TechInAfrica – For the past few weeks, we’ve been writing (a lot) about the updates of cryptocurrencies; most notably Libra, who took the world by storm with its bold claim to replace government-issued currencies. In addition, you can also read the latest blockchain news—in which we had provided—by clicking this link. To that extent, companies Huobi and CASHU announced their collaboration in order to bring a more sustainable cryptocurrency marketplace for North African citizens. Approximately 2.3 million people can now indulge in transactions revolving Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and EOS (EOS) effortlessly via the CASHU mobile application.
Accepting local currencies as payment, users would not need to have access to a bank account in order to manifest these services. Transactions are to be as effortless as paying a bill or signing up for online services, the company claimed.
Livio Weng, CEO of Huobi Global, admitted:
A core part of Huobi’s mission has always been making global wealth more accessible so we’re excited to be taking this step with CASHU in furthering our mission.
Furthermore, Mohit Davar, co-founder of Huobi MENA, disclosed. “The partnership between Huobi and CASHU is a unique business model that enables virtual digital assets trading to CASHU‘s millions of users through a simple mobile app.” In which people who are still new—and unbanked—to cryptocurrency are also encouraged to delve further into these exuberances. Davar added that the company will be looking for various potential partners in other countries.
We’ve seen very strong interest in crypto across MENA but a constant pain point users face is how to access it when all that user has is local fiat currency, this initiative is a big step towards fixing this problem.
Huobi, a leading global blockchain company established in 2013, partners up with CASHU—who has more than 75,000 vendors spread across the Middle East and North African regions as well as 7,000 online merchants and service providers globally. CASHU also manifests sophisticated fraud prevention, Know Your Customer (KYC), and Anti-Money Laundering (AML) mechanisms to combat and reduce the risks of the ever-growing cybercrime scene in this digital era. Oh, by the way, have you checked our list on how you can protect your data?