For those who have kept a close tab on South Africa will agree that the country has been going through many local challenges and political distress over the past decade. But South African cryptocurrency sector is what has been keeping the country moving. The local cryptocurrency market is currently experiencing tremendous growth. Some major players are coming up to offer cryptocurrency services all over the country. This is from international crypto exchanges to asset managers and beyond.
The national currency in SA has the highest interest search on Google Trends for Bitcoin. This is despite the fact that the country does not have the best modern technology. The country’s cryptocurrency sector is receiving some mainstream interest. This is since the drop in prices of digital currency across the major exchanges of the world. Despite the reduction in the prices not being good news to many, many companies and startups in South Africa have started to show significant interest towards the crypto.
Apart from the local companies, major global organizations are also looking to maximize on the rapidly growing crypto sector in SA. This is partially driven by many South Africans who are looking to venture into the crypto buying. The trend is taking place across the crypto sector in the continent. Luno a cryptocurrency exchange is already operational across 40 African countries that include SA. The exchange allows South Africans to buy both ETH and BTC using a FICA process. Furthermore, there are other exchange sites in the process during the Q3 of 2018. Founded and run by Magda Wierzycka, SygniaCoin is a new exchange in the market. The exchange will offer local users the chance to buy crypto using Rand. Their rules and regulations are found in New York exchanges.
Apart from exchanges, increased interest in the blockchain technology is also looking to maximize the evolving cryptocurrency sector in South Africa. Local blockchain tech firms like Loom Network and Status have global status. They ensure that the country plays an integral part in the crypto-tech scene. Other international projects were recently launched that is deeply rooted in the country like TariLabs blockchain incubator. Moreover, Riccardo Spagni Monero’s lead maintainer and other experts like Ticketfly’s founder Dan Teree and Naveen Jain US-based entrepreneur are spearheading a significant startup in Johannesburg.
There is massive excitement in the country for crypto. There is a big revolution in the South African cryptocurrency sector that is currently taking place. Many wish that this should take place for long to help the country come out of the political turmoil that has dragged back the country for long.