Crypto exchange Binance will launch a fiat gateway for South Africans, enabling them to make Rand deposits, said CEO Changpeng Zhao.
Zhao added that South African traders will be able to make Rand deposits on the platform via Binance website. This is part of a campaign into Africa that began in Uganda in 2018:
“Africa illustrates one of the largest demands and instrumental use cases for cryptocurrency, notably for financial access. According to the World Bank, approximately 66 percent of sub-saharan africans are listed as unbanked. So instead of trying to bank the unbanked, let’s try and Bitcoin the un-Bitcoined.”
Binance serves 35 African countries
The CEO said South Africa is among the 35 African countries his company serves:
“Looking at South African specifically, crypto adoption continues to rise with SA being one of the top five countries in terms of cryptocurrency ownership. Today I’m excited to announce that Binance is launching a South African fiat-to-crypto gateway soon. This will enable South Africans to buy cryptocurrencies with their local bank accounts.”
Tanya Knowles, Binance South Africa manager, said many South Africans enjoy freedom of information, but lack free of capital.
Binance actively facilitates trading in 180 countries and processes over 1.4 million transactions per second, according to Coin360.
Binance to invest in South African Blockchain education
Knowles said Binance Charity Foundation would donate $1 million to support blockchain technology in South Africa.
The organization will collaborate with local companies to accelerate the South African market through offering training programs.
Knowles said his company will officially launch the Rand support on its platform in the next few weeks.
Today, Cryptolydian reported that Alternet Systems (ALYI), a U.S.-based energy storage and military technology firm, has announced entering into a new alliance to release a cryptocurrency with the aim of financing electric vehicle projects in sub-Saharan Africa.