South African crypto enthusiasts will now be able to make Rand deposits on global cryptocurrency exchange Binance. The latest update was announced by Binance CEO Changpeng Zhao at the Blockchain Africa Conference. To support this latest update, Binance is all set to launch a fiat gateway specifically for Rand deposits. As per the company, this facility will be operational in the next few weeks.
What did Changpeng Zhao say?
Zhao is of the opinion that the upcoming launch is a part of Binance’s strategy to promote crypto in Africa. He went to say, “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-Bitcoin.”
“#Binance will be launching a fiat gateway in South Africa very soon. In addition, @BinanceBCF will commit $1,000,000 USD to support the development of #blockchain education.” – @TanyaKnowles, today at @BlockchainZA in South Africa. ??#BAC2020 pic.twitter.com/eGn9dyyY2l
— Binance (@binance) March 11, 2020
Binance is already operational in as many as 35 African countries. Changpeng Zhao acknowledged that South Africa has always been one of the countries that Binance planned to offer services in. He added, “Looking at South Africa 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 supporting Blockchain education in South Africa
Binance South Africa country manager, Tanya Knowles confirmed that the company is also planning to invest $1M to support blockchain education in the country. This donation will be made through the Binance Charity Foundation.