I hope to create the first Bitshares bridge for South Africa.
I have created a highly bootstrapped website service with a wizard of oz back end (lean startup in full swing here).http://www.bitsharesbridgesa.co.za/
In order to launch the bridge in South Africa I would like to ask the community for some initial funding in the form of bitUSD.
Most of this funding will go to the initial float with which to make transactions from. The main form of transactions will be in the form of ZAR coming in and bitUSD going out. Once the bitUSD supply runs low, the ZAR collected will be used to replenish the supply.
For legal reasons I will be running the service in my own name. This way I am functioning as a trader and not a financial services provider.
If after a year or sooner, the service is not providing a needed or used service in South Africa the service will be shut down and the float returned to the community (to an appropriate delegate for example).
The idea is to run a basic service and if viable seek venture capital to run the service as a registered company with an automated and scalable backend.
South Africa is 'leading' the way for Africa in the way of virtual currencies and Cape Town is fast becoming an IT hub for the Country. I believe their is potential for this service if Bitshares takes off (which we all believe it will).
The total set up fee is very low (about 1 months delegate pay). I look forward to hearing your thoughts.
Reserve float for transactions: $2000 (1500bitUSD and about 5500ZAR)
Banking account holding fees for 1 year: $120
Website hosting with SquareSpace for 1 year: $96
Gmail for business for 1 year: $60
Google adwords for year: $500
Total: bitUSD 2776