Coincola’s Regional Manager for Africa, Samuel Joseph, has announced his departure from the Hong Kong based Cryptocurrency Exchange Company. The announcement was made on his Twitter and Medium handle, at 09:54am, December 17th, 2019.
He wrote on his Medium platform,
“After achieving several milestones for the company, we saw major improvements in the number of trades, number of New trades, number of new vendors and many bug fixes in the app, the team in Hong Kong decided after a long meeting that it is time for them to take over the wheel of administration, hence all management team outside Hong Kong left CoinCola on the 15th of December 2019.”
CoinCola, a Hong Kong-based Cryptocurrency exchange company began operations in China in 2016. With the base set and running in China, the company decided to break into the African market, starting from Nigeria because they noticed that the Nigerian market had the highest global interest in Bitcoin. For this to happen, they contacted Mr. Samuel Joseph early this year, about 8 months ago and got into a contract agreement with him.
Though it was on a short notice, they had a meet up at the University of Lagos, the first-ever Coincola Meetup worldwide. The event was attended by the CEO of CoinCola, the Global Business Director, the Regional Manager (Mr. Samuel Joseph) and some other distinguished members of the Nigerian cryptocurrency and Blockchain space.
However, after establishing the much needed presence in Africa, and recording much needed improvements and increase in the number of trades, the team in Hong Kong decided it is time for them to take over the wheel of administration from a central location in China. As a result, all appointments, contracts with management teams outside of Hong Kong were terminated on December 15th, 2019.
On his Medium page, he expressed his reservation about the decision to monitor control of the platform from a central location in China, claiming that the company had barely scratched the attention of the African market, however, he also acknowledged that he was not in the position to do anything about it.
As a result of the termination, he has publicly revoked his affiliation with Coincola, writing on Medium,
“I would like to inform the general public that I no longer work with CoinCola effective 16th December 2019. Every offer and appointments made by me on behalf of the company has been cancelled and I am not responsible for the trades of those I referred to the platform.”