Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies and is considered to be the biggest cryptocurrency exchange in the world in terms of trading volume.
Changpeng Zhao, the C.E.O of Binance at a ‘Blockchain Africa Conference’ in Johannesburg announced the company’s plan to launch a fiat gateway for South African users to enable them make Rand deposits through the Binance website.
According to Changpeng Zhao:
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.
“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.
Binance as the world’s foremost cryptocurrency exchange by trade volume currently supports trading in over 100 countries, executing over 1.4 million transactions per second. According to Coin360, the value of its global transactions is around $4B per day.
According to Binance, the plan would afford South Africans the opportunity to deposit and interact with the entire Binance Ecosystem using their Rands. This will provide access for users to give initial trading pairs including BTC/ZAR, BNB/ZAR, ETH/ZAR, USDT/ZAR and BUSD/ZAR.
Binance also communicated that its Charity Foundation is set to donate $1M to propel the growth and development of block chain education in South Africa and is looking forward to partnerships with local companies to effectively push for the advancement of the country through educational programs.
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