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Binance brings fiat support to South Africa to enable Rand deposits

Binance brings fiat support to South Africa to enable Rand deposits
Binance brings fiat support to South Africa to enable Rand deposits

The CEO of the world’s largest crypto trading platform Binance, Changpeng Zhao has reportedly announced the company’s intention to introduce a fiat-to-crypto gateway in South Africa. The launch was announced on the first day of the Blockchain Africa Conference, which was held in Johannesburg.

Zhao has apparently stated that South African digital asset traders will be able to make deposits in Rands on the platform soon, via the Binance website.

This announcement comes along the heels on an ongoing effort to further cryptocurrency penetration in Africa, starting in Uganda in 2018. Zhao has reportedly been quoted as stating that Africa is one of the largest and most instrumental markets for cryptocurrency, with high demands and use cases, most notably for financial access.

Binance has a foothold in nearly 35 African nations, with Zhao hailing South Africa as one of the more prominent areas on the company’s agenda. He further alluded to the rising crypto adoption in South Africa, which is one of the top five nations in terms of ownership of cryptocurrency. He also expressed his anticipation towards launching the fiat platform in the region, which will allow South African users to purchase cryptocurrencies through their local bank accounts.

Tanya Knowles, country manager, Binance South Africa, has also commented on the announcement, stating that while most of the South African populace enjoys freedom of movement and information, freedom of money in the region is still lacking. The new launch, however, will give South Africans the ability to use and deposit their Rands to initiate interactions with the Binance Ecosystem. Trading options include various pairs such as BNB/ZAR, BUSD/ZAR, USDT/ZAR, BTC/ZAR and ETH/ZAR.

Knowles further announced that the company would make a donation of $1 million, through the Binance Charity Foundation, to facilitate the advancement of Blockchain education in South Africa. The firm is also looking to connect with local enterprises to develop and deliver educational programs in the region to drive blockchain development.

The Rand support is set to launch officially on the Binance platform in the coming weeks.

Source Credit: https://cointelegraph.com/news/binance-to-launch-fiat-support-in-south-africa-donate-1m-to-blockchain-education

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Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.