet to digital app wallets.

Last year, ONEm Communications partnered with Tigo Ghana to launch a SuperSMS network that allows users to send customised SMS.