Is South Africa ready for Crypto?

The rainbow nation as popularly called, is not only known for its vast hospitality and culture, South Africa has paved the way for an entrance into the blockchain technology and cryptocurrency space for its teeming population.

South Africa, a nation beaming with young talented youths with a passion to succeed like every other African nation has taken the bull by the horn to leapfrog other African nations to engage the people on a massive adoption of cryptocurrencies.

How did crypto start in South Africa?

The cryptocurrency revolution in Africa took its initial root in South Africa where payment exchanges like Luno started trading on a Peer-to-peer (P2P) basis and this encouraged a lot of new users to explore the crypto opportunities.

However, due to expansion, the project got more attention from other African countries of which Luno caught the nation of Nigeria to take the lead subsequently. This has increased the search from South Africans to explore the possibilities associated with blockchain technology and crypto space.

Where is it now?

As of now, the South African central bank and the central banks of Australia, Singapore, and Malaysia, which will jointly test the use of central bank digital currencies (CBDCs) for international settlements, are looking inward. Bringing these central banks into the blockchain era will certainly drive interest in cryptocurrencies as more people will seek knowledge about these products.

Some exchanges are already permitted to trade cryptocurrencies as centralized crypto exchanges, which is invariably playing out perfectly. The following are just a few examples of such exchanges:

VALR: A crypto exchange that has partnered with Bittrex, the premier US-based blockchain platform, providing fast trades, dependable digital wallets, and industry-leading security.

The platform allows users to deposit RAND via EFT from any bank, using it to buy Bitcoin and other altcoins. Its users can also withdraw Rand to any South African bank account. This partnership supports over 50 cryptocurrencies which obviously is the largest crypto-offering in South Africa with its headquarters in the capital city of Johannesburg.

CHAINEX: Which is another major crypto exchange based in the Eastern Cape of South Africa. It also boasts of supporting over 20 cryptocurrencies pairs that can also be exchanged against the South African rand.

OVEX: There is also OVEX which is a crypto exchange based in the Western Cape of South Africa. The company also supports over 30 cryptocurrencies pairs to enable South Africans easy access to the dynamic crypto world. The company also has an OTC solution for high-volume trades by institutions and HNWIs. The platform has a 30-day OTC trading volume of over ZAR4.5 billion as reported on their website.

Klever Exchange: Our very own powerful and secure crypto to crypto exchange is also gaining traction in the African market. An easy-to-use interface that allows anyone to trade cryptos with very low rates and minimum limits. Support is also one of our great highlights. We have a global and world-class service team, available 24/7.

In conjunction with the integration of the Know Your Customer (KYC) compliance level, these centralized exchanges are gradually gaining the backing of the financial institutions. This has also boosted the confidence of the exchanges to expand their customer base.

With the enthusiasm displayed by other sister countries in Africa, the people of South Africa would not want to be left behind in the craving for the adoption of blockchain technology and cryptocurrencies. 

This could be a game-changer as its thriving hospitality industry can get more engagements from users from a global appeal as they tend to make reservations and bookings using blockchain technology and cryptocurrencies to facilitate such transactions. 

There is also the possibility of implementing the sales of creative works as NFTs could also help to increase the financial capability of small businesses and creative individuals in South Africa as they can place their works on a global marketplace like the Klever Marketplace.

The Klever team represented by our own social media manager (Warren Manuel) is keen and determined to support every great idea coming out of the nation of South Africa and ensure it gets to the ears of the entire world in a Klever way.

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Disclaimer: This article is for informational purposes only. The information does not constitute an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Klever.Finance does not provide financial, tax, legal, or accounting advice. There is no responsibility on the part of the company or the author for any loss or damage arising from or related to the use of or reliance on any content, goods or services mentioned in this article.

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