US accusations ignite currency chaos: South Africa's Rand plummets amid explosive Russian arms scandalThe South African crypto market continues to generate interest from crypto brands despite the current harsh regulations. Easy Crypto, a New Zealand based crypto exchange has announced that it has launched its platform in South Africa to unleash the hidden potential in the African country.
The crypto exchange performance in New Zealand has been impressive. This has seen it extend its presence in Australia and now the South African crypto market. The latest reports indicate that the platform is targeting the African continent in its plans to tap into the emerging market potential.
Interest in South African crypto market on the rise
Since its launch in 2018, Easy Crypto exchange has concentrated on the New Zealand and Australian markets. Already it has more than 15,000 accounts translating into more than NZ$500 million in total sales.
The platform entered the Australian crypto market in 2019, a market it enjoyed steady growth in Q1 and Q2. It is expected that it will replicate the success in South Africa as well. Supporting more than 50 crypto assets and two fiat currencies in AUD and NZD, the exchange has added the South African Rand to its portfolio after its launch.
During the launch Janine Grainger, the Easy Crypto exchange co-founder has said:
With a population of 56.7 million – including an estimated 11 million who are unbanked – we aim to provide South Africans with the ability to easily buy and sell crypto and access a financial system totally independent from traditional institutions.
Virgin South African crypto market potential remains unexploited
South African crypto ownership stands at 11 percent according to the latest statistics. This is a clear indication that it is one of the most lucrative markets in the world, especially for early entrants.
With the traditional banking systems dominating the market, many residents feel crypto offers the best way out from the banks’ expensive transaction fees and slow processing. As Cryptopolitan reported in mid-April, more exchanges are expanding their operations into the country in readiness for increasing crypto adoption.
